Evaluating A Plot Of Land?

[Daffy D]

There have been many questions about the value of a plot of land. Someone interested in buying a plot naturally does not want to get ripped off and some of the prices asked seem to just come out of thin air.

In the UK if you want to know the approximate value of a property you just ask a couple of local estate agents who will give a valuation based on a realistic market.

How would one go about getting a realistic valuation on a property here in Thailand?

Are there any agencies that could/would give a valuation, how about the guy from the land office that puts in those boundary markers? Would his office provide a valuation?

In the end of course the value of anything is what someone is willing to actually pay, but a realistic valuation would be a good starting point.

[chiangmaibruce]

"Are there any agencies that could/would give a valuation, how about the guy from the land office that puts in those boundary markers? Would his office provide a valuation?"

Yes to both questions, but as to whether the answer you will get will constitute a "realistic valuation", well I wouldn't bet on it, esp. if you are talking about a plot of paddy in Nakon Nowhere. For an example of the former look at area.co.th, and for the Land Dept visit their web site with details of the land in question ... you may get a valuation or more likely in thise case just a notation to contact the local land dept office.

See also previous similar thaivisa threads using forum search facility top right this page

[dave111223]

The government land department places a valuation on land for tax purposes.

Generally (in my experience) people do not like to sell below the government valuation. So if the sale price is around or below the government price, as a rule of thumb you are probably not getting ripped off.

This doesn't mean that if the price is way over the government valuation that you are automatically getting ripped off...some properties do have a real value much higher than the government valuation.

Also just drive around the area looking for other land for sale and see what it's going for.

Edited February 12, 2012 by dave111223

[msg362]

We have just bought some land in Chiang Mai, Ti din ( land office) valuation- 300,00 per rai, actual price 600,00, other land maybe 480,00, but the going price. Commercial price and Ti din price different, but when you buy be sure to put the lower Ti din price on the transaction, that way the land taxes are lower

[rgs2001uk]

If you can read Thai, go to ddproperty.com.

Its all in Thai, but you can select by area, and house or land.

The prices asked are of course a matter of opinion as to whether they are worth it or not.

Type of deed held also affects price as does other factors such as, does land need filling/raising, water and electricity available.

Posters have posted on here about the prices charged just to get hooked up with an electric supply.

Drive round the local area , there are always for sale signs with contact numbers, this should give an insight to what is being asked locally..

[backsoon]

How about asking (and getting a print out) of land lots sold in the vicinity, say, for last 2 years? With actual sale prices. This is no great secret, the figures are actual sale figures, so you do not rely on 'valuer's opinion'. This you adjust to your personal value, your needs, size and location, development rate in the area, purpose of use, etc.

But in this case you can not blame anybody else if you make a boo-boo. Some may not like this

[LennyW]

How about asking (and getting a print out) of land lots sold in the vicinity, say, for last 2 years? With actual sale prices. This is no great secret, the figures are actual sale figures, so you do not rely on 'valuer's opinion'. This you adjust to your personal value, your needs, size and location, development rate in the area, purpose of use, etc.

But in this case you can not blame anybody else if you make a boo-boo. Some may not like this

From where exactly? I trust you don't mean from your local Land Office, as no one tells the land office the actual sales price (to keep the transfer costs down), no one!!

[quiksilva]

The government's assessed values at the land department are not a reflection of market value. They do their assessments every four years (if you are from the UK think of it as a rating valuation).

If you want a formal valuation there are several international firms here who provide that service and conduct valuations to ISVA and RICS red book standards (Google it). Provided that you are willing to pay for it.

Using internationally accepted approaches the final output will be just as "realistic" a number as you'd find anywhere.

Edit to add a small giggle at getting a print out of transactions, if you think you can get this from the land department, you are also assuming that this information is kept on a computer!

Edited February 13, 2012 by quiksilva

[Daffy D]

Some points for me to think about

Thank you all for your replies

[stevehaigh]

you might ask the local banks that sell property too. they probably have more realistic numbers about what its worth.

but the main point is what its worth to you anyhow. if it has a good title, good infrasructure and is in the right right place, its probably worth spending a bit more than somethng less ideal. because if you are planning to build on it, the cost of building will probably be far higher than the land anyhow.

i find ddproperty.com quuite expensive compared to driving around and asking people, any thai who is smart enough to post their property on there is probably smart enough to ask full value.

Edited February 19, 2012 by stevehaigh