Land Price In Isaan , Why So High. Difference?in Different Areas?

[Sandman77]

Hello!

Can someone Tell me , why there is a so Big different of Land Price in Isaan?

Often more then Double! In a Little Distanzen!

Who Set up The landprice?

The owner , or the local village boss?

[David48]

Are you really interested in Issan Land Prices?

248 OP's ... you really ask a lot of questions ...

Why not came back with 2 or 3 land sales that you know of, their prices, road and electricity availability, access to water, soil quality if the property is rural in nature or not and if a debt is owed on it or not.

When the guys can review your data and provide an answer.

Did you ever get an answer to " How Easy Is It In Thailand To Open A Pharmacy?"

I'll get my coat ...

.

[swissie]

Before you go into details about land-prices,etc. be aware that you will not ever own the land unless you are a Thai-National.

Who fixes land prices In Thailand: The free market (supply and demand). Clearly, you are not familiar with this concept. Until you understand the basics of capitalism and get a feel of the inner workings of business in Thailand in particular, you better stay away from any "Investment" in Thailand! (No matter what your Thai-Girlfriend says!.

Cheers.

[Sandman77]

I must ask for my wife she want sale a part of her farm some areas coasts half million for one Rai or maybe one, other place only 30000 thausend! In our area landprice is higher!

A expat told me last year since the flood, many people from Bangkok come and want buy land in Isaan this wy price go up!

[SlyAnimal]

The price differences are crazy.

I don't really understand them, since to me the value the land, should be based on the monetary returns you could get if it was used in it's most productive capacity (Which may be something in the future after you develop the land or similar). But then not everyone thinks like me, which is why prices are based on the market, rather than the productive value of the land.

However, often land is on sale for astronomical amounts, when it's only likely use will be as a residential dwelling (And renting is super cheap compared to the cost of land/house here, owners get around a 1% yield, or less, from renting lol)

But in contrast, some pieces of land are for sale for at prices which are almost loose change by comparison. The area, available utilities, zoning and nearby amenities, or lack thereof, seem to make such a huge difference.

For example, last year, a friend of mine in a very rural village was telling me that some pieces of land in his village were for sale, from memory they would have been around 100,000 THB per Rai. Comparatively, I was looking for some land in the town we live in (A town rather than a village mind you), and the land was in excess of 1,000,000 THB per Rai. All of the pieces of land I was looking at were legal sales (e.g. Char Note or similar), and were either bare land, or had rice growing.

It's just crazy, that just by having a tarseal street, rather than a dirt street, next to your land, makes it worth 10x the amount lol. For me I'd take the dirt road anyday, with the extra money I save, I could build my own road lol. Unfortunately Mrs SlyAnimal doesn't share my opinion lol (As a result, I've given up looking for land here, it's too expensive compared to the extra cash I could have if I instead invest it back in NZ).

[Michael Hare]

Willing buyer and willing seller. That sets the market values.

[transam]

Ask what one can get. Nooooooooo law. 1/4 Rai near me, bought 1.500,000 to sell on, Thai friend phoned up, 2,500,000.

[Michael Hare]

What is not practiced in Thailand is Due diligence. No wonder so many businesess only open for a short period before closing.

And always remember Caveat emptor

[nev]

Willing buyer and willing seller. That sets the market values.

Add the cashed up bar girl returning with her captured prey.

[happyaussie]

Perhaps I'm missing the point. But why shouldn't Thailands land and real estate prices vary like the rest of the world.

Aren't prices dependent on location and supply and demand.

To think that land prices have some sort of parity no matter where in Isan aint quiet right.

And yes, land with easy access or closer to towns is more expensive than land hard to get to or accessible.

Pretty straight forward I would have thought.

[kwonitoy]

We recently had a lady come try sell us some land, we've bought in the past so she came calling.

On offer 65 rai of fairly low value once per year rice paddy, worth around 1.8 millon, going by previous sales around the area

Asking price 9 millon baht.

I laughed and went back in the house, the wife stayed outside to chat with her. When she came in the wife's shaking her head and laughing.

The reason she's asking that amount? I ask.

The answer: " I want to be rich"

That's how people value land, not on what it's worth, but on how much they'd like to have.

[krisb]

Issan is 160,000km2.Theres bound to be some variations in land prices.

[Cuban]

Just to tack on some local prices (50 Km from Khon Kaen).

Rice land no road/services access full chonod recently sold 3 rai for 300,000 Baht Total.

On sale (no takers) one rai, edge of village, road and services access asking 400,000 Baht.

Person seemed surprised and a little upset when I laughed in response to the news.

[hotrod4098]

sisaket...5 rai..550000.. works out 11000per rai...but if a falang involved you can double that

[Cuban]

Always wise to comment if there is title and road access as these are the main factors affecting price.

[mikhill]

Just completed the purchase of 2 rai ,price 60,000 baht. Original price 1,000,00. I was lucky because no one had the money and they wanted to sell fast.

I have been here over 20 years and this is only the second plot I have been able to buy in front of the locals. Land for a house round the village at 100,000-200,000 baht is easy but farmland is treasured.

[Cuban]

Just completed the purchase of 2 rai ,price 60,000 baht. Original price 1,000,00. I was lucky because no one had the money and they wanted to sell fast.

I have been here over 20 years and this is only the second plot I have been able to buy in front of the locals. Land for a house round the village at 100,000-200,000 baht is easy but farmland is treasured.

Great price with road access.

[rct99q]

Just a little snapshot of my local area....near Nong Khai.

*Road access, power and water (80baht/hour all year round). 200 meters from main access road. No buildings, just land. Mostly Khao Niao farm land. Full title (gps), no debt, owned outright by seller.

**In the past (2 or 3 years ago) similar pieces of land sold for less than 200,000 but original title holders had borrowed from land and do not know what the amount was.

**2-3 years ago - 200,000 (see above statemnet as to why)

*4 years ago - 400,000 baht

*1 year ago - 800,000 (asking and sold)

*This year (as of 7 days ago) - 2,000,000 (asking price, not sold)

1) locals believe that with the ASEAN influence the Nong Khai area may become a local hub for business and tourism to China via Laos. New railway ?? possibly in 10 years. Already people are building restaurants, hotels along the Highway 2 overshoot coming into Nong Khai connecting to the Friendship Bridge.

2) That last two buyers of land in my area where from Bangkok. They were looking for an investment to build low end rental units.

[Cuban]

Jesus H Cripes - how f__ing difficult is it to give an understandable response to the general question about land price.

You need in to include the situation, where it is filled or rice-land, road/services access and the area.

*4 years ago - 400,000 baht

400,000 Baht for a งาน (ngaan) is expensive yet for 5 ไร่ (Rai) seems cheap.

Not difficult is it?

[pistachios]

In a small city an hour away from Korat, on the highway between Korat and buriram, I heard about crazy prices between 2mil to 4mil per rai. The city has a high school, a tesco express, 2 7/11 and that's about it. There is SFA in a 50 km radius around this city, but the land price is the same as a sea view land not far from hua hin. This is madness and clear sign of a bubble.

10km away from this city, in a small village accessible by a decent road, prices more reasonable : between 100k to 200k, just 20 times less!

[transam]

When I moved in my area the prices plummeted. ............................ .

[bunnydrops]

Where I live about an hr north of Korat, east of Pimai. I am about to buy 3/4 rai for 60,000. Its a "can't see im lot" as the locals here call them. In the village. Flag lot from a piece I already have. Down the main road about 1/2 km, some guy from Bangkok just paid 2,000,000 for just over 2 rai to build a factory..

[David48]

When I moved in my area the prices plummeted. ............................ .

Maybe the locals couldn't perceive the lesser of two evils.

transam on the karaoke till 3am ... or the Muslim 'Call to Prayers' at 5 am ...

.

[PattayaPhom]

In a small city an hour away from Korat, on the highway between Korat and buriram, I heard about crazy prices between 2mil to 4mil per rai. The city has a high school, a tesco express, 2 7/11 and that's about it. There is SFA in a 50 km radius around this city, but the land price is the same as a sea view land not far from hua hin. This is madness and clear sign of a bubble.10km away from this city, in a small village accessible by a decent road, prices more reasonable : between 100k to 200k, just 20 times less!

2mil one rai seaview Hua Hin, when were you last there 1999

[pistachios]

read again my post, using your finger if you need to

tips : "2mil to 4mil" "not far from hua hin"

[barrybankruad]

There is no doubt that over the past 10 years or so the price of land has rocketed. Many reasons for this, the Thaksin Government kick starting the development of Issan which is still going on despite the political upheavals. The running down of the Malaysian rubber tree industry and its being transplanted (pun intended) to Isaan. Large numbers of falangs buying land for their wives/gfs often paying ridiculous prices. The floods which left many city dwellers looking for a bolt-hole should they (or rather when they) happen again. In all the general realisation that Isaan is the way to go, its all happening here. This region has been ignored for far too long, and despite the protestations of the amaart sitting in their ivory towers in Bangkok things are changing and will continue to do so.

Despite this I personally have a feeling that as far as land prices go the bubble will burst. I cannot see how prices being asked can be sustained. When this will be is anybody's guess, but I look at the amount of building on in my local town and wonder how it can all be sustained. There are dozens and dozens of empty shops, idle buildings everywhere. I know construction costs are cheap, but they represent dead money at the moment. I have a feeling that there could be a few bargains to be had in the future.

On a selfish note I don't really care how high land prices go, I bought land years ago when by European standards they were practically giving it away. Sufficient for my wife and later my kids when I am gone.

[roamer]

Depends so much where you are, and never forget the emotional values that Thais place on their land. We bought a plot in my wife's village 15 years ago, no more land left for sale now. Thai people richer now, can't begin to tell you the offers we have turned down.

[rosst]

I too am depressing property prices in my village. LOL

I have a property in Oz that I bought 28years ago and I am the only working class man in the street now, it has been overtaken by the rich and feckless.

[cvs04]

Land in Isaan is unfortunately valued by the owner which can be based on some of the following factors:

1. Gossip. "The guy over there sold for 1m per rai therefore I want 1.5m per rai" the reality is that the guy over there only achieved 300,000 per rai but wants make out he's now the richest man in the village to up his status a bit.
2. Debt. "Well I owe the bank xxxxxxxx baht" which has absolutely zero to do with the market value.
3. Face. After inquiring on 12 rai last week I found a piece which did have a buyer lined up from Bkk 6 mths ago who reneged and returned to Bkk after seeing it. Reason being is the market value in this location based on sales is around 1.5m per rai. Rather than thinking it might be that it's overpriced that it didn't sell the lady owner swiftly re-valued her land at 30m. Reduction in price = loss of face.
4. Blind faith. Whichever way the wind is blowing or whatever digits they pluck out of the air on the day. Could be as vague as last nights winning lottery numbers multiplied together. Once the decision is made it's then cast in stone.
5. Farang. Just the mere hint the buyer is farang can double the price in a breath. Looked at a double shop house 2 weeks ago the owner came out and told me 8.4m; he even wrote it on a piece of paper to avoid lost in translation, my staff called up 15 mins later to confirm a few details and spoke to the wife of the owner, all of a sudden it's 16m.
6. Construction. Rumours they are going to build a road, hospital, shopping mall, new build housing estate or even a telephone box within the next 10 years in the vicinity can instantly rocket the valuation. One lady with 2.5 rai of very nice land went within 24hrs from wanting 800,000 per rai to 2.7m per rai all because someone told her the new ring road will pass through near the land. Even after being shown the official proposal map of the said ring road showing it won't go anywhere near her land it was too late the seed had been planted, 2.7m it is.

Fortunately in the town things are getting a bit better with developers who need to sell; building more and more properties and are indebted to the banks do help to set a benchmark. However the small guy building a row of shop houses of very dubious quality even by Thai standards will ask 8-10m for a single shop despite having 3 bed detached modern design houses sat on 70+ talang wah walled in land for 3m on the next soi from a developer.

[soihok]

Soongnerng / Sikhui border - Korat.

Going ahead with a purchase of 13 Rai with a Mango Orchard, field presently growing Casava with access road, water and electricity running next to the road. Price = 1.3 mill. or 100K per Rai.

We bought 16 Rai of empty farm land near Kham Sakae Saeng near NonThai, Korat about 10 years ago (with water and access road) = 160K or 10K per Rai. Its growing Chili and corn at the moment.

Land prices gone nuts.