New land price appraisals will see land in Bangkok increase 20-50 percent in 2 years

[webfact]

New land price appraisals will see land in Bangkok increase 20-50 percent in 2 years



BANGKOK: -- Land prices in Bangkok’s commercial districts such as Silom, Ratchaprasong and Siam Square may go up by 20-30 percent whereas the land on both sides of mass transit routes may jump as much as 50 percent when the new land price appraisals are due to come into force in 2016.

A well-informed source in the Treasury Department said that the department was in the process of reappraising land prices in various parts of Bangkok. Officials have been collecting information of land prices dating back to 2012 and, as of next year, treasury officials will conduct field survey of specific land plots to find out the market prices of land.

The last land price appraisals which came into force in 2012 showed the land on Silom road from Saladaeng to Narathiwatnagarind road as the highest in Bangkok fetching 850,000 baht per square wah followed by 800,000 baht/wah in Rajdamri from Ratchaprasong to Saensaeb, Rama I from Pathumwan intersection to Ratchaprasong intersection and Ploenchit road.

The land in Yaowaraj and along the Rajamri road from Saladaeng to Ratchaprasong intersection was priced third at 700,000 baht/wah.

However, the source said that the new land price appraisals which are to come into effect two years from now may drive the land in commercial districts up by 20-30 percent which will see the land on Silom road going up to one million baht/wah

The source said that land plots along both sides of mass transit routes such as the Purple Line4 from Bang Yai to Bang Sue and Soi Baring to Samut Prakan may jump up by 50 percent from the current level.

Source: http://englishnews.thaipbs.or.th/new-land-price-appraisals-will-see-land-bangkok-increase-20-50-percent-2-years/


-- Thai PBS 2014-09-26

[cloudhopper]

This article seems to be confusing tax appraisal with market prices.

[Loles]

This is a great news for Chinese team.

[Upset]

Oh Good...by stop at such low amounts....make it 300 or 500 per cent increases. Its ok, only the stupid will buy! I made a mess by investing in land and properties in thailand....yes, it seems that your properties are appreciating in value...trying selling it.....lol....no takers even after psoting ads for two years and even when you lower it to what you initailly bought. Try renting it.....lol! even better.....you cannot get the rentals you expect and what you get gives you pittance in ROI! There is no market now for properties priced over 4 million baht and retals over 25,000 baht a month. The emergence of a lot of small sized accomodations by groups like Ideo(Ananda), LPN, AP (life, inspire, rhythmn), etc etc have killed the market. A ot of thais who bought via bank loans are struggling to even rent these out to cover the monthly payments. The only people benefiting are the banks.....even the developers are beginning to suffer. Upcountry, land prices in the remore areas are going up....but thats all...even trying to develop these alnds into commercial or residential projects will get you no where. In resort cities....the market is still good but not for long.

On another evil note....I really hope one day will come when areas like Sukhumvit and Silom, Ploenchit will sink or better still, a strong earthquake will wipe out all the ares there...will be fun!

[bangkokheat]

just rent and wait for property values to plummet

[Chris Lawrence]

So is the annual tax levied on land very low in Thailand?

Maybe, good idea levy a tax, at say 1.5% to 2% for these commercial type properties?

Cloudhopper, in Oz we have an assessed annual valuation, which is an assessment of the market value of a property, at a specific date and in accordance with legislation. It sounds similar to what the Thais are doing with their valuations. To compensate increases each year a multiplier is applied to the last valuation figure of the land.

[yankee99]

Oh Good...by stop at such low amounts....make it 300 or 500 per cent increases. Its ok, only the stupid will buy! I made a mess by investing in land and properties in thailand....yes, it seems that your properties are appreciating in value...trying selling it.....lol....no takers even after psoting ads for two years and even when you lower it to what you initailly bought. Try renting it.....lol! even better.....you cannot get the rentals you expect and what you get gives you pittance in ROI! There is no market now for properties priced over 4 million baht and retals over 25,000 baht a month. The emergence of a lot of small sized accomodations by groups like Ideo(Ananda), LPN, AP (life, inspire, rhythmn), etc etc have killed the market. A ot of thais who bought via bank loans are struggling to even rent these out to cover the monthly payments. The only people benefiting are the banks.....even the developers are beginning to suffer. Upcountry, land prices in the remore areas are going up....but thats all...even trying to develop these alnds into commercial or residential projects will get you no where. In resort cities....the market is still good but not for long.

On another evil note....I really hope one day will come when areas like Sukhumvit and Silom, Ploenchit will sink or better still, a strong earthquake will wipe out all the ares there...will be fun!

I guess you over payed originally. Maybe you should visit the land office as they arevery busy for no one burying or selling.

As for a earthquake wiping people and places e out is a terrible thing to wish.

[jucel]

Oh Good...by stop at such low amounts....make it 300 or 500 per cent increases. Its ok, only the stupid will buy! I made a mess by investing in land and properties in thailand....yes, it seems that your properties are appreciating in value...trying selling it.....lol....no takers even after psoting ads for two years and even when you lower it to what you initailly bought. Try renting it.....lol! even better.....you cannot get the rentals you expect and what you get gives you pittance in ROI! There is no market now for properties priced over 4 million baht and retals over 25,000 baht a month. The emergence of a lot of small sized accomodations by groups like Ideo(Ananda), LPN, AP (life, inspire, rhythmn), etc etc have killed the market. A ot of thais who bought via bank loans are struggling to even rent these out to cover the monthly payments. The only people benefiting are the banks.....even the developers are beginning to suffer. Upcountry, land prices in the remore areas are going up....but thats all...even trying to develop these alnds into commercial or residential projects will get you no where. In resort cities....the market is still good but not for long.

On another evil note....I really hope one day will come when areas like Sukhumvit and Silom, Ploenchit will sink or better still, a strong earthquake will wipe out all the ares there...will be fun!

Is it just me or do they just keep building and then the condos/apartments are left virtually empty?? Same in Pattaya & even where I live in Chaam/Hua Hin. So many empty houses in Thailand it's amazing!! Must be a lot of money being laundered for those horrible Chinese pigs!

Yet rentals don't seem to come down in my neck of the woods! Not easy to find something decent for under 30/40k per month

Do you know if this happens all around SE Asia or just in Thailand (empty properties)?

[cloudhopper]

So is the annual tax levied on land very low in Thailand?

Maybe, good idea levy a tax, at say 1.5% to 2% for these commercial type properties?

Cloudhopper, in Oz we have an assessed annual valuation, which is an assessment of the market value of a property, at a specific date and in accordance with legislation. It sounds similar to what the Thais are doing with their valuations. To compensate increases each year a multiplier is applied to the last valuation figure of the land.

AFAIK there is no annual land tax here. The land office does appear to officially assess a valuation but it appears to be related to the parcel's collateral value or title transfer tax issues. That however is just a guess.

[khunpa]

I very much doubt it. Same fake reports as growing tourism. Look around and notice all the unsold projects and you will notice that it is just a matter of time, before prices will go way down. Thailand is like Europe and US before the crises. One big bubble just waiting to burst.

[ParadiseLost]

This article seems to be confusing tax appraisal with market prices.

Not only that, if you take the title literally there is going to be a lot of new land (20 - 50%) appearing out of nowhere!

Land, property, assets are only worth what someone else is willing to pay - find a fool and make a fortune.

No shortage of fools here it seems...

[elgordo38]

Standing beside our condo pool on the fifth floor I can see the new condo across the street plus one more that were built in the last two years. I can also see 3 more under construction in my narrow field of vision. Out the back of our condo there is another 5 new bldgs. 2 commercial and 3 residential within a 2 block radius that went up in the last year. I often wonder in the future where all the electric, water, sewage, garbage services will come from to service all these new buildings country wide. Each morning I am thankful that the toilet bowl empties and disappears somewhere after I flush it.

[JacChang]

If tax goes up, less buyers want the property, lower value. =.=

[ATF]

This is stupidity because it will cause land prices to fall because everyone tries to avoid paying transfer tax.

Tax should be levied on unused land, empty properties and SWIMMING POOLS!

[ratcatcher]

Oh Good...by stop at such low amounts....make it 300 or 500 per cent increases. Its ok, only the stupid will buy! I made a mess by investing in land and properties in thailand....yes, it seems that your properties are appreciating in value...trying selling it.....lol....no takers even after psoting ads for two years and even when you lower it to what you initailly bought. Try renting it.....lol! even better.....you cannot get the rentals you expect and what you get gives you pittance in ROI! There is no market now for properties priced over 4 million baht and retals over 25,000 baht a month. The emergence of a lot of small sized accomodations by groups like Ideo(Ananda), LPN, AP (life, inspire, rhythmn), etc etc have killed the market. A ot of thais who bought via bank loans are struggling to even rent these out to cover the monthly payments. The only people benefiting are the banks.....even the developers are beginning to suffer. Upcountry, land prices in the remore areas are going up....but thats all...even trying to develop these alnds into commercial or residential projects will get you no where. In resort cities....the market is still good but not for long.

On another evil note....I really hope one day will come when areas like Sukhumvit and Silom, Ploenchit will sink or better still, a strong earthquake will wipe out all the ares there...will be fun!

"On another evil note....I really hope one day will come when areas like Sukhumvit and Silom, Ploenchit will sink or better still, a strong earthquake will wipe out all the areas there...will be fun!"

You really are Upset, in fact, I'd go so far as to say " you are one sick puppy". If what you wished for came true, tens of thousands of innocent people would lose their lives.

Bangkok is overbuilt, no question and there will be consequences down the road, as they say.

If you are in Thailand and in Bangkok, best get the <deleted> out soon.

[ratcatcher]

Oh Good...by stop at such low amounts....make it 300 or 500 per cent increases. Its ok, only the stupid will buy! I made a mess by investing in land and properties in thailand....yes, it seems that your properties are appreciating in value...trying selling it.....lol....no takers even after psoting ads for two years and even when you lower it to what you initailly bought. Try renting it.....lol! even better.....you cannot get the rentals you expect and what you get gives you pittance in ROI! There is no market now for properties priced over 4 million baht and retals over 25,000 baht a month. The emergence of a lot of small sized accomodations by groups like Ideo(Ananda), LPN, AP (life, inspire, rhythmn), etc etc have killed the market. A ot of thais who bought via bank loans are struggling to even rent these out to cover the monthly payments. The only people benefiting are the banks.....even the developers are beginning to suffer. Upcountry, land prices in the remore areas are going up....but thats all...even trying to develop these alnds into commercial or residential projects will get you no where. In resort cities....the market is still good but not for long.

On another evil note....I really hope one day will come when areas like Sukhumvit and Silom, Ploenchit will sink or better still, a strong earthquake will wipe out all the ares there...will be fun!

Is it just me or do they just keep building and then the condos/apartments are left virtually empty?? Same in Pattaya & even where I live in Chaam/Hua Hin. So many empty houses in Thailand it's amazing!! Must be a lot of money being laundered for those horrible Chinese pigs!

Yet rentals don't seem to come down in my neck of the woods! Not easy to find something decent for under 30/40k per month

Do you know if this happens all around SE Asia or just in Thailand (empty properties)?

"Must be a lot of money being laundered for those horrible Chinese pigs! "

Hogwash! I think you're telling porkies. Most of the money comes from pork barrel government projects. Many Chinese investors have saved a Thai's bacon on many occasions when it comes to property investments.

[Jonmarleesco]

Nothing like giving things away. Or perhaps there's method in the Treasury's madness.

[boomerangutang]

It proves 'Albertsen's Maxim'; The lower the lifestyle quality = the higher the real estate value.

Let compare Bangkok living conditions/valuation with conditions/valuation for, let's say, Chiang Rai.

downtown Bangkok: bad air, bad water, unfriendly people, high prices, far from airports, lotsa crime and surly taxi drivers.

Chiang Rai suburbs: good air (except March and April), good water, friendly people, low prices, 12 minutes to airport, little crime and friendly taxis.

Bangkok: 400 million baht/rai

Chiang Rai: 1 million baht/rai

Oh, and Chiang Rai is not predicted to be flooded year 'round in 12 to 20 years. And Chiang Rai doesn't suffer violent & stifling riots every few years.

[Upset]

There is no quality of life in Chiang Rai...yes everything is cheap....good place for people with no money but thats about all.

[boomerangutang]

There is no quality of life in Chiang Rai...yes everything is cheap....good place for people with no money but thats about all.

Depends on what you define as 'quality of life'.

If it's thousands of smoke-spewing 40-year-old buses, or violent riots every couple of years, then yes, then I guess Bangkok has more quality of life attributes.

[arthurwait]

Oh Good...by stop at such low amounts....make it 300 or 500 per cent increases. Its ok, only the stupid will buy! I made a mess by investing in land and properties in thailand....yes, it seems that your properties are appreciating in value...trying selling it.....lol....no takers even after psoting ads for two years and even when you lower it to what you initailly bought. Try renting it.....lol! even better.....you cannot get the rentals you expect and what you get gives you pittance in ROI! There is no market now for properties priced over 4 million baht and retals over 25,000 baht a month. The emergence of a lot of small sized accomodations by groups like Ideo(Ananda), LPN, AP (life, inspire, rhythmn), etc etc have killed the market. A ot of thais who bought via bank loans are struggling to even rent these out to cover the monthly payments. The only people benefiting are the banks.....even the developers are beginning to suffer. Upcountry, land prices in the remore areas are going up....but thats all...even trying to develop these alnds into commercial or residential projects will get you no where. In resort cities....the market is still good but not for long.

On another evil note....I really hope one day will come when areas like Sukhumvit and Silom, Ploenchit will sink or better still, a strong earthquake will wipe out all the ares there...will be fun!

What a charming post.

[arthurwait]

Oh Good...by stop at such low amounts....make it 300 or 500 per cent increases. Its ok, only the stupid will buy! I made a mess by investing in land and properties in thailand....yes, it seems that your properties are appreciating in value...trying selling it.....lol....no takers even after psoting ads for two years and even when you lower it to what you initailly bought. Try renting it.....lol! even better.....you cannot get the rentals you expect and what you get gives you pittance in ROI! There is no market now for properties priced over 4 million baht and retals over 25,000 baht a month. The emergence of a lot of small sized accomodations by groups like Ideo(Ananda), LPN, AP (life, inspire, rhythmn), etc etc have killed the market. A ot of thais who bought via bank loans are struggling to even rent these out to cover the monthly payments. The only people benefiting are the banks.....even the developers are beginning to suffer. Upcountry, land prices in the remore areas are going up....but thats all...even trying to develop these alnds into commercial or residential projects will get you no where. In resort cities....the market is still good but not for long.

On another evil note....I really hope one day will come when areas like Sukhumvit and Silom, Ploenchit will sink or better still, a strong earthquake will wipe out all the ares there...will be fun!

Is it just me or do they just keep building and then the condos/apartments are left virtually empty?? Same in Pattaya & even where I live in Chaam/Hua Hin. So many empty houses in Thailand it's amazing!! Must be a lot of money being laundered for those horrible Chinese pigs!

Yet rentals don't seem to come down in my neck of the woods! Not easy to find something decent for under 30/40k per month

Do you know if this happens all around SE Asia or just in Thailand (empty properties)?

And another charming post.

[mike324]

Oh Good...by stop at such low amounts....make it 300 or 500 per cent increases. Its ok, only the stupid will buy! I made a mess by investing in land and properties in thailand....yes, it seems that your properties are appreciating in value...trying selling it.....lol....no takers even after psoting ads for two years and even when you lower it to what you initailly bought. Try renting it.....lol! even better.....you cannot get the rentals you expect and what you get gives you pittance in ROI! There is no market now for properties priced over 4 million baht and retals over 25,000 baht a month. The emergence of a lot of small sized accomodations by groups like Ideo(Ananda), LPN, AP (life, inspire, rhythmn), etc etc have killed the market. A ot of thais who bought via bank loans are struggling to even rent these out to cover the monthly payments. The only people benefiting are the banks.....even the developers are beginning to suffer. Upcountry, land prices in the remore areas are going up....but thats all...even trying to develop these alnds into commercial or residential projects will get you no where. In resort cities....the market is still good but not for long.

On another evil note....I really hope one day will come when areas like Sukhumvit and Silom, Ploenchit will sink or better still, a strong earthquake will wipe out all the ares there...will be fun!

The demand is there, as Thailand gets more educated with more and more kids adapting to the western life style, young teenagers and college grads all want to live away from their parents. Whats the big deal? Thailand's land prices in prime location is cheap compared to other first / second tier asian countries. Not only that, Thailand has a big population and a lot of foreign investors / company.

Don't blame your poor decision of buying a condo / land that you can't rent out or even sell. Perhaps you overpaid to begin with or bought in the wrong area!

[theslime]

Oh Good...by stop at such low amounts....make it 300 or 500 per cent increases. Its ok, only the stupid will buy! I made a mess by investing in land and properties in thailand....yes, it seems that your properties are appreciating in value...trying selling it.....lol....no takers even after psoting ads for two years and even when you lower it to what you initailly bought. Try renting it.....lol! even better.....you cannot get the rentals you expect and what you get gives you pittance in ROI! There is no market now for properties priced over 4 million baht and retals over 25,000 baht a month. The emergence of a lot of small sized accomodations by groups like Ideo(Ananda), LPN, AP (life, inspire, rhythmn), etc etc have killed the market. A ot of thais who bought via bank loans are struggling to even rent these out to cover the monthly payments. The only people benefiting are the banks.....even the developers are beginning to suffer. Upcountry, land prices in the remore areas are going up....but thats all...even trying to develop these alnds into commercial or residential projects will get you no where. In resort cities....the market is still good but not for long.

On another evil note....I really hope one day will come when areas like Sukhumvit and Silom, Ploenchit will sink or better still, a strong earthquake will wipe out all the ares there...will be fun!

Is it just me or do they just keep building and then the condos/apartments are left virtually empty?? Same in Pattaya & even where I live in Chaam/Hua Hin. So many empty houses in Thailand it's amazing!! Must be a lot of money being laundered for those horrible Chinese pigs!

Yet rentals don't seem to come down in my neck of the woods! Not easy to find something decent for under 30/40k per month

Do you know if this happens all around SE Asia or just in Thailand (empty properties)?

horrible little man