How close to reality are the (absurd) prices of land advertised on DD property?

[andy19341]

I've just received an inheritance so thought it about time to buy a place to live (through my (30% rest in daughters name) legal Thai company and nearly had a heart attack at some of the prices quoted for land in Chiang Mai. For example I'm looking at one 2 rai plot, (bear in mind 1 rai is not even half an acre) for 12,000,000 baht, this plot is in San Sai not even close to a main road. 12 million, is anyone going to pay this? To me the land would be worth no more than 2 million but that would be pushing it. It's become quite apparent that yes you can buy a cheap house here but there is NO garden to speak about, houses so close to each other. Another piece of land just under 1 rai for 3,000,000 down a tiny dirt road. Are these sellers delusional or is this really the going rate for land.

I was hoping to find 1 rai of land minimum and had thought this would be doable for around 1 million - in a reasonable area, not the best or most central but a reasonable one.

I've been in Thailand for the number one reason of it being cheap but it isn't cheap if land is so offensively expensive.

Just seen one 50q wah plot been advertised at 800,000 in a small moo barn in San Kamphaeng. Thats only 200sqm?

So my main question is how accurate are the asking prices on DD property? Are tiny plots of land actually sold for these huge prices? By this standard anyone with 5 rai of land (2 acres) somewhere in a far away location in San Sai Chiang Mai is a $ millionaire (asset wise)? This can't be right?

[beachproperty]

Don't really know about prices in Chiang Mai....so can't really comment on you thoughts of what land should go for .

I do use DDproperty for a "reference" point in looking for property near where I live.

Not sure what you were looking at on DDproperty BUT when I put in the search engine Chiang Mai, Searching for Land , Max price 1,000,000 baht ....it comes up with 1462 different properties. AND if I refine that to those properties over 1 Rai it comes up with 784 properties.

That being said ....Again ...don't know Chiang Mai Real estate...so don't know if the 784 properties over 1 Rai are even worth looking at ....BUT still ...784 are on offer on DDproperty.

Best deals I've found are by doing the ground work, looking for "for sale" signs and calling........

Good luck in you search though.....

[fang37]

Chiang Mai land prices (actually all of Nth & NE Thailand) has escalated in multiples over recent years. Basic economics does not seem to apply.

Land 5 years ago B500k - now B2m!

When you understand the logic, I am very interested to know.

(The Thais have most of the land).

[andy19341]

Don't really know about prices in Chiang Mai....so can't really comment on you thoughts of what land should go for .

I do use DDproperty for a "reference" point in looking for property near where I live.

Not sure what you were looking at on DDproperty BUT when I put in the search engine Chiang Mai, Searching for Land , Max price 1,000,000 baht ....it comes up with 1462 different properties. AND if I refine that to those properties over 1 Rai it comes up with 784 properties.

That being said ....Again ...don't know Chiang Mai Real estate...so don't know if the 784 properties over 1 Rai are even worth looking at ....BUT still ...784 are on offer on DDproperty.

Best deals I've found are by doing the ground work, looking for "for sale" signs and calling........

Good luck in you search though.....

One point, the vast majority of all land listings are per sq wah hence why there are so many listings.

[beachproperty]

Don't really know about prices in Chiang Mai....so can't really comment on you thoughts of what land should go for .

I do use DDproperty for a "reference" point in looking for property near where I live.

Not sure what you were looking at on DDproperty BUT when I put in the search engine Chiang Mai, Searching for Land , Max price 1,000,000 baht ....it comes up with 1462 different properties. AND if I refine that to those properties over 1 Rai it comes up with 784 properties.

That being said ....Again ...don't know Chiang Mai Real estate...so don't know if the 784 properties over 1 Rai are even worth looking at ....BUT still ...784 are on offer on DDproperty.

Best deals I've found are by doing the ground work, looking for "for sale" signs and calling........

Good luck in you search though.....

One point, the vast majority of all land listings are per sq wah hence why there are so many listings.

and right you are....still....although it may be the "vast majority" ...there are properties for a total price of less than 1 million baht that are 1 rai or more

AND again ...footwork...looking in the area you like, look for the "For Sale" signs, and asking the locals is the best way to get a feel for the prices and the best prices

[Paul944]

A lot of owners are in no hurry to sell so they ask a lot. In January i looked at a few pieces of land around doi Saket and Hang Dong.

Doi Saket you can expect to find something for about 1 million per rai, Hang Dong is about 2 million per rai. If you like an isolated place that looks like a ghost haunted area you should look at Chiang Mai Goldenland between San Sai and Doi Saket. It is located opposite of "Thotsadon Holiday Homes" on Google maps. Very nice plots there of a planned Moo baan from the 1980's that never got build.

[KhunOr]

If you are looking to make an investment...as well as a lovely place to live, I'd look out of town to the areas that are seeing tremendous property growth but are still reasonably priced. For example many people love Pai, where decent chanote titled land can be had for 1.5 million/rai. Many foreigners there.

Or Chiang Dao where prices are still half the price of Pai but (in my opinion) the scenery is far, far more beautiful and only 70kms from CM on a good road. Wealthy Thais (mostly from Bangkok) have been buying in Chiang Dao like crazy and prices are going up fast and will probably outstrip Pai eventually.

[rawhod]

Just looking at your figures...

800 sq wah. (2 rai) at 12 million is equivalent to 15,000 baht/sq.wah.

That is the very low for land close to the city and maybe upper end of the price range for land without access in San Sai.

and you think it's worth 2 million, equivalent to 2,500 baht/sq.wah.!

We have just sold some land in Sannameng, with no road. for 2.800 baht/sq.wah

So I think your expectations are wildly out,

We have just bought the plot across the road from our house (so no-one else can build there) within the Muange district (not far from the railway station) for 19,500 baht/sq.wah, which we think was a very reasonable price since other people (from Bangkok) are asking 30,000 baht/sq.wah for other plots in the area, because they are not in any particular hurry to sell

(OK it's not picturesque but it's quiet and within easy reach of the city and only 15 mins from San Sai where my sisters-in-law live)

Bear in mind that if the "High Speed Rail Link" comes to Chiang Mai, the prices this side ( North East) may well increase.

[kamalabob2]

Andy1931: You might go in person to a local bank branch and see the plots of land the bank has for sale. Most bank branches have a sign board of sorts which pictures, sizes and prices at the bank branches near where I live. That might be a good reference point for you in the area of Thailand you are interested in paying for land. I paid 4000 baht per square wah 10 years ago in a small community on a private road with no water and no electric close. The plot next door to me sold for more two years ago so land is worth what someone is willing and able to pay. I'll caution the OP that getting electrical or water connections are not to be taken for granted and that might weigh in your decision to pay the baht for a particular plot of land. Sure you can get a well drilled, pay for a solar panel installation, and the PEA is happy to quote you a price for electrical connections. I've seen the PEA demand over 500,000 baht for connection to electricity, and I did pay to a private electrical contractor and the PEA over 340,000 to have a few poles installed, a transformer, etc.. So in my observation if the plot of land has suitable access to Government water and / or to the PEA it is worth paying more, than a comparable location land that you must pay a significant sum to obtain legal water and legal electricity.

[fang37]

The price seems very reasonable IF you are a FOOL.

[chrisandsu]

Why would you buy now while the baht is tumbling ? Hold onto your money outside the country until

It steadies off. Once it does go to the owner and offer half of what they are asking . Land is only worth what some one will pay for it ! as long as you don't tell the neighbours what it sold for the seller will save face , honestly though land in thailand is more expensive then decent farm land in the USA you work that one out ?

[ToddinChonburi]

Why would you buy now while the baht is tumbling ? Hold onto your money outside the country until

It steadies off. Once it does go to the owner and offer half of what they are asking . Land is only worth what some one will pay for it ! as long as you don't tell the neighbours what it sold for the seller will save face , honestly though land in thailand is more expensive then decent farm land in the USA you work that one out ?

USA money So $1.00 was 33 baht and now 35 baht and this is bad ? I am hoping it goes to 40 soon .

Thai's believe what Thai's believe and they do not like to negotiate. The price will only go up. Just look at how many condos are for sale and they are still building and adding projects. Condos in the building I am in have been empty for over 4 years. Humidity slowly destroying the furniture in the rooms. The room I rent, the TV stand is starting to fall apart, pressed wood crap.

[chrisandsu]

Why would you buy now while the baht is tumbling ? Hold onto your money outside the country until

It steadies off. Once it does go to the owner and offer half of what they are asking . Land is only worth what some one will pay for it ! as long as you don't tell the neighbours what it sold for the seller will save face , honestly though land in thailand is more expensive then decent farm land in the USA you work that one out ?

USA money So $1.00 was 33 baht and now 35 baht and this is bad ? I am hoping it goes to 40 soon .

Thai's believe what Thai's believe and they do not like to negotiate. The price will only go up. Just look at how many condos are for sale and they are still building and adding projects. Condos in the building I am in have been empty for over 4 years. Humidity slowly destroying the furniture in the rooms. The room I rent, the TV stand is starting to fall apart, pressed wood crap.

I think you know what I meant when I said don't bring your money over until the baht seems at its weakest . B , speaking from experience I bought land for way cheaper then what the sticker price was asking . Just have the balls to offer less and explain your reasons for example ... The cost for electric and water installation , flooding , build up costs . Let them know why you should be paying less ? If you don't have the balls just pay the asking price and pipe down ?