Land prices in Bangkok rose once more during the first quarter of this year and have now increased by double digits for three consecutive quarters. According to the Real Estate Information Center (REIC), prices in suburban Bangkok are surging the fastest.
“The top five locations securing the highest year-on-year increase in the price index of vacant land were all located outside of Bangkok. The growth rates were between 25.7 and 68.2 percent,” REIC Acting Director-General Vichai Viratkapan told the Bangkok Post. “The significant reason for a spike in these locations was due to the low base price. Due to the affordable land prices, these areas are suitable for developing low-rise houses at prices that are affordable and meet mass demand.”
Investment in property development along the existing and future mass transit lines has also contributed to land prices in Bangkok rising again. The REIC noted that the highest year-on-year increases came for vacant land near current and future mass transit lines on the outskirts of the Thai capital.
Those looking for Bangkok land for sale are better served acting now as opposed to waiting given how prices are skyrocketing. This is especially true for suburban plots which are still relatively affordable but may not be for much longer. Developers continue to scoop these up which could soon create scarcity similar to what is now being witnessed in the city center.
Read More: Highest land price rises in Bangkok seen in Huai Khwang
Understanding the impact of Thailand’s land and building tax reduction
A royal decree regarding Thailand’s land and building tax reduction for 2023 was issued in March. This became official when the Government Gazette published an announcement stating the land and building tax due will be decreased by 15 percent in 2023. Land plots eligible for a previously confirmed 50 percent tax break were eligible for this as well, essentially meaning these plot owners will receive a total tax break of 65 percent. Click here to keep reading.
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