Thailand: New land prices unveiled for incoming tax change

• Dec 19, 2017

The country’s costliest land based on the Treasury Department’s new appraisal prices, effective from Jan 1, 2018, is on Silom Road at 1 million baht per square wah, while the cheapest is in Khok Charoen district, Lop Buri, where each sq w is worth a mere 20 baht.

The lowest priced plot in Bangkok is a landlocked parcel (land with no access) in Bang Khunthian district, where each sq w is valued at 500 baht, said Patchara Anuntasilpa, director general of the Treasury Department.

The top five sports with the highest land appraisal prices outside of Bangkok are on Prachathipat Road in Hat Yai, Songkhla, valued at 400,000 baht per sq w; land in Tha Pae, Chiang Mai, at 250,000 baht per sq w; beachfront property in Pattaya (220,000 baht per sq w); land on Si Chan Road in Khon Kaen province (200,000 baht per sq w); and land on Phosri Road in Udon Thani province (180,000 baht per sq w).

On the other end of the scale, the lowest price is a landlocked parcel located in Khok Charoen district, Lop Buri, valued at 20 baht a sq w, followed by land in Kanlayaniwattana district, Chiang Mai, valued at 25 baht a sq w.

Mr Patchara said that the Treasury Department has completed appraisals of 32 million land parcels nationwide to facilitate the imminent implementation of the land and buildings tax.

The number of land parcels may be increased in the future as the deeds can be further divided, he said.

“In the future, the number of land parcels may not be 32 million, but could increase to 33 or 34 million. In this round, the Treasury Department announced the new appraisal land prices as the current ones have been in effect for four years,” he said. “As the new land valuation is based on land parcels, officials and financial institutions now have the correct information, better reflecting market prices, from the Treasury Department.”

Source: https://www.bangkokpost.com/business/news/1381519/new-land-prices-unveiled-for-incoming-tax-change