Thailand
Thailand: New evaluation bumps up land appraisal prices
Average land appraisal prices nationwide are expected to increase 10-20% when the new evaluation comes into force next year, says the head of the Treasury Department.
The department is still appraising land prices, said director-general Amnuay Preemonwong. The new appraisal version alters the way land is evaluated, replacing block areas with land parcels to serve the imminent land and buildings tax.
Under the new land appraisal system, there are 34-36 million land parcels nationwide.
Mr Amnuay said the higher land appraisal prices could be attributed to the raft of big-ticket infrastructure investment over the past four years.
The appraised price of land within a three-kilometre radius from electric and high-speed trains will increase, driven by brisk land purchases for development and speculative purposes, he said, while prices for land in the three Eastern Economic Corridor provinces will rise at a slower pace after an upsurge over the past few years.
The new evaluation price of land on Yaowarat Road is still similar to the current appraised price at around 700,000 baht per square wah, given few transactions because land space has already been fully utilised, Mr Amnuay said.
The appraised price of land along Chaeng Watthana Road is also expected to surpass the current evaluated price, but the figure is unlikely to be close to the market price at 400,000 baht per sq wah now.
At present, the appraised price for land on Chaeng Wattana Road stands at 200,000 baht per sq wah.
For land in provincial areas, Mr Amnuay said evaluated prices of land in major provinces and those designated special economic zones (SEZs) such as Nongkhai and Mukdahan are relatively high.
Appraised land prices of the current version, which was implemented on Jan 1, 2016, jumped 27.7% from the previous evaluation, with prices surging 15.8% in Bangkok, 38.9% in six provinces designated SEZs and 27.9% in other provinces.
Source: https://www.bangkokpost.com/business/news/1654480/new-evaluation-bumps-up-land-appraisal-prices