Revealing the location where land prices rose the most, ‘Nakhon Pathom’ moved sharply 89.4%, the Green Line MRT zone stands at number one.
On April 26, Mr Wichai Wiratkaphan, Government Housing Bank Inspector and Acting Director of the Real Estate Information Center (REIC) revealed that the results of the survey of the price index of vacant land before development in Bangkok and the surrounding areas were a quarter the first of 2024 with an index value of 407.8 points, an increase of 5.7 compared to the same period the previous year and an increase of 3.5 compared to the previous quarter It shows that the price of vacant land has continued to increase at a lower rate than r the 5-year average increase in the period before the COVID-19 crisis in 2015 – 2019, with an average increase of 14.8% per quarter compared to the same period last year and the average rate increased by 4.1% since the previous quarter.
Mr Wichai said Factors that cause the vacant land price index to continue to increase But in the direction that is still slowing down. This is due to the slow economic recovery inside and outside the country in the past. In addition, Thailand’s household debt is above 90% of GDP and the interest rate trend is still rising at a high level. These are all negative factors that affect the ability to buy houses. In addition, with the collection of land and building taxes in 2024, the government has no measures to reduce land and building taxes. This causes the demand to buy land that has accumulated in land banks from entrepreneurs to decrease. This is because by buying accumulated land, there will be an obligation to pay land taxes. causing costs from land ownership This will become a cost for developing the project in the next stage.
Mr Wichai said For the zones with the highest rate of land price expansion, the top 5, compared to the same quarter last year, are: 1. The Nakhon Pathom zone has a higher price change rate of 89.4% 2. Mueang Samut Prakan – Phra Pradaeng – Phra Samut Chedi zone. There is a price change rate of 13.9% 3. Samut Sakhon zone. There is a price change rate of 12.4% 4. Inner Bangkok Zone. There is a price change rate of 10.1% and 5. Zone Bang Khen – Sai Mai – Don Mueang – Lak Si – Min Buri – Nong Chok – Khlong Sam Wa – Lat Krabang. There is a price change rate of 4.6%.
“The price of land has changed. reflect that Landing on the outskirts of Bangkok and surrounding areas There is a high price change. Due to the expansion of the city It is a result of the development of the expansion of motorways. Construction of electric train projects, new routes and extensions. Making it more convenient for those living in the suburbs to travel in and out of the city. In addition, the price of suburban land is still not very high. It can be used to develop low-rise housing projects that are consistent with the affordability of those who want low-rise housing,” said Mr Wichai.
Mr Wichai said In terms of city center locations, prices have increased. But the rate of change is not high. This is because there is some vacant land before the development starts. This is because land in the city already has a high price. As a result, the growth rate of land prices in the city is lower than in the suburban areas of Bangkok. and metropolitan area
Mr Wichai said From the movement of the land price index in the first quarter of 2024, it was found that land prices in inner Bangkok have increased in price. It may reflect that some groups of entrepreneurs are more interested in housing development in inner Bangkok. and it is a high rise residential development rather than a horizontal one. Because in the inner area of Bangkok, there will be land transactions that are not large in size. But it has a high value and is therefore suitable for the development of condominium residential projects. This is consistent with housing survey data in the 4th quarter of 2023. The zone was found to be a zone where a large number of new condominium projects have been launched. which increased to 10.8%
Mr Wichai said Regarding the price of vacant land along the electric train line, it was found that the top 5 electric train routes had the highest rate of land price expansion. Compared to the same quarter of the previous year Most of it is land that has already opened for service. and it is a future project related to important commercial areas, including: 1. Green Line, Samut Prakan – Bang Pu and the Green Line Bearing-Samut Prakan The rate of land price expansion was 13.9% compared with the same period last year. By the price of land in the area of Phra Pradaeng Phra Samut Chedi It is an area where prices have increased significantly. Although the city location Samut Prakan Prices have increased in some areas, including the sub-regions of Tai Ban and Tai Ban Mai.
2. Blue Line (MRT) and Dark Red Line, Bang Sue – Hua Lamphong section. The rate of land price expansion was 10.1%, with land prices in Phaya Thai, Khlong Toei, and Huai Khwang being areas where prices increased significantly. 3. Section of the Green Line Mo Chit – Saphan Mai – Khu Khot and the dark red line from Bang Sue – TU Rangsit The expansion rate of land prices was 9.0%, with land prices in the areas of Bang Khen, Lam Luk Ka, Mueang Pathum Thani , and Sam Khok are areas where prices increased significantly.
4. Blue Line Hua Lamphong-Bang Khae section, Gold Line section Thonburi – Prajadhipok and the Orange Line from Taling Chan – Cultural Center The rate of land price expansion was 8.6%, with land prices in Phra Nakhon, Khan Na Yao and Phasi Charoen are areas where prices increased significantly. and 5. The dark red line from Hua Lamphong – Mahachai. The rate of land price expansion was 8.1%, with land prices in the urban areas of Samut Sakhon, Bang Bon, and Bangkok Yai. It is an area where prices have increased significantly.
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