REIC: Bangkok’s vacant plot prices rise 13.2%

The Real Estate Information Center (REIC) says the vacant land price index in Greater Bangkok last year was 165.6, a gain of 65.6 points from 2012, the base year, and increase of 13.2% from 2016.

The highest increase in land prices was 14.9% in 2013, while the lowest increase was 4.6% in 2016.

In the fourth quarter of 2017, the vacant land price index in Greater Bangkok was 168.3, a rise of 1.1% from the third quarter and 12.5% year-on-year.

Mass transit lines and land use depending on city zones have an impact on land price.

Announcement of a mass transit line makes land prices rise 24.6% on average. For any change in zoning regulations, land prices increase by 22.8% on average.

The top five areas with the highest increase in land prices during 2012-17 were located along the MRT route with a rise of 173.7% or 29% a year on average, followed by the Dark Red Line between Bang Sue and Hua Lamphong with a rise of 169.5% or 28.2% a year.

The area with the third-highest increase in land price was along the Gold Line between Thon Buri to Pracha Thippok with an increase of 148.9% or 24.8% a year.

The fourth-highest rise was in locations along the Green Line (Mor Chit-Saphan MaiKhu Khot) with a rise of 148.1% or 24.7% a year.

The fifth was in locations along the Dark Red Line between Bang Sue and Rangsit with a 144% rise or 24.1% a year.

The REIC conducts quarterly surveys of vacant land prices based on land transactions at the Lands Department.

The most recent data was from land transferred to companies, as declared prices were mostly actual prices. Land transferred to individuals is usually declared at lower than the actual price.