The Treasury Department has announced that land appraisal prices and condominium valuations are set to increase in the next revision, effective in 2012.
Land appraisal prices are expected to grow by 15-30%, while condominium valuations will see a 15% increase. Prime locations with easy access to mass transit lines, such as those in Sathorn, Sukhumvit, and Ratchadamri, have an average price of THB100,000 (US$3,300) per sqm. Meanwhile, other developments along the BTS and MRT lines will be valued at approximately THB70,000 (US$2,300) per sqm.
Data from the Real Estate Information Center reveals that the Bangkok condominium price index increased by 7.04% year-on-year in the first half, compared to a 2.82% rise in the latter half of the previous year. The townhouse price index grew by 3.55% against a 0.98% increase in the second half of last year, while the single house index experienced a slight bump of 1.79% from 1.03%. The most significant increase in appraisals is anticipated along the new purple line between Bang Sue and Bang Yai.
As reported by the Bangkok Post, Chucheep Jitumpai, director of the Treasury Department’s Bureau of Property Valuation, mentioned that valuations rose in line with infrastructure development, particularly in relation to both new and extended mass transit routes.