Asian are expanding their investment in Thailand's property market, both in Bangkok and upcountry, as prices here are still lower than elsewhere in the region and because the Asean Economic Community (ABC) will come into full effect in 2015.
Land prices in Bangkok have surged following the Treasury Department's first review in eight years, with significant increases in Yaowarat, Silom, and Phloenchit roads affecting land taxes.
Property firms are planning to ask the incoming government after next month's election to revise the taxation system related to buying and selling residences and to introduce fixed interest rates for first-home buyers as a long-term policy.
Rush to launch new projects sends land prices soaring
Modest adjustments to existing foreign property ownership legislation to improve inbound investment could help produce major benefits in real estate, construction, retail consumption, education, transport, schooling, and tourism, says a local property executive.
The Treasury Department's latest revaluation exercise could give a further boost to land prices, especially for plots along the commuter-rail lines in Greater Bangkok.
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