Land prices in Phuket have tripled in ten years

[webfact]

Land prices in Phuket have tripled in ten years



PHUKET: -- Land prices in Phuket have tripled the past ten years with the land price along Patong beach the highest estimated at 180 million baht per rai of 450,000 baht per square wah, according to the Agency for Real Estate Affairs Company.

Mr Sophon Pornchokechai, CEO of the company, said today that continous survey of land prices in Phuket during the past ten years from 2003 until this year showed that land prices on the island have increased rapidly and steadily.

He said that land prices in Phuket increased by an average of 14 percent which was regarded as very high particularly during the last two years when prices shot up 32 percent annually mainly due to tourism industry.

Land in Ao Prao and Ao Po has fetched the highest increase during the past ten years, altogether 500 percent. Back in 2004, the land here which was sold at two million baht a rai now fetches 10 million baht a rai representing 17 percent increase year-on-year.

Land along Patong beach fetches the highest price at 180 million baht a rai compared to 40 million baht 10 years ago representing an increase of 450 percent, averaging 16 percent increase annually.

On average, land on the western coast is more expensive than the eastern coast because the sea on the western coast is more beautiful and with beaches.

The survey also showed that the tsunami which struck the island about a decade ago had no impacts on land prices at all.

Mr Sophon said that land prices in Phuket would continue to rise steadily but the increase might slow down due to political situation and a drop in tourist arrivals.

(Photo : Thai PBS File)

Source: http://englishnews.thaipbs.or.th/land-prices-phuket-tripled-ten-years/


-- Thai PBS 2014-11-03

[RustBucket]

Tripled?

In Korat they have gone up 10 fold in 10 years.

What used to be 6000 baht a rai of paddy is now 60,000 a rai (if you are lucky.... sometimes a lot more).

[Guest]

Land in Ao Prao and Ao Po has fetched the highest increase during the past ten years, altogether 500 percent. Back in 2004, the land here which was sold at two million baht a rai now fetches 10 million baht a rai representing 17 percent increase year-on-year.

The clearance of the beach areas in Ao Por had also an interesting effect. I was talking with one of the locals yesterday and he said that the small shop house rentals has increased from 2000B/month to 5000B/month after the buildings which were over the beach were cleared out.

[ezzra]

And so has the corruption levels there......

[HerbalEd]

And so has the corruption levels there......

Details please. What specifically are you seeing that enables you to say this?

[Assurancetourix]

Tripled?

In Korat they have gone up 10 fold in 10 years.

What used to be 6000 baht a rai of paddy is now 60,000 a rai (if you are lucky.... sometimes a lot more).

The same nearly all Issan provinces, like in Khorat; sometimes more than up 10 in less than 10 years .

have a look at Chiang_Khan lands border the Mae Nam Khong , Loei province...

X 50 often more in 5 or 6 years .

[wabothai]

Bubbles in the making !!!

[Suffinator]

Who cares? It merely concerns Thais and no foreigner is legally able to own land. OK, I'll concede there are many morons who got roped into buying property using a Thai company with nominees - unfortunately for them this is also illegal.

I don't get it... if I asked someone to put 51% of their assets in my name I'm assuming most would simply laugh in my face and yet a Thai does it and they can't wait to sign on the dotted line. And they call the Thais dumb

[ThaiSmarterThanYou]

I think it's more than this...

[Yahooka]

Shocking...............and the old farang in the threadstarters (awful) picture is about to loose his towel upon hearing the news ...................

[wabothai]

So have all other prices.

[keestha]

Land prices in touristic beach areas are speculation driven, fully out of proportion with the profit that could be made with starting a business on that land.

[jpeg]

OK, I'll concede there are many morons who got roped into buying property using a Thai company with nominees - unfortunately for them this is also illegal.

'Morons' eh? Quite unlike the MORONS who continue to be pushed off their perch/had the locks changed on 'their' homes, by their Thai wives, despite the frequency of these untimely demise/evictions.

But hey! Keep renting in this Land of No Security Of Tenure. Orrr, live in a gardenless box (condo) with twenty or more other farang and all that comes with that Your choice.

[steelepulse]

I'll give a first hand experience from my part of the island. More than 10 years ago I bought land (well my wife did) for a certain amount, and last year an almost identical piece of land 100 metres away sold for exactly 10X the amount. Unless you're in Singapore or the Middle East, "They ain't making any more island land". Well located land still is appreciating, but the average house with a bit of land is not.