The rush to release residential projects in Pattaya-Chon Buri has pushed land prices up more than 100% from five years ago.
Chana Nantachankul, managing director of Century 21 Realty Affiliates (Thailand), a real estate broker, said prices for land located close to the beach in Chon Buri have risen an average of 20% a year over the last five years to Bt20 million per rai.
Wasan Kongchan, managing director of Modern Property Co, another sales agency, said land prices in Pattaya are going up because of both new condominium projects and the new mass transit route that will pass through the province under the government’s Bt2 trillion infrastructure scheme.
Land prices in Pattaya City have multiplied from an average Bt90,000 per square wah or about Bt36 million per rai five years ago to Bt350,000 per square wah or about Bt140 million per rai this year.
“When the government’s Bt2 trillion infrastructure project kicks off and is already completed, land prices will rise to Bt500,000 per square wah following the growth in demand,” he said.
posted news: 25 October 2013