Even with the global financial crisis at hand, the property market in Thailand is still on the up. Property prices in Bangkok have been up in price by some 30% over the past 4 years. Buying property or any real estate in Thailand is always a good investment. This year the average housing price in Greater Bangkok is 3.542 million baht, up from 2.718 million in 2008. New houses built this year total 44,846, worth a combined 158.81 billion baht, down 36% and 23% from the year before, respectively.
Land prices of plots close to the BTS rose 92% between 1998 and 2009, an average of 8.3% a year. The highest increase was in Law Square at 163%, or 14.8% a year. At locations near three BTS stations – Law, Chidlom, and Phloen Chit – land prices this year rose by 23-25% from 2008, while land prices at other locations along BTS route increased by 12.3% on average. In all of Bangkok, they rose by 2.6% on average.
Property prices in central Bangkok along the MRT line have seen the biggest increases since 2005. Prices along the BTS increased by more than 47% and along with the subway system the MRT by more than 45%. The average run-of-the-mill apartment increased by more than 18% on average. Currently, locations such as those located at Taksin, Bang Wa, the Airport Link, and Bang Sue-Taling Chan-Bang Yai are also seeing an increase in prices as people are starting to speculate where the new mass transit lines are going to be placed. The new BTS and MRT lines have been shown for the past years to cover many areas outside of central Bangkok and prices of land and even much older apartments are seeing price increases based on this speculative buying.
Before you buy any property in Thailand if you are considering joining the rush for property in Bangkok, is to speak to a qualified solicitor first. Speak to us at Law Firm for expert property advice. Call now or speak to us online via our chat messenger.