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Bangkok land prices edge up

Construction costs and land prices in Bangkok and suburban areas grew slightly, by 4 per cent and 6 per cent respectively, this year compared with last year, according to research released by the Thai Appraisal Foundation yesterday.

Published on November 23, 2007

Chairman Sopon Pornchokchai said construction costs and land prices in Bangkok and surrounding areas had grown slightly this year, although property developers have launched more residential projects. Strong competition in the market has forced developers to reduce costs by reducing spending on raw materials while maintaining wage levels.

Meanwhile, land prices have also increased slightly. Most developers bought land in the past few years and as a result they didn't buy new land to develop this year.

However, he added that land at Siam Paragon was now more expensive than other locations, with appraisal prices of Bt700,000 per square wah, up 9.3 per cent from Bt640,000 last year.

Land from Sukhumvit Soi 1 to Soi 50 also recorded growth of 6 per cent to Bt400,000 per square wah this year.

Looking at the market trend, Sopon said the property market had also signalled slight growth for next year with a negative impact from the global economy.

Somluck Srimalee, The Nation

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Bangkok land prices edge up

Construction costs and land prices in Bangkok and suburban areas grew slightly, by 4 per cent and 6 per cent respectively, this year compared with last year, according to research released by the Thai Appraisal Foundation yesterday.

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