Land prices in central Bangkok have increased by 1,000 per cent since 1988 when CBRE established an office in Bangkok 30 years ago, the property firm said.
Land prices rose dramatically during the Asian Tiger boom years from 1988-1996 before the market came to a grinding halt in the 1997 financial crisis.
Land price growth resumed in the early 2000s and there has been a rapid escalation of prices over the past two years for prime sites.
Two landmark transactions in the late 1980s were the acquisition of an 8-rai (3.2-acre) site on Sathorn by the original developer of Empire Tower for around Bt125,000 per square wah (4 square metres) and the acquisition of a 8.5-acre site on Wireless Road, which was then the Standard Chartered Bank manager's house, by the M Thai Group for around Bt250,000 per square wah which is now All Seasons Place.
The latest sale in Sathorn was the 8-rai site of the Australian Embassy for Bt1.45 million per square wah in 2017. In Lumpini, SC Asset paid Bt3.1 million per square wah for an 880-square-wah site on Soi Lang Suan.
The largest land sale in terms of value was the sale of the 23-rai British Embassy site this year to the Central Group/Hongkong Land joint venture.