The luxury condo boom in Bangkok’s central business district is driving up land prices in the region, resulting in the lowest prices in the Thai capital to hover at around Bt2,600/wa(4 m2), which is at the LumLukKah district. Those prices, it must be noted, are for properties lacking infrastructure. The increase in pricing means that real estate in the city is a prime, and developments alongside a 5 star hotel in Sathorn will be well-funded.
In Bangkok’s Central Business District, land prices are recording at above average numbers, compared to what’s usually seen, and, if things continue as they are, prices are expected to continue growing in the future. The CBD’s average land price rose by 6.4% last year, which is notable, since 2015 managed to clock in the highest land price in the district at a whopping Bt1.91/wa2.
According to the Agency for Real Estate Affairs in Thailand, the following locations were the most expensive for 2016, Siam Square was the most expensive location in Bangkok, with a land price average of Bt2,000,000/wa2, followed by Sukhumvit and Time Square, both at Bt1,950,000. Most of the top 10 in 2016 recorded prices averaging at Bt1M/wa2 or higher, with only Phaya Thai and PhahonYothin not making it.
Land located in the vicinity of the Siam-AsokSkytrain route is growing scarce, and prices are now rising, with offering prices recording at around Bt2M/wa2. The highest recorded offering price as of May this year is Bt2.5M, for real estate located at Phloenchit Road. However, offering prices have remained as is, with no deals for plots pricing over Bt2M/wa2.
Home to the State Tower, the Sathorn district has been attracting tourists for the 5 star hotel in Sathorn experience, and, as of right now, is set to be a hotspot for future developments, especially the area near the Rama IV Road, which currently has two large projects expected to be developed there.
To contrast the rest of the districts in Bangkok, however, the Lam LukKa district wasn’t doing so stellar, with land pricing there having managed clock in the low value of Bt2,600/wa2, on the LiabKhlong 13 Road KM5.