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Appraised prices to rise by 15-30% in next revision

Land appraisal prices in Bangkok will rise 15-30% on average in the next revision to take effect next year while condominium valuations will rise 15%, according to the Treasury department.

Quality condominiums on Sukhumvit, Ratchadamri and Sathorn roads near existing mass-transit routes will be valued at 100,000 baht per square metre on average, said Chucheep Jitumpai, director of the department’s Bureau of Property Valuation.

On other roads along BTS and MRT, quality condos would have valuation prices of around 70,000 baht per sq m.

According to the Real Estate Information Center, the Bangkok condominium price index rose 7.04% year-on-year in the first half, compared to 2.82% in the second half of last year. The townhouse price index increased 3.55% against a 0.98% rise in the second half of last year, and the single house index inched up 1.79% from 1.03%.

The home construction price index in the second quarter of 2011 rose 3.90% year-on-year and 0.90% quarter-on-quarter.

The bureau said the highest jump in appraisal prices, at 50% on average, would be in areas along the new Purple Line between Bang Sue and Bang Yai.

Mr Chucheep said land valuations rose in line with infrastructure development, particularly both new and extended mass transit-routes.

In Nonthaburi, the highest increase would be near The Mall Ngam Wong Wan, averaging 57% from 96,000 baht per square wah five years ago to 150,000 baht next year. It would be followed by locations on Krungthep-Nonthaburi Road, from 64,000 to 100,000 baht.

On Rattanathibet Road in locations between Nonthaburi Provincial Office and Central Town Department Store, new appraisal prices would rise from 80,000 to 120,000 baht and locations beyond Central Town would rise to 80,000 baht, up from 65,000 baht.

In the Kae Rai-Pak Kret area where the Pink Line will be built, prices would be 80,000 baht, up from 56,000 baht. On Ratchaphruek Road, they will increase to 65,000 from 50,000 baht.

“Land valuation prices nationwide in 2012 will see an average increase of 15%,” he said.

 


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