Real Estate Information Center forecasts a promising 2021 for Bangkok land-owners
According to the Bangkok Post, land prices in Greater Bangkok are expected to surge rapidly in the second half of 2021, partly due to economic recovery.
Vichai Viratkapan, acting director-general of the Real Estate Information Center (REIC), mentioned that Greater Bangkok’s land prices continuously increased in 2020, with a 17.1 percent year-on-year rise in the price index of vacant land in Q4.
He said that the land price index soared since 2019 but slowed down in Q3 2020 to 0.7 percent growth quarter-on-quarter. However, in the fourth quarter, the quarterly margin increased to 7.3 percent.
“New infections late last year mean the first half index will slightly increase,” said Vichai. “But with an economic and property market recovery expected, a higher increase as in 2019 will likely be seen in the second half of this year.”
As stated by REIC, 2018 experienced the highest leap year-on-year for three successive quarters at 32.3 percent, 31.6 percent, and 32.6 percent, the largest jump since the centre started the survey in 2012.
Vichai said the fluctuations in land prices in Greater Bangkok is the result of land prices in locations close to mass transit lines, which spiked two to four times higher than the average land price.
Land prices near the Blue Line from Bang Khae to Phutthamonthon Sai 4 was the highest growth rate in Q4 2020 at 67.6 percent year-on-year.
The Green Line from Ku Kot to Lam Luk Ka jumped the highest in the land price index between Q4 2019 to Q2 2020, before dropping below the Pink Line during Q3 2020.
The second-largest increase in Q4 2020 was the Light Red Line from Taling Chan to Sala Ya at 43.4 percent year-on-year.
There were three new mass transit lines that sprung up as the top five of price index growth, including the Gold Line in Thon Buri, the Orange Line from Taling Chan to the Cultural Centre, and the Blue Line from Hua Lamphong to Bang Khae.
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