New assessed land prices set for Jan 1 unveiling
The Treasury Department plans to announce the new assessed land prices for 2023-26 on Jan 1 next year, estimated to be 7-8% higher than prices during the pre-pandemic period, according to director-general Prapas Kong-Ied.
The department assesses land prices every four years. The prices are a base for landowners to pay relevant taxes to the state.
Mr Prapas said during Covid-19 outbreaks in 2021-22, the department declined to announce new land prices to ease the burden of owners stemming from taxes related to land transactions.
Landowners can refer to land prices set for 2016-19 now to determine a base, which will be lower than prices for 2023-26, he said.
The department is making the announcement on Jan 1 as the pandemic situation has eased, while the economy is slowly recovering, said Mr Prapas.
Land plots in the heart of Bangkok, such as those in Silom or Phloenchit, still command the highest prices.
He said provincial asset price evaluation committees are authorised to review the land prices based on the changing environment of the area, such as the new development of highways or electric trains.
A department source who requested anonymity said new land prices in Bangkok increased by 3%, while prices in the provinces rose 8%.
Most of the land with higher prices is close to electric train routes or in the Eastern Economic Corridor, which covers Chon Buri, Rayong and Chachoengsao provinces.
Plots with the average highest price are in Bangkok, with a price of 1 million baht per square wah. They are in the areas of Silom, Phloenchit, Wireless and Rama I roads. The newly assessed price of land on Sukhumvit Road is around 750,000 baht per sq wah, while land on Ratchadaphisek Road is 450,000 baht per sq wah, and Phahon Yothin Road is 250,000 per sq wah.