The Thai Center for Real Estate Research and Evaluation says that land prices continue to rise amid a shrinking housing market. Land prices in 2021 increased by 4.7% compared to 2020, but still, this is less than the 6.5% figure in 2019-2020.
However, experts believe that in 2022 the price of land will rise even more. The actual launch of new electric train tracks will lead to a sharp change in land prices. Moreover, various institutions expect a gradual recovery of the Thai economy as a whole.
In 2020, developers reduced house prices by about 7% in order to sell all new real estate. In 2021, the price of land increased, but due to a new outbreak of COVID-19, the Thai economy did not recover.
Thus, land prices are expected to rise more in 2022 than in 2021. The growth of 5% is expected mainly due to the launch of new electric train tracks, despite the fact that the economy has not yet fully recovered.