The Ministry of Finance is planning to announce new land appraisal prices for 2023 – 2026 on January 1 next year. They are estimated to be 7 – 8% higher than the pre-pandemic level.
The Ministry updates land prices every four years. These prices serve as a basis for calculating taxes paid by landowners.
During the Covid-19 outbreak in 2021 – 2022, the Ministry made a decision not to raise land prices to alleviate the landowners’ tax burden. The previously established prices for 2016 – 2019 were in effect.
On January 1, 2023, new prices will be announced, as the pandemic is receding and the economy is slowly recovering.
Land plots in the very center of Bangkok, in Si Lom or Phloen Chit districts, are still the most expensive.
Province Price Appraisals Committees are authorized to review land prices based on the changing conditions in their regions, such as construction of new motor roads or electric train tracks.
There is reason to believe that land prices in Bangkok will grow by 3% and in provinces, by 8%.
The higher-value land is located close to electric train routes or in the Eastern Economic Corridor spanning across Chonburi, Rayong, and Chachoengsao Provinces.