Significant Increase in Land Prices Recorded in Phuket
The Thai Real Estate Research Center reported that despite the overall economic situation, land prices on Phuket Island have risen significantly.
In the Patong Beach area, land is sold at a price of 350 million baht per rai (1,600 sq. m), while the official appraised value is only 70 million baht per rai, representing 20% of the market price.
In the Kamala Beach area, land plots have a market price of 70 million baht per rai (1,600 sq. m), but the official appraised value is much lower — 10 million baht (14% of the market price).
At Karon Beach, land prices are the same as in Kamala (70 million baht per rai or 1,600 sq. m), but the appraised value is slightly higher — 12 million baht (17% of the market price).
Bang Tao Beach offers land for 80 million baht per rai (1,600 sq. m), while the official appraisal is only 15.6 million baht (20% of the market price).
In the Rawai area, land prices are comparable to Kamala and Karon — 70 million baht per rai (1,600 sq. m). The appraised value is 11.4 million baht (16% of the market price).
Mai Khao, located in the northernmost part of Phuket, offers land for 45 million baht per rai (1,600 sq. m). However, the official appraisal is only 6.8 million baht (15% of the market price).
In the Panwa Cape area in Wichit, land costs 50 million baht per rai (1,600 sq. m), while the appraised value is 10 million baht (20% of the market price).
At Chalong Bay, on the island’s eastern side, land is offered at 45 million baht per rai (1,600 sq. m), while the official appraisal is 4.6 million baht (10% of the market price).
In Por Bay in Pa Klok, land costs 20 million baht per rai (1,600 sq. m), and the appraised value is 2.18 million baht (11% of the market price).
The most affordable land is in Coconut Bay, priced at 15 million baht per rai (1,600 sq. m), with an appraised value of 4.2 million baht (28% of the market price).
Despite the variations in prices, the average appraised value of land in Phuket is about 18% below the market price.