Phuket, Thailand – Land prices on the island of Phuket have experienced significant growth, defying the overall economic climate. Mr. Sophon Phonchockchai, President of the Thai Real Estate Research and Valuation Information Center, sheds light on this intriguing trend.
– Patong Beach Area: The most sought-after location, Patong Beach, commands staggering land sale prices of up to 350 million baht per Rai plot. However, the official appraisal price from the Land Office stands at a mere 70 million baht per Rai, representing only 20 percent of the market value.
– Kamala Beach Area: Another popular spot, Kamala Beach, sees land prices at 70 million baht per Rai. The appraisal price, though, is significantly lower at 10 million baht per Rai (14 percent of market value).
– Karon Beach Area: Karon Beach shares the same land price as Kamala (70 million baht per Rai), but its appraisal price is slightly higher at 12 million baht (17 percent).
– Bang Tao Beach Area: This increasingly famous locale boasts land prices of 80 million baht per Rai. Surprisingly, the appraisal price lags far behind at only 15.6 million baht (20 percent).
– Rawai Beach Area: Rawai’s land price matches Karon and Kamala at 70 million baht per Rai. The appraisal price is 11.4 million baht (16 percent).
– Mai Khao Beach Area: Located in the northernmost part of Phuket, Mai Khao’s land price is 45 million baht per Rai. The appraisal price, however, is a modest 6.8 million baht (15 percent).
– Panwa Cape: In Wichit, Panwa Cape commands a land price of 50 million baht per Rai. The appraisal price is 10 million baht (20 percent).
– Chalong Bay: On the eastern side, Chalong Bay offers more affordable land at 45 million baht per Rai. The appraisal price is even lower at 4.6 million baht (10 percent).
– Por Bay in Pa Klok: Here, land prices are 20 million baht per Rai, with an appraisal price of 2.18 million baht (11 percent).
– Coconut Bay: The least expensive, Coconut Bay’s land price is 15 million baht per Rai. The appraisal price stands at 4.2 million baht (28 percent).
Despite these variations, the average appraisal prices across Phuket remain 18 percent lower than the actual market value, according to Mr. Sophon.
