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land prices feel pinch

Thailand's political turmoil has stalled the growth of land prices in Bangkok.

Valuations have risen only 3.5 per cent this year and will increase by only 3 per cent next year, according to research by the Agency For Real Estate Affairs (AREA).

AREA president Dr Sopon Pornchokchai said land prices had risen only slightly this year because investors were delaying decisions to buy property in the face of political and economic uncertainty.

However, prices of land near Skytrain and subway stations have still recorded growth of between 10 and 20 per cent from last year, AREA managing director Wasan Krongchan said.

Land around Phahonyothin Road is now priced at Bt300,000 per square wah, up 76 per cent from 1998.

Prices on Rama I Road, especially near Siam Paragon shopping centre, have reached Bt800,000 per square wah to become the most expensive location. That is followed by Silom at Bt700,000 and Yaowarat at Bt650,000.

Wasan said locations near new mass-transit links also recorded rises of up to 20 per cent. Sukhumvit Road from sois 101 to 109 had prices of nearly Bt250,000 per square wah, up 50 per cent from 1998, while

Bang Yai district increased to Bt55,000, up 90 per cent from 10 years ago.

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