The Agency for Real Estate Affairs (AREA) reports that the price for prime land in Bangkok has reached THB 1.65 million per square wah (4 square metres). This encompasses land in and around the Siam Square, Ploenchit and Chidlom areas, where only commercial developments are economically feasible. AREA expects this price to hold stable. The agency also expressed that the current political crisis and slowing economy have not affected prime land prices; however, prolonged political strife and financial crises can pull such prices down.
On the whole, land prices in Bangkok and its suburbs have grown 4 to 5 percent per annum since the 1997 financial crisis. The main factors positively influencing prices include infrastructural improvements, such as new mass transit routes; the expanding economy; and the upcoming ASEAN Economic Community integration. For example, the price of land on Sukhumvit Road near the BTS Skytrain route more than tripled from 1994 to 2012, compared to an increase of only 50 to 60 percent for land on Rama IV Road, which is further from the mass transit line.
