Land appraisal prices are set to increase across Thailand with the Treasury Department planning to roll out the list for 2023-2026 at the start of next year. This was originally slated to happen in 2021 but was delayed because of the COVID-19 pandemic.
“The new land appraisal price list which will come into effect next year was made two years ago as the announcement had been postponed due to the Covid-19 crisis,” Treasury Department Director-General Prapas Kong-ied explained to The Nation.
According to the Treasury Department, land appraisal prices are expected to rise by an average of eight percent throughout the country. Bangkok will still have the highest prices, although increases here are going to be less than elsewhere in Thailand.
A number of factors were determined to create the new appraisal prices with infrastructure projects, such as bridges, roads, expressways and train lines, having a noticeable impact. This is one reason why land in the Eastern Economic Corridor has recorded significant increases in recent times and is now the most expensive location outside of the Thai capital.
An increase in land appraisal prices will mean a higher tax bill for landowners in Thailand since this is used in calculations. However, it’s possible some in the government may look at ways to offer relief.
“It is up to related agencies whether there will be measures to mitigate the public’s expense burden,” Khun Prapas noted.
Thailand foreign land ownership gets the greenlight
Thailand foreign land ownership moved a step closer to reality with the Cabinet signing off on a proposal that would allow expats to own up to one rai of land for residential purposes. Those applying for land ownership will be required to maintain a THB40 million investment for a minimum of three years.
Assuming that requirement is met, you’ll be obliged to follow several rules. For starters, the land purchased may not be larger than one rai. Other rules state it can only be used for residential purposes and must be for end use only.