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The International Journal of the Royal Society of Thailand
Volume XII, 2020
Bangkok Eastern Rest of
Vacant land Total
Region Region country
Number of households (millions) 4.95 1.77 14.29 21.00
Turnover per household (% per year) 3.8 3.11 0.77 1.67
Population-weighted average price (m Baht per rai) 1.277
No of transactions 50,642 46,773 394,212 491,628
Value (million Baht) 245,459 94,196 284,214 623,870
Proceeds (m Baht per transaction) 4.847 2.014 0.721 1.269
Assumed average plot size (rai) 4.0 5.0 7.0 6.5
Price of farm land (m Baht per rai) 1.212 0.403 0.103 0.195
Private land (registered area, m rai) 4.42 10.39 113.76 128,57
Turnover of plots (% per year) 4.5 2.3 2.4 2.5
Average price weighted by registered area (m Baht per rai) 0.165
Sources: Author's calculations from transaction numbers and value by region and province
published by the GHB Real Estate Information Centre, population by province (NESDC) and
registered private land by province (Dept. of Lands).
The implied turnover of vacant land, given assumptions about plot size
shown in the table, was somewhat higher, averaging 4.6% per year with transfer
of ownership once every 20 years in the Bangkok region and 2.5% per year or
transfer once every 40 years in the country as a whole. Smaller plot size would
imply higher prices and lower turnover. Larger plot size would imply higher
turnover but lower prices.
A rough comparison with Treasury Department reference prices helps to
check plausibility of the deductions in Table 3. The median price in the national
listing of reference prices is equivalent to 800,000 Baht per rai, somewhat lower
but not very much lower than the population-weighted average price of 1.277
million Baht for housing land in Table 3. The modal (most common) reference
price is just over 300 Baht per square wa or 120,000 Baht per rai which again is
somewhat lower than, but not far off, the area-weighted average price of 165,000
Baht for farm land in Table 3.
102 The Value of Land in Thailand Today
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