Land boom in Udon Thani sees some prices doubles
A land rush in the central business district of Udon Thani has driven prices up by as much as 100 per cent, while the residential market is expected to boom with the crystallisation of the Asean Economy Community in 2015.
Porntip Thanasriwanitchai, president of the Udon Thani Property Club, said leading property firms in Bangkok had started to expand to the northeastern province.
For example, Land & Houses has succeeded in securing a site there. It may launch a residential project on it this year or in 2013. Supalai also has found property suitable for a residential development in this province, she said.
Prices in the central business district have jumped from an average of Bt100,000 per square wah to Bt150,000-Bt200,000 (Bt37,500-Bt40,000 per square metre).
The Provincial Land Office has |raised its assessment values by 61.42 per cent.
For example, land on Posri Road in downtown Udon Thani is assessed at Bt150,000 per square wah or Bt60 million per rai (Bt375 million per hectare). However, the market price is Bt200,000 per square wah.
The Bt8-billion property market in the province is split evenly among 22 local developers, landowners hiring local contractors to build their homes, and local home-builders offering designs for landowners to build their homes.
Demand for residences comes from locals who marry foreigners or work overseas and send money back to their families to buy a home.
They are interested in units priced from Bt2 million to Bt3 million, with the focus on three- and two-bedroom detached houses averaging 120sqm in floor space, Porntip said.
