Pukhet Land Prices Tripled Since 2004 Tsunami
Already 10 years since 2004 devastating Tsunami and the least we can say is that Pukhet property market, and especially lands, has not suffered from the disaster. In fact, land prices increased by 14% year-on-year on average since 2004 as a result of booming tourism in the area.
According to Sopon Pornchokchai, president of Agency for Real Estate Affairs (AREA), the area with the largest price increases are Maprao and Por bays that increased up to 500% in the past 10 years, due to the low base of around 2 million baht per rai back in 2004.
Also, lands on the west side (and therefore severely affected by the Tsunami) are definitely much more expensive as the plots of the east side given the unique landscape and beaches they offer. In the meantime, prices on the east side keep on increasing as well since the area is thought to be safe.
As of now, the most expensive plots of land are located on Patong Beach where land prices reach as much as 180 million per rai (or THB450,000/sq.wah) as compared to 40 million per rai 10 years ago. Sopon Pornchokchai affirmed land prices on the island are expecting to continue to raise despite occasional political turmoil or slight drop in tourism the Kingdom might be witness of.
Patong Beach, Pukhet where land prices now reach up to 180 million per rai