The value of land surrounding Bangkok's mass transport systems has risen faster than in other areas of the city to about 400 billion baht, says an independent real estate consultant.
The Agency for Real Estate Affairs (AREA) recently conducted a survey of land prices in 300 areas in Greater Bangkok. The results show overall land prices appreciated in the past decade but those surrounding the current 41 BTS and MRT stations at almost twice the rate.
It compared prices of land in 1999 and 2009 in four specific locations with and without mass transit - Huai Khwang with Chokchai 4; Ekamai with Rama IV;Sukhumvit 21 with New Phetchaburi Road; and South Sathon with Chan Road.
The price of land in locations close to mass transit rose by 239% over the decade while comparable areas rose by 151%.
The average price of land plots this year was 438,438 baht per square wah,up from 205,338 baht in 1999. The price per rai increased by 82.16 million baht in the same period, according to AREA.
Land within 400 metres of a masstransit station was considered "near"to the transport system by AREA.
"Therefore, the appreciation of value of land in the current 41 stations -23 BTS and 18 MRT - is 404.105 billion baht. With this amount, we can build a new line of the mass transit route so the construction of the system is really a worthwhile investment," it said.
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