Property values in South
fall against other regions
The value of land and commercial property in Thailand’s
south has fallen by some Bt52.18 billion (about US$1.64 billion) due to the
continued insurgency in the region, while property values in other regions
have increased without interruption, according to a leading property
Sophon Pornchokchai, chairman of the Asset Value Assessment Association of
Thailand, said that the country’s property had a combined value of Bt47.53
trillion (about $1.5 trillion), or seven times the gross domestic product
(GDP) or 30 times the present annual budget.
Property values in Bangkok and its environs reached the highest at Bt12.79
trillion (about $403.8 billion).
Of this, Bt10.54 trillion (some $331.9 billion) represents the value of
residential units while Bt2.26 trillion (about $71.2 billion) represents
land for agricultural use.
The property value in the Northeast hit the second highest at Bt11.65
trillion ($366.8 billion).
Of this, Bt5.61 trillion ($176.7 billion) comprise the value of residential
units and Bt6.04 trillion ($190.3 billion) is land dedicated to agricultural
While prices of property countrywide had increased on average, he noted,
property values in the south had decreased due to the widespread instability
in the region.
Without the violence in the three southernmost provinces of Pattani, Yala
and Narathiwat, he said, combined property values in the region would have
increased to Bt497.78 billion in 2005, Bt519.49 billion in 2006, and
Bt544.44 billion in 2007.
But the real value of the property in the region dropped to Bt494.37 billion
in 2006 and Bt492.27 billion in 2007.
It indicated that property values had decreased by Bt52.18 billion due to
the rising violence in the region. The overall amounts do not reflect the
incalculable losses of lives and property damage incurred during years of