Bangkok land prices decline in 2nd quarter

Partly attributed to economic slowdown

- KANANA KATHARANGSIPORN

The price index for vacant land in Greater Bangkok fell in the second quarter of 2025 after two consecutive quarterly increases, mainly attributed to the economic slowdown and the postponement of Bangkok's new city plan implementation to 2027.

According to the Real Estate Information Center (REIC), the vacant land price index in Greater Bangkok was 415 points in the second quarter of 2025, down 4.1% from the previous quarter. The decline was partly driven by uncertainty over US economic policy, which has affected both global and Thai economic momentum.

Delaying the enforcement of Bangkok's fourth city plan revision from 2026 to 2027 also created more ambiguity over future land use, prompting many developers to postpone land banking decisions, noted REIC.

Land and building tax burdens have also raised landholding costs, leading some owners to gradually sell land to reduce expenses.

In response, some housing developers shifted investment to major regional cities and tourist hubs like Phuket, Chon Buri, Rayong, and Chiang Mai, causing land prices in Greater Bangkok to grow more slowly.

However, the year-on-year increase in Greater Bangkok's vacant land price index was 4.3%, down from a 6.2% rise in the first quarter.