Condo-owners await new valuations

According to the Treasury Department's forthcoming assessment, luxury condos on main roads are expected to rise 15-20 per cent in Bangkok.

Consequently, units in cheaper buildings are expected to see price reductions by as much as 10-15 per cent after the valuation at the end of February.

Property experts motioned that condo prices in the CBD would definitely rise following the release of the valuations.

Luxury condos in the central business district of Bangkok are currently priced at an average of between 80,000 and 100,000 baht per square metre.

Director of the Treasury Department's Property Valuation Bureau, Klayo Thongsom, said the new valuations, effective next January, will lead to an increase of 10-15 per cent in Don Muang, Bang Kapi, Bueng Kum, Lat Phrao, and Min Buri, as well as in 50 provinces.

The latest valuation, on January 1, saw increases of nearly six per cent in Bangkok and over 27 per cent elsewhere. Market prices were still higher than the new valuations, however.

Although the new valuations have no effect on market prices, the subsequent increase on the tax on land transactions for buyers could be significant.

The tax could rise by as much as 27 per cent this year over last year, according to Klayo.

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