The price index of vacant land in Greater Bangkok soared by 31.6% year-on-year in the third quarter, largely driven by rises in land prices for locations along the Orange Line, according to the Real Estate Information Center (REIC).
Vichai Viratkapan, the centre's acting director-general, said the price index of vacant land in Greater Bangkok was 219.2 in the third quarter, up slightly from 217.8 in the second quarter, but soaring from 166.5 a year earlier.
"The key driver was an increase in land prices in locations along mass transit lines, particularly the Orange Line from Thailand Cultural Centre to Min Buri," Mr Vichai said. "Land prices along this line have risen consecutively since the first quarter of this year."
The top five locations for highest year-on-year increases in vacant land prices in the third quarter were led by the Phra Khanong-Bang Na-Suan Luang-Prawet area of Bangkok, with a rise of 49.5%.
Second was Nakhon Pathom with an increase of 45%, followed by Samut Sakhon (44.5%), Ratburana-Bang Khunthien-Thung Khru-Bang Bon-Jom Thong in Bangkok (40.8%) and Muang-Phra Pradaeng-Phra Samut Chedi in Samut Prakan (23.9%).
"The three locations with the highest increases in vacant land prices were in provinces," Mr Vichai said. "This reflected the trend for higher demand where residential projects will be developed."
The REIC also found that prices of vacant land in locations along future mass transit lines which had not started construction were 66.7% higher than those in locations without mass transit lines as land prices rose from base prices.
In locations along mass transit lines that were under construction, prices of vacant land were 51.6% higher than those without mass transit lines.
Those in locations along existing mass transit lines were 28.8% higher than those without mass transit lines.
When categorised by only locations along mass transit lines, the highest increases in land prices were in locations along the Sukhumvit Line (aka Light Green Line) at 27.6%, followed by those on the Orange Line (Cultural Centre-Min Buri) at 25.1%.
The third-, fourth- and fifth-highest increases were in locations along the future Light Green Line from Samut Prakan to Bang Pu with a rise of 23.9%, and along the Light Green Line from Bearing to Samut Prakan and the Dark Red Line from Hua Lamphong to Maha Chai, with an increase of 23.8% each.