On Wednesday, veteran real estate evaluator Sopon Pornchokchai, president of the Agency for Real Estate Affairs (AREA), said that the land in and around Bangkok’s Siam Square might be grossly overvalued.
According to Sopon’s research, land surrounding Siam Square should not be valued at greater than THB2 million per square wah (an area roughly equal to four square miles).
He said that prices should increase to about THB1.7 million per square wah by the year’s end.
The land surrounding Siam Square is generally regarded as the most expensive in Thailand. Between 1994 and the present, the property’s value has increased a stunning, 285%.
The Bangkok Post reports that Sopon is releasing the results of his valuation in an effort to ensure the potential investors don’t wind up getting hoodwinked.
