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20/10/2007 - Phuket land prices soar  20/10/2007 - Phuket land prices soar

Phuket has recorded the highest land price increases in Thailand over the past four years,according to an unofficial study by the Treasury Department. According to reports, land prices in Phuket have risen by over 157%, mainly due to the continued growth in tourism which in turn has fuelled the real estate and retail market.

The purpose of the land appraisals is to provide an index of prices to used by the land office when calculating property taxes.  The Thailand land appraisals take place every four years and in the last appraisal Phuket land prices rose by an average of 65%.

The largest increases in Phuket land prices were reported in the Laguna and Bang Tao areas, where prices rose by as much as 205%. Large increases were also recorded in the Thalang area and within residential developments across Phuket Island.

It has been reported that foreign investment in tourism related businesses was a major factor behind the boom in Phuket land prices. Other factors included the rapid expansion of road networks on the island and the opening of numerous large retail outlets, such as Central Festival, near Phuket Town and Jungceylon in Patong, over the past four years.

Conversely land prices in Chiang Mai, another province that relies heavily on tourism income, increased by only 10% in the same period.

A clear indication that Phuket remains the number one investment venue for property in Thailand.

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