According to a recent report in the Bangkok Post, land prices in Phuket have more than tripled in the 10 years since the tsunami of 2004 that left much of the west coast of the island devastated.
Patong beach boasts the highest land prices in Phuket at around 180 million baht a rai, up from 40 million/rai in 2004, according to an AREA (Agency for Real Estate Affairs) survey, while buildable land in Maprao and Por bays is up 500% in the past 10 years due to the low base of around 2 million baht per rai in 2004.
Phuket has seen a dramatic increase in land prices since the 2004 Asian tsunami. (Photo Wikipedia/Creative Commons)
Sopon Pornchokchai, president of AREA, said land prices remained relatively flat for 5 months following the tsunami but then started to jump significantly from 2005 onwards as more and more tourists began to return. Sopon said he expected land prices on the island to continue to increase despite occasional setbacks such as political strife and sluggish tourism.
