Mr. Arkom Termpittayaphaisit, Minister of Finance, has passed on the latest policy in which lands located in various areas are subjected to be re-appraised/reevaluated to determine the values which reflect the real worth of the lands. This action is to be taken by the Treasury Department, in coordination with the Department of Lands and related agencies such as the Department of Highways, Royal Irrigation Department and other agencies, involved in the infrastructure development including roads, electric trains and irrigation systems. The new appraisal values are scheduled to be effective by the year 2022. There are several elements which influence the valuation of land. Government public infrastructure development projects are one of the most important factors. Therefore, in order to obtain the most accurate prices from appraisal, the valuation of land must take into account this part as well. Many regions which have seen developments tend to increase in prices.
Other factors affecting the appraisal includes the level of business and commerce prosperity within the area. The convenience of transportation routes after the development of the electric train, motorway, and new roads to facilitate travel. Land with these infrastructures will have a higher price. By updating land value through appraisal, the huge differences between the existing appraised value and the actual purchase price in the market are narrowed down.
In addition, the Ministry of Finance has given an extra push for the more efficient use of state properties and land, for both commercial and social development projects. The minister emphasized particularly on development of residential projects for low income workers in order to improve the general well-being of the people. This policy is in collaboration with the Government Housing Bank (GHB), who will serve as the main credit lender.
As a result, Invest:MaN expects a greater demand for land valuations from, both the public and private sector, due to the increasing awareness by the government on the appropriate appraisal value that should be in line with the rising number of basic and infrastructure development projects, both on-going and future. Prospec Appraisal is here to provide services or consultation on appraisal of all types of properties. Contact us via many channels below.
Credit : Thansettakij
