Korat Landprices Up Bangkok Developers Investing In Nakorn Ratchasima Real EstateLand prices in Korat province have increased in every district. Speculators are buying small to medium parcels. The real estate market in Korat grows more than 10-15% per annum. Value circa 30,000 million THB. Big players like Land & House, Supalai and Royal House are prepared to invest in big urban and suburban projects.
Recently Mr. Krit Hirunyakit the chairman of the real estate association Korat said that, the real estate market in the first three last months in Korat had grown more than 10-15% due to the floods last year in the central provinces pushing Bangkokians to invest in in Korat and also in the Suranaree industrial estate. More than 10-15 projects within the first three months. The Korat real estate business is growing continuously. Last year the total sales of real estate of Korat was approximately 20,000 million THB.
The houses priced approximately 2 million THB will boom this year. The real estate companies have changed to develop the medium projects rather than the large projects.
Curently there are more than 10 house projects being developed in Korat.
Land & House company is starting a new project in Mittaphap road area , near Wat Mai Baan Don in Korat. Area 90 rai investment more than 100 million THB. Suphalai project is prepared to invest for the project and has negotiated for the price of land. Saensiri company will invest at Amphur Khaoyai and The Venis Park project will invest in Mittaphap road, opposite to Korat bus station, area 130 rais totally 600 units, investment valued more than 2,000 million THB.
Also Royal House company is looking to invest in Korat.
Mr.Krit was informed by the land administration of Korat that they are preparing to announce the new Korat land prices June.
The location is key. Areas with good potential for growth are Tambon Kokkruad near Maharaj hospital.
These location has good public utilities and infrastructure. Another good location is the land the by pass road where Central department store will soon open a new branch. The area 50 rai.
Korat province will reduce the agricultural area and increase development areas by another 20 % to prepare for the growth of Nakorn Ratchasima province in the future.
Mr. Summa Keetasin, the director of information center of the real estate asociation said that, after he surveyed housing projetcts in Korat he found that the hot areas are Amphur Muang, Amphur Pakchong, and Amphur Chokchai. Total 9,870 units, housing projects 9,220 units and building sites for 650 units.
Housing projects sold: 9,220 units value 30,000 million THB. Left only 4,560 units.
Most of the projects are in Amphur Muang for 6,870 units, in Pak Chong for 2,260 units and in Chokchai for 90 units. Single house units: 6,620, town house units: 420 building units: 400 units, twin house: 120 units and empty land: 1,650 units. Most them were priced between 1-5 million THB.
Construction status. Not constructed: 3,800 units, under construction: 1,570 units and already constructed: 3,850 units.
For the already constructed units left for sale 370 units, building 650 units from 9 projects worth totally 2,560 million THB, already sold for 310 units, worth totally sold for 1,340 million THB. Transferred rights for 110 units.
The PDN reporter in Korat revealed that many developers from Bangkok want to buy large parcels of land apporoximately 1,000-3,000 rais for agriculture, real estate and industrial estate development since they want to escape the risk of flooding and want to have a gurantee for their investment.