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I'd say that land prices have doubled in the last 3 years, I know lots of people who have bought land recently and have paid the going rate - When you can build a luxury house for 20,000 baht a square metre, plop a 400 square metre house down and sell it for 30 million baht+ depending on the view etc... its quite easy to see why land has got dearer.
I've known people who have been sitting it out for 5-6 years waiting for land to go down in value, back then a friend of mine bought 8 rai on the east of the island for 200,000 baht a rai - he sold it for over a million per rai recently.
Personally we are looking for a tiny piece of land to buy so we can build a shophouse on the road from Heroine's monument to Mission Hills. 8x20m plot I saw recently was 750,000 baht, with only 3 of the 10 left. It was very tempting.
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