<p><img alt="The Statue of Liberty in New York City. cla78/Shutterstock" src="/documents/10204/0/shutterstock_559729618-compressor.jpg/2d6910d3-bf3e-4441-890b-44edb038b939?t=1532057321531" style="width: 1000px; height: 666px;" />The United States’ standing on the global stage may be under threat, but when it comes to luring cash-rich Asian investors, cities across the nation continue to prove irresistible.</p> <p>There are a myriad of reasons why foreign buyers and recent immigrants bought USD153 billion worth of residential property in the US between April 2016 and March 2017, up a whopping 49 percent from 2016, according to a National Association of Realtors (NAR) survey last year.</p> <p>Here are just a few of them:</p> <h4><strong>1. Housing quality</strong></h4> <p>Properties in the US generally offer much larger living spaces, but are also built to higher standards and have modern trappings – garages, central heating, double-glazing, storage space, swimming pools, private gardens, and more – all of which look highly attractive to foreign property buyers.</p> <h4><strong>2. Investment security</strong></h4> <p>The option to own a property on a freehold basis is a major attraction to foreign investors.</p> <p><a href="http://property-report.com/detail/-/blogs/why-american-real-estate-is-still-a-star-attraction-for-asian-investo-5" target="_blank"><strong>More:&nbsp;Why American real estate is still a star attraction for Asian investors</strong></a></p> <h4><strong>3. Education opportunities</strong></h4> <p>Overseas education is held in high esteem globally, and the US is home to some of the top universities in the world, including Harvard and Stanford Universities and Massachusetts Institute of Technology. Elementary, middle school and high school places are also in high demand by Chinese parents.</p> <h4><img alt="Africa Studio/Shutterstock" src="/documents/10204/0/shutterstock_1042667263-compressor.jpg/18de3efd-0886-47de-b297-cf596187f319?t=1532071887337" /></h4> <h4>4. Visa availability</h4> <p>Its future is not guaranteed, but the US’s EB-5 programme has been a massively popular scheme for Asians in recent years. The scheme offers green card visas to foreign investors, so is both a structured path to citizenship and a route to investing in real estate.</p> <h4><strong>5. Lifestyle allure</strong></h4> <p>From dazzling nightlife to cultural attractions, luxury retail to nearby outdoor spaces, US cities and their environs offer many appealing characteristics.</p> <p><a href="http://property-report.com/detail/-/blogs/you-can-now-own-this-star-studded-american-estate-with-2m-in-landscaping" target="_blank"><strong>More:&nbsp;You can now own this star-studded American estate</strong></a></p> <h4><strong>6. Ease of access</strong></h4> <p>Asia has more direct flight connections to the US than ever before, including an increased amount of connections from China’s second-tier cities, such as Wuhan and Chengdu, and direct routes to China from cities including San Jose and Seattle.</p> <p><em>A version of this article originally appeared in <a href="https://www.magzter.com/TH/PropertyGuru-International-(Thailand)-Co.,Ltd/Property-Report/Business/266502" target="_blank">Issue No. 146 of PropertyGuru Property Report Magazine</a></em></p>

<p><img alt="" src="/documents/10204/0/japan-feature-lead-compressor.jpg/010f2585-c467-4663-8599-73b51c4488fd?t=1532000272786" style="width: 1400px; height: 640px;" />More than 25 years after its bubble economy burst in spectacular fashion, Japan is still seen by many as a kind of economic cautionary tale, a country in a perpetual malaise, undergoing a long, slow deflationary spiral as its population shrinks and grows older.</p> <p>And yet, a split second in Tokyo reveals a city that could never feel stagnant, grey or moribund. From the glittering shopping temples of Ginza to the controlled chaos of Shibuya; from pop culture to ultra-refined design aesthetics to the world’s highest number of Michelin-star restaurants, few – if any – global cities can match the sense of energy and invention that Tokyo radiates in a neon-bathed glow.</p> <p>The world has certainly taken note. Tourism is skyrocketing in Japan, with international visitors reaching a record high of more than 24 million in 2016. Tokyo, meanwhile, is preparing to flaunt its brand on the world stage again when it hosts the 2020 Olympics.</p> <p>Since taking power 2012, the reflationary policies of Prime Minister Shinzo Abe, dubbed “Abenomics”, have brought mixed economic results. However, the property market has been an undoubted beneficiary with demand and construction activity booming.</p> <p><a href="http://property-report.com/detail/-/blogs/tokyo-to-pave-its-roads-with-solar-panels-in-time-for-olympi-1" target="_blank"><strong>More:&nbsp;Tokyo to pave roads with solar panels in time for Olympics</strong></a></p> <p>Abenomics is based on “three arrows” of policy – devaluing the yen, increasing public infrastructure spending and quantitative easing by the Bank of Japan. Incredibly low borrowing rates, a weak yen, and a slew of redevelopment and real estate investment projects saw transactions picking up in 2012 and rapid growth beginning in 2013.</p> <p>While some regions of the country are still shuffling along, the impact has been especially concentrated in the 23 wards of metropolitan Tokyo, and even more so inside the capital’s five central business districts of Chiyoda, Chuo, Minato, Shinjuku and Shibuya.</p> <p>The average price of a new condominium in the Tokyo metropolitan area has grown more than 35 percent between January 2013 and August 2017, according to figures from the Japan Real Estate Institute, from around JYP47.2 million (USD417,720) to JYP58.2 million.</p> <p><img alt="The Tokyo Skytree dominates the skyline in the city's Sumida district, one of many in the centre of the Japanese capital that are proving attractive to buyers" src="/documents/10204/0/japan-feature-1-compressor.jpg/479a5fb4-fdb5-4eb2-bec0-3202ce808714?t=1532000364857" /></p> <p>Land prices have also risen consistently year-on-year since 2013. Land in the Ginza shopping district is among the most expensive in the world with prices per square metre hitting up to a staggering JYP40.3 million.</p> <p>The question now, for many observers, is whether the market has already peaked.</p> <p>New condo sale prices in Tokyo’s 23 wards grew at 4.3 percent in 2013, 6.1 percent in 2014 and 8.9 percent in 2015. However, they levelled off in 2016, at -0.1 percent, with a couple of sharp contractions at the end of the year, dropping 4.5 percent in November and another 1.6 percent in December. Prices ticked back up again in 2017, but have seen more month-to-month fluctuations than in previous years.</p> <div class="pull-quotes-container">The weakened yen has been attracting lots of Asian high net-worth individuals to look at the Tokyo market</div> <p>The Tokyo-based Japan Real Estate Institute (JREI) recently released its projections for newly built standard-type condos (40 to 80 square metres area) in Tokyo’s 23 wards and are still seeing some room for growth, however. It projects that new condo prices will increase slightly by 1.1 percent in 2017 before slowing to 0.3 percent in 2020.</p> <p>On the luxury residential front, there may be even more growth potential in the lead-up to the Olympic Games, Dong Hwan Kim, research fellow at JREI, says.</p> <p>“I think the luxury market has the potential to increase much more,” he adds. “Conditions are still good to buy, particularly with interest rates so low. The Bank of Japan actually went into negative interest rates [in 2016].”</p> <p>Luxury condo prices have also received a boost from older Japanese, who had previously moved to the suburbs of Tokyo but are now looking to relocate back to the centre, according to Kim. There is also a tax-savings purpose behind condo investments for high-net-worth Japanese, as inheritance taxes have been increasing.</p> <p><img alt="The main sites for the 2020 Olympics are already well underway. The games look likely to give Tokyo a boost on the global stage and showcase its wealth of attributes" src="/documents/10204/0/japan-feature-2-compressor.jpg/d5698501-73de-41ab-8eaf-50355ba47f3f?t=1532000444067" /></p> <p>In Tokyo, 700 brand new apartments priced over JYP100 million were offered for sale in the first half of 2016, up 5 percent from 2015. However, luxury prices remain low relatively to other global capitals.</p> <p>Koji Naito, local director of Japan Capital Markets Research for real estate management firm Jones Lang LaSalle, is also seeing solid potential in the luxury residential market, especially as land remains scarce for new developments.</p> <p>“Due to limited opportunities for develop high-class, high-end residential properties in central Tokyo, the price will be spiking a little bit more towards the Olympic Games,” he says, adding that most of the luxury market demand is being driven by foreign investors, particularly from Hong Kong and Singapore, whose heated property markets far outpace that of Tokyo.</p> <p>“The weakened yen has been attracting lots of Asian high net-worth individuals to look at the Tokyo market to acquire assets,” Naito says. “Housing prices in Singapore and Hong Kong are enormously expensive and Tokyo is really cheap for them.”</p> <p><a href="http://property-report.com/detail/-/blogs/private-equity-players-flock-to-niseko-s-billion-dollar-property-mark-5" target="_blank"><strong>More:&nbsp;Private equity players flock to Niseko’s billion-dollar property market</strong></a></p> <p>The price differential is even more stark on new luxury developments, according to JREI, with Tokyo trailing not just Hong Kong and Singapore but Taipei, Shanghai and Beijing – as well as New York and London. JREI says apartments in Hong Kong are valued 1.9 times higher than Tokyo per square metre.</p> <p>Japan’s major developers clearly see the opportunities at the luxury end of the residential market. Mori Building Co, Japan’s biggest private developer, is betting big on the central district of Toranoman, in Minato ward, with several high-profile projects that are transforming the area.&nbsp;</p> <p>Mori Building’s mixed-use Toranomon-Azabudai project will add 1,300 new residential units across three towers by 2022 and the developer is also planning a 56-storey tower that will offer 550 residential units under its high-end Mori Living brand. The project, scheduled for completion in 2020, will include 160 serviced apartment units, a day-care centre, and a three-floor retail base. Luxury units will sell from JYP1 billion.</p> <div class="pull-quotes-container">Households now typically have two income earners, so they have more money and are looking to have newer, more convenient, more stylish houses</div> <p>Some analysts believe room for growth remains in the overall market, as well, driven by high demand for central locations in Tokyo.</p> <p>“I don't think [the market has] peaked yet, especially for the leasing market because the economy seems pretty good, both for Japan and for the world, so it means more housing demand in central locations in Tokyo,” Tetsuya Kaneko, director of research and consultancy at Savills Japan, says.</p> <p>He adds that that a tight labour market, with much increased participation among women is also driving buyers and renters towards the centre of Tokyo. “Now everyone needs to be in a good location, so that's a mega-trend for more housing demand in central location. And those households now typically have two income earners. So, they have more money to pay, and that's why they are looking to have newer, more convenient, more stylish houses both in the mid-market and luxury market.”</p> <p>The slow, steady nature of the market in Tokyo is in stark contrast to the early 1990s when the puncturing of a real estate bubble sent shockwaves through Japan. Few expect such a scenario to unfold again.</p> <p><img alt="Iconic areas such as Ginza, one of the world's glitziest shopping districts, encapsulate the widescreen appeal of Tokyo's rich tapestry of neighbourhoods" src="/documents/10204/0/japan-feature-3-compressor.jpg/328fff1a-a99e-4b3d-8fc3-626996a78026?t=1532000517228" /></p> <p>JREI’s Kim says that he is keeping an eye on whether there will be a glut of luxury residential properties going up for sale on the market all at once, but feels that the underlying fundamentals are strong. “For the most part, there’s no fear of a bubble.”</p> <p>Mizuho Research Institute also sees no real structural imbalance in the real estate market, writing in a July 2017 research paper that while cap rates have been falling in the overall real estate market, there is no significant change in yield gap (the difference between the cap rate and the long-term interest rate).</p> <p>“Despite the growing perception that the real estate market is at its peak, the absence of an acute imbalance makes a market reversal unlikely anytime soon. Since an early departure from ultra-low interest rates is not expected, the real estate market in general should remain on a high plateau,” the report noted.</p> <p>Zooming out farther beyond its investment prospects, Tokyo also retains a special quality that few global cities can claim. It’s safe, clean and efficient and yet fizzes with an incredible sense of vitality and invention that attracts people young and old from both within and without Japan.</p> <p>As JREI’s Kim puts it: “Lots of people just want to live in Tokyo.”</p> <p><em>This article originally appeared in <a href="https://www.magzter.com/TH/PropertyGuru-International-(Thailand)-Co.,Ltd/Property-Report/Business/266502" target="_blank">Issue No. 146 of PropertyGuru Property Report Magazine</a></em></p>

<p><img alt="" src="/documents/10204/0/APA-SL+2018_Winners-compressor.jpg/2e8b8995-2466-4b97-b89d-d821b97d1024?t=1531731227660" style="width: 1000px; height: 562px;" /></p> <p>For the first time in history, Sri Lanka successfully hosted its very own PropertyGuru Asia Property Awards gala dinner, an exclusive event held on Thursday evening (12 July) at the majestic Shangri-La Hotel, Colombo.</p> <p>The black-tie ceremony recognised the real estate sector’s tremendous potential, with the island’s most innovative developers and current developments of the year chosen by an independent panel of experts following a rigorous selection process over the last nine months.&nbsp;</p> <p>Prime Group took home the coveted Best Developer title – the evening’s highest honour – at the historic event, along with one commendation in the Best Mid End Condo Development category.</p> <p>“An innovator in Sri Lankan real estate with more than 20 projects completed in the last two decades, Prime Group is a leader in providing in-house financial facilities for buyers. The company known for its ‘affordable luxury’ properties has invested in solar panel technology and applications for virtual reality tours for its customers,” said the judging panel.</p> <p><a href="http://www.property-report.com/detail/-/blogs/full-winners-list-propertyguru-asia-property-awards-sri-lanka-2-11" target="_blank"><strong>More: Winners' circle of the 2018 PropertyGuru Asia Propety Awards (Sri Lanka) competition</strong></a></p> <p>“Prime Group has also shown commitment to recycling, re-using and up-cycling, as well as supporting women entrepreneurship through its corporate social responsibility (CSR) programmes.”</p> <p><img alt="Prime Group chairman Premalal Brahmanage calls his team on stage as he finishes his acceptance speech for Best Developer at the PropertyGuru Asia Property Awards (Sri Lanka) 2018 gala dinner in Colombo" src="/documents/10204/0/APA-SL+2018_Prime+Group-compressor.jpg/7037861c-f65b-48ec-af8d-ec07635a658a?t=1531731217000" /></p> <p>Collecting the Best Boutique Developer trophy was two-time winner Capital TRUST Residencies (Pvt.) Ltd., whilst Maga Engineering (Pvt) Limited won the biggest number of trophies with four.</p> <p>It was a big night for one of South Asia’s most renowned environment-conscious construction firms, as Maga Engineering also received the Special Recognition in Sustainable Development and the Best Green Development awards. In addition, the MAGA ONE project won Best Office Development.</p> <p>Multiple winners of the night included Blue Ocean Group of Companies, Home Lands Skyline Pvt Ltd, and Indocean Developers (Pvt) Ltd, earning three golden statuettes each during the three-hour gala.</p> <p>One of the most anticipated moments of the ceremony was the introduction of Pradeep Moraes as the first-ever Sri Lanka Real Estate Personality of the Year recipient.&nbsp;</p> <p><strong><a href="http://www.property-report.com/detail/-/blogs/pradeep-moraes-of-altair-named-propertyguru-s-first-ever-sri-lanka-real-estate-personality-of-the-year" target="_blank">More: Pradeep Moraes is the first-ever Sri Lanka Real Estate Personality of the Year</a></strong></p> <p>Moraes, current chairman of the Condominium Developers Association of Sri Lanka and a director at Indocean Developers – the team behind the award-winning Altair twin-tower luxury development in Colombo – was handpicked by the editors of PropertyGuru Property Report magazine for leading a multifaceted 40-year career and raising the profile of Sri Lankan real estate regionally.</p> <p><img alt="PropertyGuru Group COO Jeremy Williams presents the first-ever Sri Lanka Real Estate Personality of the Year award to industry veteran Pradeep Moraes" src="/documents/10204/0/APA-SL+2018_Pradeep+Moraes+accepts+the+REP+award+from+Jeremy+Williams-compressor.jpg/d79de717-91d5-4c33-9701-d6372bc96440?t=1531735039457" /></p> <p>A total of 23 awards were presented to 13 outstanding real estate companies that received the industry’s highest honours, with main category winners later advancing to the regional PropertyGuru Asia Property Awards Grand in Bangkok, Thailand this November.</p> <p>Sri Lanka’s public sector was also recognised at the inaugural event in Colombo with the Special Recognition for Public Facility. The Ministry of Megapolis &amp; Western Development accepted the award for the Beira Lake Intervention Area Development Plan, and the Urban Development Authority (UDA) earned the same for the much-publicised Urban Regeneration Project.</p> <p>The Megapolis and Western Development Minister Patali Champika Ranawaka was present as the evening’s chief guest to deliver the opening keynote address at the ceremony.</p> <p>This year’s historic Colombo gala dinner followed the 2017 PropertyGuru Asia Property Awards in Singapore, when Sri Lanka’s vibrant real estate market was included in the prestigious awards programme for the very first time.</p> <p><img alt="Capital TRUST Residencies (Pvt.) Ltd., which took home two awards, was named Best Boutique Developer" src="/documents/10204/0/APA-SL+2018_Capital+TRUST+Residencies+%28Pvt%29+Ltd-compressor.jpg/2f59ea4f-638d-423b-ba3e-029f1c7b3548?t=1531731205000" /></p> <p>Jeremy Williams, COO of PropertyGuru Group, said: “PropertyGuru is delighted to support the growth of the real estate market in Sri Lanka and to provide the award-winning developers our international platform they deserve to showcase their tremendous potential, best local practices and expertise. We applaud the efforts and commitment of Sri Lankan developers and look forward to seeing more quality and innovative projects that meet the expectations of consumers and cross-border investors from our awardees.”</p> <p><a href="http://www.property-report.com/detail/-/blogs/sri-lanka-s-renowned-brands-support-the-arrival-of-the-propertyguru-asia-property-awards-in-the-count-1" target="_blank"><strong>More: Renowned brand support the arrival in Sri Lanka of the Asia Property Awards series</strong></a></p> <p>Terry Blackburn, founder and managing director of the PropertyGuru Asia Property Awards, said: “Following the successful inclusion of Sri Lanka in the Awards at our grand final last year, we are a delighted to be here in Colombo with what I am sure will be one of our most important annual events in the future. Clearly there is still a long way to go before catching up with neighbouring markets in Southeast Asia, but the progress in the last five years or so has nevertheless being remarkable. Developers have much to be proud of in how they are transforming the country and the lives of many Sri Lankan people.”</p> <p><img alt="Sri Lanka's Hon. Patali Champika Ranawaka, M.P., Minister of Megapolis &amp; Western Development, was the evening's chief guest and keynote speaker" src="/documents/10204/0/APA-SL+2018_Hon.+Patali+Champika+Ranawaka-compressor.jpeg/6d1c5219-3fd4-4296-83cd-0b2ee3470ccb?t=1531735045165" /></p> <p>The 2018 PropertyGuru Asia Property Awards (Sri Lanka) was supported by co-sponsors JLL and OTIS Aitken Spence Elevators; official broadcaster ART Television; official newspaper Daily FT; official portal partner LankaPropertyWeb.com; official hotel Shangri-La Hotel, Colombo; media partners The Big Issue and PropertyGuru Property Report; supporting association Ceylon Institute of Builders; and official supervisor BDO Sri Lanka, a part of the world’s fifth largest accounting and auditing firm.</p> <p>The independent judging panel was led by Dr. Nirmal de Silva (CEO, Paramount Realty), with Steven Mayes (Managing Director, JLL Sri Lanka); Stephanie Balendra (Director, Homes N Spaces Lanka Properties (pvt) Ltd.); Emeritus Prof. Chitra Weddikkra (Managing Director, QServe Pte Ltd); Roshan Madawela (Director &amp; Founding CEO, Research Intelligence Unit); Natalie Pendigrast (Founder &amp; Director, Pendi Pvt Ltd); Nilesh De Silva (Chartered Architect/Director, Kahawati De Silva &amp; Associates Pvt Ltd (KDS). The supervising team was led by Sujeewa Rajapakse (Managing Partner, BDO Sri Lanka).</p> <p>For more information about, email&nbsp;<a href="mailto:awards@propertyguru.com">awards@propertyguru.com</a>&nbsp;or visit the official website:&nbsp;<a href="http://www.asiapropertyawards.com/sri-lanka-property-awards/">AsiaPropertyAwards.com/sri-lanka-property-awards/</a></p>

<p><img alt="Tokyo skyline with Tokyo tower. Luciano Mortula - LGM/Shuttersock" src="/documents/10204/0/shutterstock_254749504-compressor.jpg/854d9665-64ad-4b4f-98c1-77bdf04b0adf?t=1531728177296" style="width: 1000px; height: 667px;" />Tokyo is the highest-ranked Asian city on the fifth annual edition of the IESE Cities in Motion Index (CIMI) released by the&nbsp;IESE Graduate Business School at the University of Navarra.</p> <p>The Japanese capital retained its fourth position for the second year running on the index ranking cities worldwide for smart and sustainable capabilities, as determined by researchers at the school's&nbsp;Center for Globalization and Strategy.</p> <p>New York, London and Paris, in that order, dominated the list, with Singapore at number six, making it the smartest city in Southeast Asia and second overall in Asia.</p> <p>This year’s top 10 remain largely unchanged from 2017&nbsp;except for Amsterdam jostling Berlin out of the top 10. The German capital now sits in 11th place, right above Melbourne in 12th place, Oceania’s highest-rated smart city.</p> <p><a href="http://property-report.com/detail/-/blogs/dubai-property-transactions-sink-in-first-half-of-20-3" target="_blank"><strong>More:&nbsp;Dubai property transactions sink despite government efforts to woo investors</strong></a></p> <p>The CIMI ranked&nbsp;cities according to nine fundamental dimensions, down from 10 last year. The 2018&nbsp;edition merged the dimensions of&nbsp;governance&nbsp;with public management, in addition to human capital, social cohesion, the economy, the environment, mobility and transportation, urban planning, international outreach, and technology.&nbsp;</p> <p>Tokyo sits in second place worldwide&nbsp;in the economy dimension, fifth&nbsp;in human capital. The city is also in the top 10 for dimensions of the environment, international outreach, mobility and transportation, and technology.</p> <p>Singapore features in the top 10 for technology, governance and the environment. Rival Hong Kong is number one in the world for technology, urban planning, human capital, governance, and international outreach.</p> <p>Seoul and Hong Kong sit in the seventh and ninth places, respectively, on the main index.</p> <p>Below is an infographic of key insights from the 2018 CIMI:</p> <p><img alt="" src="/documents/10204/0/cities-in-motion-2018-compressor.jpg/bcb0e411-243b-4598-81fe-89638c31e030?t=1531737943882" /></p>

<p><img alt="Asoke intersection on Sukhumvit Road, Bangkok. SOUTHERNTraveler/Shutterstock" src="/documents/10204/0/shutterstock_641949823-compressor.jpg/afac78dc-bce2-457b-880c-f10a008f6259?t=1531389556261" style="width: 1000px; height: 667px;" />Land prices in central Bangkok have increased by 1,000 percent since 1988, according to CBRE Thailand.</p> <p>Prime central business district (CBD) sites in the Thai capital have experienced a rapid escalation of prices over the past two years, the consultancy noted in a retrospective released yesterday.</p> <p>“Assuming that planning regulations do not change and the amount of space that can be built on sites remains the same, then Bangkok’s CBD land prices are likely to continue to rise,” said Aliwassa Pathnadabutr, managing director of the consultancy.</p> <p>Last year saw the sale of 8-rai (3.17-acre) site of the Australian Embassy in the plush Sathorn district for THB1.45 million (USD44,000) per square wah.</p> <p>For perspective, the landmark transaction of the late 1980s in the same district was the sale of an 8-rai site to the developer of Empire Tower for THB125,000 per square wah.</p> <p>A joint venture earlier this year acquired the 23-rai former site of the British Embassy for GBP420 million (THB18.6 billion) in what is known as the largest land sale by value in Thai history.</p> <p>A 21-1-08 rai (8.5-acre) site in nearby Wireless Road had sold for just THB250,000 per square wah to the M Thai Group in the late 1980s. &nbsp;</p> <p><a href="http://property-report.com/detail/-/blogs/ekkamai-comes-into-its-own-as-bangkok-s-property-hotsp-4" target="_blank"><strong>More:&nbsp;Ekkamai comes into its own as Bangkok's property hotspot</strong></a></p> <p>Today, some Bangkok condominiums stand on land whose vacant possession value is higher than the total value of units, CBRE analysts noted in the report.</p> <p>Under&nbsp;prevailing laws, however, 100 percent of condominium co-owners must consent to revoking their share in the block before it is sold or redeveloped.</p> <p>Single-ownership buildings found to have been worth less than their sites have been demolished of late, analysts noted. “We have already started to see this happening with the demolition of Kian Gwan Tower I on Wireless Road and Vanissa Building on Chidlom Road. There are also plans to demolish the Dusit Thani Hotel and redevelop the site.”</p> <p>Serving over 1.2 million commuters daily, Bangkok’s mass rapid transit lines have been a foremost determinant of land values&nbsp;and helped "clearly define" the city centre, an area less distinct in the 1970s and 1980s.</p> <p>Other influential determinants of land prices have&nbsp;been regulations in urban planning and building, particularly those governing how much space can be built, said Kulwadee Sawangsri, executive director for capital markets - investment &amp; land at CBRE Thailand. “Obviously if less space can be built on a site then the land is worth less.”</p>