The effects of public transit improvements on residential land use in general, and on residential property prices in particular, have not been well investigated in developing countries. Such an understanding is necessary for the formulation of value capture policies, which can be instrumental in the financing of transit infrastructure. In this paper past studies on the effect of transit improvements on property prices in developing countries are reviewed, and the hedonic models are developed to examine this relationship in Bangkok, Thailand. Spatial regression models are estimated with data on multifamily residential properties near the Bangkok transit system's stations. Estimation results show that the premium of transit accessibility is approximately $10 for every meter closer to a station, and the price elasticity with respect to the distance to the nearest station is roughly -0.09. These findings are consistent with the range found in past studies from other developing countries. The substantial premium of transit accessibility implies that there is a great potential for the use of value capture policies to raise additional funds for investments in Bangkok's transit system.