The Bangkok real estate market is one of the best for international investors who are interested in the Asian market. Research shows that the property market there is much more affordable than other south Asian cities such as Hong Kong and Singapore. Bangkok has a good climate year round and is also close to many recreational activities, such as beaches and tropical resorts.
Because of low labour costs and relatively inexpensive housing, many multinational corporations have made Bangkok one of their overseas homes. This has, in turn, drawn a lot of international businessmen and expatriates to the city looking for high quality housing at reasonable prices. There continues to be a healthy demand for property, meaning that investments should continue to rise in value for the foreseeable future.
The city is one of contrasts, with its fast growing urban skyline and many old temples and historical sights. It is also growing increasingly cosmopolitan with high end shopping, entertainment and fine dining. Because of Thailand’s strict foreign ownership laws, apartments and condominiums are the option of choice for most international property seekers in Bangkok.
In 2007, there were nearly 20,000 condominium units under construction at some point during the year. In 2008, there should be even more property available, according to Dr Sopon Pornchikchai, president of the property consultant Agency for Real Estate Affairs (AREA), as reported in the Bangkok Post. This means a great selection for those interested in getting a condo or apartment in this bustling city. It also means that those who are looking for off-plan property have a wide range of choices available.
The top five locations for all new developments in and around the city were Sukhumvit-Rama IV, Phahon Yothin, Klong San, Bang Na-Trat and Pattanakarn. Residential property company Sansiri Plc (SIRI) expects the property market to grow this year from 8 – 12%.
Many of the new units in Bangkok are in the middle and upper-middle income and price ranges and are located within Sukhumvit and Rama III areas. These properties are typically one and two bedroom units ranging in size between 45 square meters to 80 square meters. Moving up towards the high-end market, new additions were seen in the Sathorn, Silom and Sukhumvit areas, with the majority of condo units offered being two and three bedrooms from 90 square meters to 190 square meters.
Bangkok recently opened a new airport, Suvarnabhumi Airport (BKK), often called New Bangkok International Airport, that is 25 kilometers east of downtown. This facility has flights from all over the world on most major airlines. The old international airport, Don Muang (DMK), is open for limited domestic flights.
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