This article on the Bangkok condo demand appears in the Dot Property Thailand Real Estate Outlook 2021. You can read the report right here!
Condo demand in Bangkok moved away from the city’s Central Business Districts and towards Sukhumvit’s trendy neighborhoods last year, research from Dot Property shows. Those searching for real estate were most interested in condo units around the Thong Lor, Ekkamai, Phra Khanong and On Nut BTS stations with demand coming from both international and domestic buyers.
This stretch along Sukhumvit received the most enquiries on both Thailand Property, the company’s English-language website, and Dot Property Thailand, the Thai-language portal, in 2020. And while international and domestic property seekers were interested in the same Bangkok location, there was a notable difference in what they were after.
Overseas buyers eye high-end residences
On Thailand Property, luxury units priced between THB10 million and THB29.9 million received the most enquiries in 2020. This was followed by condo units in the THB5 to THB9.9 million price bracket. This highlights an interesting trend as it relates to foreign buyers active in Bangkok.
Their numbers may be less than in previous years; however, those that are buying are looking for upscale residences. In the past, there had been significant demand for condo units priced at THB3-5 million, but experts believed these were speculators. Those currently in the market for high-end condo units are more likely to be either end users or long-term investors given the capital required for their purchase.
New luxury projects in Bangkok’s most in demand locations include The Esse Sukhumvit 36 from Singha Estate and Ideo Q Sukhumvit 36 from Ananda Development. Prices start at more than THB10 million at each development. AP is another developer very active in this part of Bangkok having launched four condominium projects under its Rhythm brand here in recent years. Most units in these developments are priced at THB5 million or above.
Domestic demand driven by affordable condo segment
While domestic property seekers were also most interested in condo units around the Thong Lor, Ekkamai, Phra Khanong and On Nut BTS stations, they were searching for affordable units under THB3 million.
Projects in this price range tend to be low-rise developments, such as Niche Mono Sukhumvit 50 from Sena Development and The Base Sukhumvit 50 from Sansiri, or high-rise condominiums a little further away from BTS stations, like Aspire Rama 4 from AP.
Studio and 1-bedroom units the preferred option
The most sought after unit type in Bangkok among international and domestic buyers remains studio and 1-bedroom residences.
For more insights, be sure to read the Dot Property Thailand Real Estate Outlook 2021!