No Sign of ‘Bubble Bursting’ as Bangkok Condominium Market Continues To Boom

The 2011 Thailand floods, which cost the Kingdom an estimated USD$45 billion, have been put firmly in the past, as the country’s engine room, Bangkok, once hailed as the ‘Venice of the East’, continues to post incredible economic results.

No Sign of ‘Bubble Bursting’ as Bangkok Condominium Market Continues To Boom

Bangkok - 'Venice of the East'

Bangkok, a city abundant with grand temples, crowded street markets and elegant temples, has become the ‘city of the world’ in recent times, with 2013’s Global Destination Cities Index naming Bangkok as the ‘Number 1 Destination for International Visitors’. The Kingdom’s capital is expected to receive 15.98 million international arrivals this year and, with so many citing Bangkok as their number one destination, it is no wonder that the world’s investors are following the same route. Route -the very word at the epicentre of the boom! This economic upsurge is very much a result of purple, blue and a host of coloured routes which now sprawl across the metropolis as part of a larger government infrastructure plan, to roll out a major transit system across Bangkok. This transit system has caused condominiums to rise up across the city at a rapid pace, with 12,300 units completed along the blue network alone in the last three years. The proximity of where a piece of land sits in relation to the coloured routes increases its value enormously, according to Risinee Sarikputra, Director of Research & Consultancy at property specialists Knight Frank, who declared that prices of land near the purple line have doubled since 2009 and prices of land close to the Pink Line have reached THB 100,000 per sqm. Developers, who are paying a higher price for this land to build condominiums on, will inevitably raise the prices of the units, something which can already be seen in the Central Business District, where prices have increased by 7.1% to THB 161,314 per sqm, since the end of 2012.

Condo prices in the CBD have increased by 7.1% since the end of 2012!

This price increase however has not served to deter investors away from the purchase of condominium units, which continue to be the investment vehicle of choice in Bangkok, a trend which has not changed for the past fifteen years. Indeed, the amount of condominium units bought in the capital has risen from 10,000 in 1998 to over 350,000 today. This continued interest from investors can be seen in the number of units launched in Q1 2013, some 16,000, and their high take-up rate of 62% indicates that the city is still ripe for investment. The area of Sukhumvit has benefited greatly from this boom period, as new premium projects in the district have become a hot source of interest for investors. Home to one of the longest roads in Bangkok, if not the world – Sukhumvit Road is 400km long, it is little wonder that condominiums are being raised frantically alongside it at a tremendous pace. Prices have soared in Sukhumvit according to Knight Frank, who claim that prices have risen 11.8% from the end of 2012 in Upper Sukhumvit and prices throughout the whole district have now reached THB 200,000 per sqm. North West property investment firm Knight Knox International have been specialists in the Thai market for a number of years and have yet again, employed their on-the-ground knowledge by bringing a property to market in Bangkok’s most booming district, Sukhumvit, assuring investors of strong returns on both rent and capital appreciation. Sukhumvit Lofts A 28-storey, 263 unit freehold residential condominium, comprised of studios, 1 and 2-bedroom apartments and lofts, this high-end development is one of the most affordable, yet luxurious residential opportunities currently on the Bangkok market. All apartments are built to the highest of specifications by one of Bangkok’s premier development teams and completion is scheduled for Q3 2016. With prices starting from just £85,000 for a studio apartment, investors are advised to register their interest early to secure the best prices! For further details on Sukhumvit Lofts, or for the full range of Thai properties available through Knight Knox International, please contact 0161 772 1370.

Manchester Guide vertical - April 2019

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