Although Bangkok’s housing market is primarily of interest purely to Thai nationals, with most developers putting little effort into attracting foreign buyers thanks to the countrys strict land ownership laws, condominiums are another story. Bangkok features all the major real estate services players, with many headed by foreigners and actively targeting expat investors looking for everything from small studio condos to luxurious sky rise penthouses. Our Bangkok Property Report aims to offer sound real estate advice on Bangkok.
Condos in Bangkok
Buying condos in Bangkok is the most popular option among foreigners who have no legal avenue to own land. Dozens of luxury or well managed buildings are attracting a high number of foreigners, particularly in the Sukhumvit, Lumpini and Silom areas. Other up-and-coming areas include the Chao Phraya River, Thonglor and Rachatewi. There was a strong rebound in new condominium launches as developers cleared inventory that had built up over the previous two years. A total of 29 new projects were launched in inner-city Bangkok, accounting for 8,148 new units. About half of these were in Sukhumvit, Bangkok’s most popular expatriate area
Houses and land in Bangkok
Because of Bangkok’s notorious traffic, a scarcity of land in the key CBD areas and strict laws that forbid foreigners from owning land, it is a market foreigners shy away from for obvious reasons. But thats not to say the market doesnt exist for expatriates as there are ways around the laws, if proper legal advice is consulted. The citys limits are stretching further away, changing the face of real estate in Bangkok. Many high-end gated communities attract foreign expat families, given their close proximity to international schools and Bangkok’s expressways that make road travel into the CBD much quicker. They have also proven popular with foreigners with a Thai spouse, which allows them to own the land.
Investing in Bangkok property
Despite the citys sprawling maze of districts and a continuously growing number of condominium developments, foreigners with money to burn and the patience to analyze local market trends are keen on investing in Bangkok property, as there are great returns to be made. Prices per square metre remain significantly lower than those in other regional cities. Average selling prices rose by 4 per cent to 84,187 baht per m2.
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