Over the past decade, Bangkok’s residential property market has diversified immensely, emerging from the shadow of the 1997 financial crisis. Luxury condominiums in central Bangkok sell for a third of the price of those in Hong Kong, and less than half the price of those in Singapore, making them a relatively cheap option in US dollar terms.
Because of Bangkok’s low labour costs and cheap housing, many large corporations have over the years chosen to make this city their Southeast Asian base. Hence, a high expatriate population can be found in Bangkok. This creates a healthy demand and supply of condos and property. In this section we offer advice on Bangkok real estate.
From an expat’s point of view, Bangkok is extremely attractive for a number of reasons. It’s a city of contrasts, not for the faint of heart. For many, its appeal lies in its cultural anomalies; temples glitter alongside cloud-gracing sky rises and chaotic streets crowded with vendors selling everything from tasty noodles to knock-off designer purses. That said, Bangkok continues to grow increasingly cosmopolitan. There is no shortage of high-end shopping malls, exciting nightlife and fine dining, making it all the more appealing for expats who enjoy life in the fast lane.
Living in Bangkok
For most foreigners, Bangkok’s biggest problem is its annoyingly unpredictable traffic jams. Fortunately a growing high-speed rail network is easing some of the congestion, with the city’s Sky Train and underground MRT trains connecting commuters to the majority of the city’s important shopping and business areas both in and outside the CBD. Not surprisingly, most expats tend to live in areas with close accessibility to Sky Train or MRT stations and real estate in these zones can be relatively expensive, advice from a Bangkok agent will help you find a happy compromise.
Although Bangkok is going through what many would describe as “growing pains” as its infrastructure strains to deal with the growing population and demand for better quality architecture, roads and zoning, its low cost of living and real estate makes up for it. Services that are traditionally reserved for the ultra wealthy in most Western countries, including on-call drivers, maids and live-in nannies, are incredibly affordable in Bangkok.
Because of Bangkok’s large expat community, there is no shortage of clubs and organizations representing a wide variety of interests, from social clubs and sports teams to charity and cultural interest groups. Bangkok has an endless number of international restaurants, nightclubs, museums and unique shopping options. Bangkok’s cultural scene is growing as well, both in terms of music and art.
English is spoken widely in the main tourist areas. The city is also supported by professional services, such as English speaking lawyers, doctors and real estate agents who can give you sound advice on doing business in Bangkok.
Buying Property in Bangkok
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 country’s 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. Asia Property Report aims to offer sound real estate advice on Bangkok. More on buying property in 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. In 2006, 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. More on buying condos in Bangkok.
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 that’s not to say the market doesn’t exist for expatriates as there are ways around the laws, if proper legal advice is consulted. The city’s 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. More on buying houses in Bangkok.
Investing in Bangkok property
Despite the city’s 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. In 2006, average selling prices rose by 4 per cent to 84,187 baht per m2. In 2007 however, due to political uncertainties stemming from the September military coup that ousted former prime minister Thaksin Shinawatra, the market wasn’t as bullish as expected. Uncertainty among investors remains as a result of the rudderless political landscape the country has been experiencing.
Top tips for Bangkok property
Bangkok Property buyers guide
Guide to buying condos in Bangkok
Guide to buying land in Bangkok
Guide to buying houses in Bangkok
Condo renovators guide
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