How to buy a Condo in Bangkok
Bangkok has a similar population, as well as levels of energy and excitement, to London and New York but, due to rapid growth amidst very little urban planning and regulation, it also has very poor infrastructure. Buying property in any city can be daunting but, in Bangkok, knowing the city is crucial to making a wise investment choice. At Bangkok Condo Sales, we know our market and we can help you make the right decision for your individual circumstances.
Bangkok continues to attract property investors because there is money to be made. There is a wide variety of property on the market and, in comparison to other large cities, your money goes further. However, you and your agent will need to do your property research.
For foreigners, condominiums are a popular purchase in Bangkok because they are the easiest and most practical way to acquire property in Thailand. Despite the global recession, there continue to be many new condominium developments, as buyers often like to purchase off plan. As a buyer, you are of course relying on the reputation of the developer, but you can often secure a good price and also have the pleasure of owning a brand new property.
There are 50 districts in Bangkok and, to avoid wasting a lot of time, it is worth being very clear about your priorities. How important are the public transport links (BTS SkyTrain, underground MRT, and the Airport Rail Link), access to the city’s small number of parks (Lumpini and Suan Luang Rama IX) or proximity to an international school, the central business district or a hospital? Do you need lots of space or is it more important to have great shared facilities or high-rise views across the city?
Most of the new condominium developments are in the middle and upper areas of Sukhumvit, as well as along Rama III. There are also a small number of extremely high-end properties in the CBD area of Bangkok.
The most popular area for condominiums in Bangkok is Sukhumvit Road, where 70 per cent of the leased apartments are situated. The most popular locations are from Asoke to Phrom Phong, close to the BTS SkyTrain stations. A clear trend is now emerging where new, well located, well designed buildings are capturing more of the market share and achieving higher prices per square metre than older developments, even though the unit sizes are smaller. This is because many of these new developments have been designed much more efficiently.
Other areas that are popular for buying property are around Bangkok’s largest park, Lumpini, as well as Sathorn, Thonglor and on the riverside.