It’s undeniable that the Thai real estate market, particularly condominiums, is supported by a significant purchasing power from foreign buyers, especially from the Chinese, who rank at the top in purchases and ownership transfers among foreigners, followed by those from Myanmar, Russia, Taiwan, and the United States.
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When mentioning about major cities other than Bangkok that play a crucial role in Thailand’s economy, Pattaya in Chonburi Province inevitably comes to mind. This is because its significance extends beyond tourism. Pattaya’s economy in other sectors also ranks among the top in Thailand, including industrial estate, investment, logistics, and residential real estate.
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Among the seaside resort cities gaining attention from international tourists, Hua Hin in Prachuap Khiri Khan province stands out at the forefront. Currently, the proportion of foreign buyers purchasing residential properties in Hua Hin has risen significantly, reaching as high as 40%. This marks a stark contrast from the past when Thai buyers dominated the market, accounting for 80-90% of purchases.
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Centrally located near the Silom-Sathorn CBD, Chula-Samyan shines as another prime area in the center of Bangkok. The area is full of amenities, filled with workplaces, lifestyle hubs, medical institutions, and educational institutions. It is a vital economic zone that caters to every aspect of the Work-Learn-Life balance. The continuous development in the area positions Chula-Samyan as a high-potential area for investment, promising increased value in the future.
When buying a condominium, location is definitely among the top priority. Desirable condos, both for living and investment, are typically situated in prime locations, offering convenient access to a wide range of amenities. This includes areas such as business districts, city centers, CBD zones, and locations nearby public transportation (like the BTS or MRT line), schools, shopping malls, or popular tourist cities. Condominiums in these locations often attract buyers, renters, and investors.
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Charoen Nakhon Road is a major artery road on the Thonburi side of Bangkok. The area holds a strong history connected to the Chao Phraya River. Its past as a center for shipping and warehousing has paved the way to a modern landscape. The area is now home to numerous prestigious hotels such as the Millennium Hilton, Peninsula Hotel, and Avani Riverside, along with numerous condominiums, restaurants, shopping destinations, and attractions, serving both the growing local population and an influx of tourists.
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Langsuan is considered one of Bangkok’s most prime locations, boasting some of the highest land prices in the country. Its value continues to ascend due to the limited availability of land for development. This scarcity has transformed Langsuan into a premium, rare location, akin to “The Manhattan of Bangkok.”
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Ekamai is a cosmopolitan neighborhood in Bangkok’s extended CBD. This dynamic area offers a mix of trendy living lifestyles, bustling workplaces, and convenient amenities. With its close proximity to Thonglor and a variety of international supermarkets like Donki Mall and Nihonmura Mall, Ekamai has become a sought-after destination for expats seeking a vibrant community.
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“Chidlom”, a super prime area in central Bangkok continues to set new land price records. Land values continue to soar with each transaction. Recent appraisal from the Treasury Department for 2023-2026 reveals that land price in prime areas like Ploenchit, Witthayu, and Silom commands over 1 million baht per square wah. However, actual transaction prices have surpassed this mark for over a decade. In 2024, the progression of Bangkok’s urban landscape, driven by mega-projects, further propelled land prices. Chidlom-Ploenchit area, in particular, has seen land prices skyrocket to 3.75 million baht per square wah, reflecting the increasing value of the location and assuring that owning a property in this area will place it in close proximity to more world-class developments in the future.
Foreign interest in Thailand’s property market remained strong in the first nine months of 2024. Data from the Real Estate Information Center (REIC), revealed a 11.6% (YoY) increase in condominium unit transfers to foreigners in the third quarter of 2024, reaching 3,756 units valued at 18,571 million baht. This represents an 8.9% growth in value. The total transfer area also increased by 8.4% (YoY) to 165,367 square meters. Although the total number of unit transfers showed a slight decline during the nine-month period, the overall transfer value surged by 24.2%.
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