NEWS & EVENTS
Phaya Thai: Bangkok’s Emerging Medical Hub and Prime Living Destination
Phaya Thai is a high-potential area, serving as the nation’s largest medical hub. With numerous new mixed-use developments underway, it’s a location that consistently draws traffic, making it a prime spot for real estate investment.
Phaya Thai has evolved into a premier medical district. It’s home to numerous renowned public and private hospitals such as Ramathibodi Hospital, Bumrungrad International Hospital, and Phyathai 2 Hospital. This propels Phaya Thai as a leading destination for medical tourism, catering to both domestic and international patients. The area’s accessibility is enhanced by the Green Line MRT, with Phaya Thai station offering convenient connections to Siam Square Area within just two stops and linking to the Airport Rail Link for easy access to Bangkok international airport. The demand for accommodations in Phaya Thai and its nearby areas has steadily increased, especially from nearly 20,000 medical workforce professionals who commute to the area and are looking for accommodation.
Phaya Thai is a burgeoning business district, with office space expanding by 372,000 square meters and an impressive 94.9% occupancy rate. It’s a center for many businesses, which employ over 49,000 individuals such as foods, technology, online marketing, constructions, lighting, medical and healthcare. The area’s appeal is further enhanced by the 5-stars upscale serviced apartments, offering residents a lifestyle comparable to Sukhumvit. The rental rate for these serviced apartments are comparable to those in Sukhumvit areas.
Phaya Thai’s emergence as a medical district, coupled with the mixed-use developments, and its strategic inner urban location that connects central and northern Bangkok has made Phaya Thai highly attractive for investment from foreigners and locals. This has driven the land values up by a staggering 100% per assessment period, translating to an annual growth rate of 11%. Land prices in this area have surged from 210,000 baht per square wa (2012 to 2015) to 400,000 baht per square wa (2016 to 2019).
Phaya Thai’s growth offers compelling investment prospects in the real estate market, making it a competitive option for both rental yields and owner-occupation, comparable to other sought-after areas in Bangkok.
