The resurgence of Bangkoks condominium market has centred itself on three popular locations: Sukhumvit, Sathon and Phaholyothin-Aree. After delaying many new condominium projects because of political problems in the first half of this year, most leading developers are now rushing to launch new projects before the end of the year. Surveys by The Nation have revealed plans to launch more than 30 new condominiums with a collective market value of more than Bt100 billion in the fourth quarter. Nearly 70 per cent of them will rise in the three most popular locations – around Sukhumvit Road from Soi 30 to Onnuj, in the Sathon area and Phaholyothin-Aree. All projects will be close to Skytrain and subway routes. Meanwhile, the most sought-after condominium units have one bedroom and are priced between Bt2 million and Bt3 million.
The managing director of real-estate firm Knight Frank Thailand, Phanom Kanjanathiemthao, said the short-term outlook for Bangkok residential condominium development – without regard for political risks – was very positive, especially in the prime Sukhumvit, central business district and Phya Thai areas.
There will be very limited new development in these areas because of a lack of available land.Moreover, land prices in these areas has increased significantly in recent years, and prices for condominium units can also be expected to increase, he said.
Bangkok falls 19 places to 49th most expensive location worldwide
Locations reliant on international tourism have seen their rental markets hit especially hard during the pandemic, resulting in some major drops in the rankings. Bangkok has fallen 19 places to 49th, while Hanoi saw a similar drop of 12 places to 81st.
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