Expensive Detached Housing Hard For Average Buyer To Own

18 ธ.ค. 2560

Expensive Detached Housing Hard For Average Buyer To Own

Single detached homes remain one of the most popular residential property types in Bangkok. However, these properties are not realistic for many buyers due to high prices and locations that are far away from the city centre.

“Locals dream of having a detached house for family purposes and long-term living. It’s a dream for many but cannot always come true,” says Marciano Birjmohun, Associate Director at Knight Frank Thailand.

The market for single detached homes continues to grow with areas such as Srinakarin, Pattanakarn, Samut Prakan, Prawet, Kaset Nawamin, and Rachapruek among the most active. This is due to their increasing transportation options that link them to downtown Bangkok. Most detached homes in Bangkok are situated around the periphery of the metropolis in smaller villages.

A total of 36% of new residential supply in Bangkok last year was made up of low-rise projects. This figure includes detached dwellings. According to a Knight Frank Thailand report, most of these were located in fringe areas. One issue making detaching housing hard to own for the average buyer is high prices.

“The demand for single detached houses is large. However, there is only a select amount of buyers due to the extravagant price tags,” says Birjmohun.

Single detached homes closer to the city centre can cost between THB15 million and THB130 million apiece on average. Despite the high price, single detached houses can be a good investment opportunity due to the limited supply at such price points.

“These are astronomical prices for the middle class. The average midmarket buyer could obtain a maximum loan of only THB4-5 million, payable in 30 years. Gains of single detached homes have no golden rule like condominiums; owners can actually request a higher price for their house once the demand is high. The supply of these trophy homes are limited,” says Birjmohun.

This story appeared on property-report.com

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