Bangkok’s Pathumwan district is home to a number of high-end residential developments that have helped make the neighbourhood popular with both wealthy locals and foreigners. In addition to the upscale condos, the district has luxury malls and a massive public park to keep residents entertained.
“Some of Thailand’s wealthiest families live in Pathumwan. In addition, there are a lot of expats—Asian, North American and European. Asian expats in particular are buying either as retirement or holiday homes for themselves or occasionally as an investment. We find in this market that Asian buyers are really at the forefront of new property purchases,” says Tim Skevington, CEO of Richmont’s Luxury Real Estate, to Mansion Global.
Most land in the district is owned by the Royal Family who made it available to developers on a leasehold basis. This means units here are only offered for rent with leases ranging from 10 to 30 years. There are some freehold properties in the Pathumwan district which tend to be more popular with buyers. No matter the type of property, prices for units are among the most expensive in Thailand.
“Prices start at THB19,506,900 for a new 30-year leasehold 2-bedroom condo in the Magnolias Rajadamri. They can range as high as THB188,566,700 and up for a brand new freehold 3-bedroom duplex condominium at 98 Wireless, which is Bangkok’s most expensive condo and was launched at the beginning of 2016,” says Skevington.
Most of the luxury towers and high-rise condos in this area are newly built, but the district also has old shophouses and an area temple to provide a historic touch. No single-family homes are available in Pathumwan with condos and apartments making up most of the residential stock.
“The residential market is relatively young in Thailand; the oldest residential building goes back maybe 30 years. The newer architecture is very impressive,” says Skevington.
More insights about Bangkok property market, check out DDproperty Property Index Report and DDproperty Property Market Outlook Report and find out how much you can afford for your new house, try our mortgage calculators .