Properties in Thailand continue to be marketed overseas with many buyers coming from Asia. Hong Kong is one of the strongest foreign markets for Thailand real estate and this group of buyers is now looking beyond traditionally popular places like Bangkok’s CBD to non-prime areas in the Thai capital, local media reports.
The 1st major non-CBD development in Bangkok to be marketed in Hong Kong was The Line Jatujak-Mochit. This took place a few years ago and since then more projects have been exhibited in Hong Kong with developers Ananda Development and Sansiri among the most active in the market.
“According to our counterparts at CBRE Hong Kong, Hong Kong buyers’ investments in the overseas property market totalled USD6.6 billion in the first half of 2017 alone. Investment locations included the UK and Australia in the early stages, Japan started 2-3 years ago and Thailand in recent years. The total transaction value of Thai properties is expected to reach HK$3 billion in 2018,” says CBRE Managing Director Aliwassa Pathnadabutr to The Nation.
The price of new condos in Bangkok’s CBD have rose over THB260,000 per square meter on average and starting prices now start mostly around THB10 million. Investors not wanting to pay those prices are considering condos located on the fringe of the downtown and along the extended mass transit lines. Prices in these areas can be a lot less than in the CBD.
“The high Central Business District (CBD) prices combined with marketing efforts of non-prime locations by Thai developers, over the last 2 years, has increased awareness and interest from overseas investors in non-CBD Bangkok locations. The popular prices for these locations range between THB3 to THB10 million per unit,” says Aliwassa.
A total of 85 projects by 35 developers from Thailand were shown to Hong Kong buyers in 2017, according to CBRE estimates. Nearly all of the large condo developers are active in Hong Kong with most marketing around 2-4 projects.
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