Bangkok’s transit lines remain the most dominant factor when it comes to the property market in Bangkok, according to local experts. This is due to the fact that land prices where new lines are planned increase and grow even further as construction progresses. The higher prices make condos the most realistic option for most developers.
“If we look at 4 major lines – Blue, Red, Green (Silom) and Green (Sukhumvit) – in various stages of planning, construction and operation, we tend to see a small number of condo launches in areas where new routes are announced, but the pace picks up dramatically once construction actually starts. Developers like to see clear evidence of shovels in the ground before they commit to new projects,” says Thai real estate expert Surachet Kongcheep to the Bangkok Post.
Many new condo projects were launched in areas where mass-transit construction had already begun between 2014 and 2017 with fringe areas more popular than the inner city because of lower land prices. The Blue Line was the most popular spot for new condo launches with 24,828 units introduced onto the market. It was followed by the Sukhumvit Line where a total of 16,350 new units were launched.
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“Most launched are located around the Samrong and Erawan stations, which are considered close enough to Bangkok and offer a builtup urban environment. However, sales at buildings around these two stations have been low compared with the area around the Bearing station closer to the city. An increasingly popular location in the past year is the area along the Green (Northern) line. Many new condominiums have been launched but most are on a smaller scale than their counterparts along the Blue Line,” says Surachet.
Most new developments along the Green (Northern) line have prices of over THB100,000 per square meters. This is because these projects offer direct access to central business district via the BTS, an appealing factor for many buyers.
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