The DDproperty’s Thailand Consumer Sentiment Study reveals that the respondents see outer Bangkok as being the most popular place for property in the future.
Bangkok has developed into Thailand’s main property hub as it is at the centre for business including manufacturing, one of the key drivers for the economy, including Japanese firms keen to take advantage of the Kingdom’s low operational costs.
Consequently, it is where the majority of employment opportunities lie drawing in people who all need a roof over their heads. It is also the base for the country’s leading educational institutions in particular universities that contribute to the city’s growing population.
To meet this demand housing was built upwards in the form of condominiums and apartment blocks with people moving from standalone houses that require regular upkeep to vertical living with easy management and shared amenities.
Typically central business districts were earmarked for development to give residents ease of access to their workplaces and local amenities rather than battling the city’s notorious traffic. However, the arrival and expansion of the city’s mass transit network saw condominiums out of these central cores.
Established in 1999 as initially just the BTS Skytrain, over the years the network has expanded considerably to include the MRT that now nearly dominates the network. This form of public transportation now travels into neighbouring provinces including Samut Prakan and Nonthaburi illustrating the distance it is now possible to travel in and around Bangkok that has also opened up new areas that were once hard and timely to reach.
The DDproperty’s Thailand Consumer Sentiment Study assesses the perception of property in Thailand across a broad age range from 22 to over 60 years old interviewing various demographics from single people, those in a relationship and married, widowed people and those with families.
Data from the report reveals that the respondents see outer Bangkok as being the most popular place for property in the future. This sentiment was echoed across all age groups, in particular, those in the 40 to 49 years age bracket, indicating a shift in attention from traditional sought after Bangkok locations such as Sukhumvit and Silom to newer areas.
The second most popular locale expected to be Bangkok’s future up and coming area are labelled as Ratchada/Ladprao/Rama 9. These neighbourhoods have spiralled over the years as Rama 9 has developed into a new central business district where companies benefit from the availability of land, cheaper rents, and newer modern commercial spaces. Additionally, the Blue Line of the MRT network that travels in a complete circle of Bangkok travels through these areas highlighting its accessibility.
The next area respondents would consider is Mid-Inner Sukhumvit that includes Phrakanong/On Nut and Udom Suk and then Outer Sukhumvit spanning Bangna/Bearing. This illustrates a complete shift in attitudes and perceptions where Bangkok people are looking to buy and rent property from historic popular locales including in and around Asoke and also Silom.
It also demonstrates the success of the mass transit network in shaping how people live and in turn the property market. Developers have been quick to cotton onto this building new condominiums and single houses to satisfy the demand that has helped expand Bangkok’s property market in terms of property type, location, and price to create new pockets of upcoming areas.
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