Bangkok is a regional hub thanks to its strategic location within Southeast Asia. As a result, the Thai capital has continued to draw in businesses keen to capitalise on the low labour costs. Today there are a host of global firms with a foothold in the country that helps to generate employment locally and bring in expatriates from further afield.
Expatriates are one type of tenant who contributes significantly to the lettings market. Many choose to rent due to the convenience it brings, plus some are only in the country for a short period therefore renting brings flexibility not so easily achieved with property ownership. A number of expatriates might even be fortunate enough to receive a housing allowance too, making this sector of tenants an attractive tenant base.
If you are a buy-to-let landlord targeting expatriate tenants then there are a few points to consider. Firstly they will want to live close to where they work to minimise commuting times so locations in the central business districts is a must. Likewise, larger units suited to families should be close by to good international schools but also the condominium should have good communal areas for families to enjoy such as a children’s play area and a children’s pool if possible.
For smaller units aimed at young professional expatriates who most likely want to make the most of living in Bangkok, then distance to the mass transit network will top their wish list for hassle-free travel across the city. Locations near to the popular social hangouts should be considered, such as near to Thong Lor which features much of the city’s night scene.
Some expatriates might be new to living overseas and will want to take advantage of the cheaper rents than back at home. Therefore it might be their first for living in a condominium which has facilities so some tenants will look at the swimming pool and gym when looking for a unit to rent. Plus others might be living on their own for the first time and they will want to feel safe and secure in their own home.
Speak to local real estate agents to work out which buildings expatriates choose to live in and what other requests that they might have when looking for a property to rent. Agents are your eyes and ears on the market so utilise their expertise in order to entice expatriates to your rental property.
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