Bangkok’s prime residential property prices have increased substantially during the past 12 months, with the newly published Wealth Report 2012 by Knight Frank and Citibank noting a 6.1 percent hike during 2011 – placing the city in 11th place globally in terms of price rises.
Phuket also appears in the last, ranked in 22nd place with a 1.7 percent rise in prime property prices noted by the firm.
According to Knight Frank, prime property is generally the most expensive property in the most desirable locations, and often has a significant international bias. It’s often referred to as being the top 5 percent of the market by price.
However Bangkok’s prime residential property prices remain cheap by global standards. The report ranks the Thai capital in 51st place with an average price of US$6,500 per sqm for prime residential property, alongside Portugal’s Western Algarve and slightly ahead of Miami.
Andrew Batt, International Group Editor for PropertyGuru, said: “This is the second report in as many weeks to highlight the fact that prime property prices in Bangkok are growing faster than many places around the world, although prices do still remain very competitive globally.”
Cities ranked by Prime Property Prices Per SQM
1 Monaco (US$58,300)
2 Cap Ferrat (US$51,800)
3 London (US$48.900)
Regionally
13 Singapore (US$25,600)
22 Shanghai (US19,600)
26 Beijing (US$17,400)
51 Bangkok (US$6,500)
57 Kuala Lumpur (US$5,000)
60 Jakarta (US$2,900)
61 Bali (US$2,600)
A full copy of the Wealth Report 2012 can be downloaded from http://my.knightfrank.com/research/
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