By Andrew Batt:
Buyers from Singapore, Hong Kong, China, South Korea and Japan have replaced Europeans as the top purchasers of luxury condominiums in Bangkok.
The sector is currently experiencing strong demand, highlighted by the 26.1 percent year-on-year growth in prime property prices as at the end of March 2013. Only prices in Jakarta, Indonesia, saw higher growth globally.
Aliwassa Pathnadabutr, Managing Director of CBRE Thailand noted that most foreign buyers are buying luxury condominiums in the Thai capital as an investment to park their wealth.
“The Chinese have wanted to buy Bangkok luxury condos for a long time and seen good signs in the country’s political situation since last year,” she told local media.
Just five years ago foreigners accounted for less than four percent of Bangkok luxury condominium purchases but that proportion may now be as high as 20 percent, driven by Asians.
Predicting further price rises, she added: “Land plots for new developments are very scarce in the central business district, causing resale prices of condos to soar due to the limited number of new ones.”
Andrew Batt, International Group Editor of PropertyGuru, wrote this story. To contact him about this or other stories email andrew@allproperty.com.sg
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