Prime residential property prices in Bangkok rose 12.5 percent in 2013 according to the annual Wealth Report published by Knight Frank yesterday.
Growth in the Thai capital was ranked 15th highest of the survey cities around the world. Jakarta topped the Prime International Residential Index (PIRI) with a 37.7 percent annual growth in prime property prices. Bali (21.4 percent) ranked third.
Elsewhere in the region Kuala Lumpur witnessed a 5.5 percent growth in prime property prices, while Singapore saw a 0.8 percent decline, according to the report.
Prime property prices are defined as being the top 5 percent of the market.
The comprehensive research report also notes that Thailand is predicted to see a 53 percent jump in the number of Ultra High Net Worth Individuals (UHNWIs) between now and 2023. UHNWIs are people with more than US$30 million in net assets.
Speaking exclusively to DDproperty.com at the Singapore launch of the Wealth Report 2014 yesterday, Nicholas Holt, Knight Frank’s Asia-Pacific Head of Research, said: “Prime property in Bangkok is really located in the heart of the city, and we’ve seen a rapid increase in land prices here during the recent past.”
Holt predicted that the scarcity of land in the centre of Bangkok could see further price growth in prime property prices going forward.
More details on Knight Frank’s Wealth Report 2014 can be found here:
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
Recent stories you may have missed:
MUST READ: Singaporeans and Indians are the biggest buyers of Thailand property
Expat rental rates will continue to rise
English language boost for Thai real estate agents
Bangkok office vacancies at a 20-year low
If you have a property story you want us to publish email: andrew@allproperty.com.sg