New research from Plus Property shows that the Phahon Yothin – Lat Phrao area could become Bangkok’s next property hotspot. This area has access to both road and rail transport links that will help it become a popular residential centre in the coming years.
Major developers have recognised the trend and are buying space to launch new condos. This has caused the average condo price to rise to THB150,000 per sq. metre while resale prices have increased by 20-40 per cent in the past 5 years due to the area’s potential.
“The expansion of demand in this zone has resulted in an upward adjustment of the selling price of condos. The average selling price has risen 5 per cent from that at the end of 2016. Currently, rooms at existing condo projects are being resold at 10 per cent mark-up price, at an average of THB165,000 per sq. metres,” says Anukul Ratpitaksanti, Managing Director of Plus Property.
Phahon Yothin – Lat Phrao New Transportation Hub and Area for Living
The Phahon Yothin – Lat Phrao zone is where the Green Line BTS and the Ratchamongkhon Line MRT meet providing people who live here easy access to Bangkok’s downtown. People are also drawn to the area by the many facilities that exist including Chatuchak Market, Chatuchak Park, and several well-known shopping centres.
“Said facilities make the Phahon Yothin – Lat Phrao area suited for residency and allow condom projects within this zone to receive good response due to real demand. This fact is presently contributing to a rapid rise in the average selling price of condos in this zone,” says Anukul.
There are now new ready-to-use office buildings in this area which will likely lead to more demand for residences. Land prices have begun to rise and are expected to continue increasing in the area because of the influx of workers and the numerous mass transit projects being built in the Phahon Yothin – Lat Phrao area
“The Phahon Yothin – Lat Phrao zone not only accommodates those who make purchases for real residency but also receives a warm response from rental tenants, with the average rate of return standing at 5 per cent per year. The most popular room type is the 1-bedroom unit and the second-most popular room type is the 2-bedroom unit,” says Anukul.
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