Bangkok’s residential property market will grow between 5 and 7 per cent in terms of number of units and project value next year, according to research from Knight Frank Thailand. Developers have a positive outlook on the market believing it has room to grow and will look to move their business forward accordingly.
The offerings and products of developers will remain the same in terms of room layout and unit sizes, but companies will focus on improving project facilities in order to differentiate themselves and improve sales. Features such as automated parking and home automation systems will be popular additions. In terms of areas, locations near public transport will be in demand.
“The development of residential projects next year will continue to focus on areas accessible by the train network, especially the Orange Line, the Blue Line, and the extension of the Green Line that is currently in progress. The market will expand to the outskirts of Bangkok, with the trains making it convenient for people to travel into the city as well as to anticipate their approximate travel times,” says Phanom Kanjanathiemthao, Managing Director, Knight Frank Thailand.
Thai buyers will dominate the B-C grade condo market in Bangkok while foreign investors from China, Hong Kong, Malaysia, Singapore, and Taiwan will look to purchase units in the Sukhumvit area. There will be some investors from other countries but this group will remain small.
When it comes to condo units in Thailand, there are several factors that encourage target buyers to make a purchase. However, these can vary from market to market and between end users and investors.
“Buyers will first and foremost consider the location, with the ability to travel easily into the city as an important factor. Also, they will look at the development, unit size, facilities and amenities, and pricing,” says Phanom.
Receive the latest property news on email from Thailand’s No.1 property website here, or read more project reviews
