While Silom, Sathorn and Rama 4 are currently the best-selling locations for Bangkok condominiums, and Ploenchit, Chitlom and Ratchadamri are noted as being the most expensive areas, one agency has predicted the next Bangkok property hotspots to watch for.
Research from real estate firm Plus Property has identified Bang Waeg, Thaphra and Charansanitwong as Bangkok’s up-and-coming property hotspots. Prices in these locations are predicted to rise once the construction of Blue Line MRT is completed, the agency reported.
Poomipak Julmanichoti, Managing Director of Plus Property, said that the overall condo market in Bangkok has improved since the beginning of the second half of 2014.
During the first half of 2014, Bangkok had 168 active condo projects with a total of 94,718 units. Some 70 percent are completed projects and will be ready to move in by the end of 2015, while another 30 percent are classified as projects under-construction and scheduled to be completed after 2015.
The agency expects sales of these ongoing projects should be absorbed within one year.
The average take-up rate of the current supply, according to the research, is 68 percent. This rate shows improved consumer confidence after the political unrest earlier this year. Demand for Bangkok condominiums remains strong among both end-buyers and investors, the agency noted.
The average selling price of a condominium in Bangkok is currently THB94,000 per sqm – up 7 percent from THB88,000 per sqm in the second half of last year.
The best-selling areas are Silom, Sathorn and Rama 4 where the highest selling price was recorded at THB360,000 per sqm and the lowest selling price at THB88,000 per sqm. The average selling price in these areas stood at THB148,000 per sqm during the first six months of the year.
The areas with the highest average price per sqm were found to be Ploenchit, Chitlom and Ratchadamri. The highest price was recorded at THB340,000 per sqm sqm and the lowest at THB133,000 per sqm. The average price was noted at THB225,000 per sqm.
For condominium projects along the BTS lines, the top three stations with highest average selling price psm are Ratchadamri (THB270,00 per sqmsqm), Ratchatewi and Ploenchit (both at THB220,000 per sqm) and Phrom Phong and Surasak (both at THB200,000 per sqm.)
It said it is now very difficult to find potential land plots for development in the heart of Bangkok, and if any becomes available it will be developed into high-end condos.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
