Demand along Thonglor remains strong but less than five percent of property remains available for sale, according to a recent survey conducted by Plus Property. In addition to this, the company concluded that a lack of new properties in the area combined with popular shops and eateries and convenient transportation links have contributed to the sharp increases in resale value.
One of the main reasons demand on Thonglor is high ia due to the limited number of properties available. Plus Property noted that condominiums are showing average price increases of 13 percent per year during the past eight years. Thonglor’s rental market is also robust with annual returns of five percent being recorded. Local properties are able to meet the needs of Thai and expat tenants, especially Japanese, American and South Korean nationals.
According to Anukul Ratpitaksanti, deputy managing director at Plus Property, there are not many new condominium projects in the Thonglor area with a limited amount of space seeing only about two new projects per year in the last 7-8 years built. There were also a few years where no new projects were launched.
Demand for super luxury properties close to the Thonglor BTS is still high. It was also revealed that the supply of high rise units available in Thonglor is 1,800 units, with only 35 units remaining unsold. The resale price of condominiums has increased by as much as 80 percent from the initial launch of some properties including Quattro by Sansiri and HQ Thonglor.
Thonglor’s rental market is seeing steady demand from Japanese tenants who account for 70 percent of all rented properties, Plus Property claimed. The most popular type of units are the one-bedroom accommodations with 50-55 sqm. of space and a rental price of THB50,000-60,000 per month.
Plus Property revealed that units along Thonglor are sought after by both buyers and expat renters since it offers a central location, modern conveniences and increasing real estate value.
