New research from Plus Property Company revealed that the Sanam Pao-Aree-Saphan Khwai areas are among the most popular in Bangkok with affluent individuals of all types looking to live in this upcoming location. However, developers have struggled to find land with only a limited number of new projects being launched in this part of Bangkok.
It was noted that resale prices have increased by 50-60 percent during the past 5-6 years in the area due to high residential density. Real estate prices are likely to increase even more once the Bang Sue interchange station becomes operational.
“The Sanam Pao-Aree-Saphan Khwai areas continue to receive continual demand. A survey conducted in the first half of the year found that there was a supply of 2,184 condominium units, of which up to 91 percent have been sold, with an average of 12 units being sold per month,” Anukul Ratpitaksanti, Deputy Managing Director, Plus Property Company Limited said. “It was found that there are only nine high-rise condominium units available from three projects near BTS routes, and they are being sold at an average price of THB160,000 baht per square meter.”
Yak Saphan Kwai
The reason condominiums in the Sanam Pao-Aree-Saphan Khwai areas are in such high demand is simple: they offer all the features most people want. The location is near convenient transportation routes and is also situated close to the BTS and MRT.
“In the second half of the year, there will be only 1,371 condominium units from two new projects entering the market, with average opening prices at THB160,000-170,000 per square meter,” Anukul explained. “The high prices are due to limited availability of large plots of land near BTS stations and the extremely high prices for those available. This has contributed to demand expanding for condominiums located on secondary roads or a small distance in side streets, although the condominiums can still be considered to be near BTS stations.”
Plus Property’s research also showed a strong rental market with high demand from both Thai and foreign tenants for units in the areas. A return on investment of 5-7 percent for a one-bedroom, 30 square meter condominium unit is average in the Sanam Pao-Aree-Saphan Khwai district.
