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The Bangkok Condo Market in 2016: It's all about Luxury and Foreign Buyers

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The Bangkok Condo Market in 2016: It's all about Luxury and Foreign Buyers
Sukhumvit News

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BANGKOK -- In an otherwise lacklustre condominium market, Bangkok’s luxury sector is feeling pretty hot right now.

While demand for condos and purchasing power in the mass market at the end of 2015 was lower than expected, the luxury market has emerged as the one to watch, according to a new report from Colliers.

Many luxury condos are due to be launched this year, particularly in the city and Sukhumvit areas. Sukhumvit Sois 21 to 55 are right at the epicentre of this high-end development blitz with many unit starting prices expected to reach over ฿200,000 (US$5,600) per square metre.

As is to be expected, premium properties in Bangkok are generally found along the existing mass transit lines of the BTS and MRT. Many developers are also exploring their options along the proposed mass transit line extensions too, and we can expect much growth in these areas as the extensions come to fruition.

Full Story: http://whatsonsukhumvit.com/the-bangkok-condo-market-in-2016-its-all-about-luxury-and-foreign-buyers/

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-- (c) What's on Sukhumvit 2016-02-12

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You can buy a great villa in a moobaan for that amount. And they can also be close to the bts.

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^^^You can buy a nice home in the USA including the land under it for that amount. Not in every area of course but in many, many nice areas.

What are people thinking?

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Look at these homes for sale in Phoenix, Arizona, USA as an example. They appear to cost about 1/2 what the OP units cost and they include the land which you'd actually own.

LINK

They are also outfitted with first world amenities such as garages and openers, central heat and aircon, fully Western kitchens and bathrooms, construction and insulation up to code and inspected during construction...

Foreigners can own these houses. No wonder more Americans who have a couple of dollars to rub together don't move to Thailand.

"Rent, don't buy in Thailand."

Cheers.

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Phoenix market is due for another tumble. Reason might still be a bargain as its nit come back from the last disaster. Then there is the heat, traffic. It's not at all a pleasant place and economy anaemic.

Then there are issues, serious issues with water. Only a fool would buy a home in a desert without a deep well.

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To be comparative look as housing in Miami or LA rather then the sticks in Phoenix. While its an alright city it is far from a hub in the USA. Bangkok for what its worth is major center for Thailand much as Miami and or LA. The later mentioned 3 also have more appeasing climates where Phoenix deals in extremes, crazy hot and dry or dry and cold. And I for one would rather live in Thailand over the USA any day. In fact its why I choose to do so. And If a garage is a first world amenity then an African grass hut with a garage is first world? Why would anyone want one in Thailand, it would serve no purpose. That would be like a Thai saying America is third world and dirty because it does not have the first world amenity's of a bum gun in the toilet. On another note I agree about only renting here as the rent is way cheaper than looking at the cost of purchasing.

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Foreign buyers?

How many foreign buyers in Thailand are going to pay that price? Maybe some multinational business and foreign government groups in Krung Thep.

But most of us farang living in Thailand could not afford these prices.

The developers are in la la land.

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People are comparing apples to oranges. Try comparing condos in a big city. Thailand was relative cheap for high end condos 5+ year ago, truth be told it still is for those who can afford it. Penthouse units are around $5-7 million. You won't find it for that price in big citiesi n the west.

I would say the average price of high end condos have already exceeded 200,000 baht / square meter since two years ago.

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"Foreign buyers," what foreign buyers...the Chinese with their cratering economy, or the Russians, with the Ruble a pile of rubble and oil at $25 a barrel, the Japanese, they haven't been a factor for decades, the Europeans...with both their politics and economy on the skids, maybe the Brazilians...they were touted only a few years ago as a rising superpower...oh, their currency is at lows for the decade. It looks like you're stuck with us Americans and our Mighty Dollar...throw in a lifetime visa or permanent residency with every condo purchase and we'll take a few off your hands.

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My guess is that a non-trivial proportion of all these high-end condos being built are intended to serve as a way to legitimize money obtained through unconventional means.

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My guess is that a non-trivial proportion of all these high-end condos being built are intended to serve as a way to legitimize money obtained through unconventional means.

That's also what i'm thinking.

Who wants to buy a condo there to live in permanently? It is some kind of investment to stash the money for a while. You even can't work in Thailand as a farang.

And why is this forum only about the USA lately? It is about Thailand and it seems the americans here have nothing else to add then info about the USA. I wonder how many really live in BKK.

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All major cities in the world are expensive. What is the point? Check out condo prices in Paris.

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Look at these homes for sale in Phoenix, Arizona, USA as an example. They appear to cost about 1/2 what the OP units cost and they include the land which you'd actually own.

LINK

They are also outfitted with first world amenities such as garages and openers, central heat and aircon, fully Western kitchens and bathrooms, construction and insulation up to code and inspected during construction...

Foreigners can own these houses. No wonder more Americans who have a couple of dollars to rub together don't move to Thailand.

"Rent, don't buy in Thailand."

Cheers.

what could I have been thinking. thank god I read your posting. screw bangkok I'm moving to Phoenix.

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^^^You can buy a nice home in the USA including the land under it for that amount. Not in every area of course but in many, many nice areas.

What are people thinking?

Obviously not with their brains. Then their is all the talk on TV of shoddy construction and the land sinking. If your going to buy buy on the top floors and make sure you get a free canoe with paddles and 2 life jackets.

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