Bangkok is one city that has grown by leaps and bounds and it still continues to prosper and grow in various industry segments. With the high rise and surge in the economy of Thailand through its various foreign investment scheme, one particular category which is on an exponential growth mode, and continues to attract and lure foreign investors, whether wealthy individuals or corporates and multinationals alike, is the real estate sector. While it is surprising that real estate continues to be the most lucrative and attractive scheme of investment for foreign nationals although land-owning and purchase by foreigners is prohibited in Thai law. So the movement and traction the real estate in Bangkok is receiving from foreign investors is all in the direction of luxury properties and developed premium properties while land ownership is completely retained by Thai nationals. The massive spurt in interest shown in luxury properties by foreigners has more to it than is evident on the surface.
The luxury properties usually are developed projects such as condominium houses or luxury villas which are priced not by the prevalent rate per unit but rather by the nature of amenities available, location and the premium value of the property. However such incremental pricing does not serve even as a mild deterrent for those interested and over the period of the last two decades Bangkok real estate has seen a major influx of foreign money from wealthy nationals belonging to USA, China, Hong Kong and European countries. Research and further introspection suggest that more than a profitable investment, these recent developments reveal a pattern or trend where foreigners believe it uplifts their social stature to own a house in Bangkok. And why not, with such amicable locals and the most scenic of locales available for prime luxury properties, anyone is bound to be tempted. With such ferocious competition and likeliness among foreigners looking to buy property in Bangkok, the luxury property prices have gone soaring to the sky.
Studies and statistics reveal that of the 120,000 luxury units available for occupancy in 2017 in Bangkok, approximately 90,000 were occupied resulting in an occupancy rate close to 80% in Bangkok for luxury properties. However, although the major chunk of buyers still remains Thai nationals leaving the chunk of foreign investment to be a minor 20%. The average cost per unit for luxury condos is around 6500 USD whereas there is almost a 20% surge when it comes to super luxury condos such as beachfront properties bring the cost per unit close to 10,000 USD. Such prices are phenomenal for real estate value anywhere in the world and present a stark contrast when compared with general residential real estate prices in Bangkok. With prices promisingly on the surge over the last decade, the trend can be expected going forward too and the values of any invested luxury property can easily be expected to be appreciated by at least 10%. The current plethora of luxury real estate projects mushrooming all over Bangkok are only testimony to the same.
Hence it is strongly advised for those foreign nationals that are interested in buying luxury condos in Bangkok or are interested in investing in premium real estate properties in prime locations in Bangkok that you consult our team of expert real estate professionals in order to expedite and abet your situation to your best interests. Our real estate agents at Doctor Property bring a vast depth of knowledge and experience regarding the nitty-gritty of legalities regarding luxury real estate property purchase and can assist your cause to a favorable closure with much ease.