The History of Condominium Development in Bangkok
There’s a long history of condominium development in Bangkok, with the government first enacting condo-specific legislation with the Condominium Act of 1979. From then until the mid-90s the capital city saw booming growth, particularly with foreign investment from the neighboring Asian Tigers.
In 1997 the condominium market crashed in step with the Asian Crisis that affected the region. The number of new units dropped from just under 180,000 in 1996 to roughly 30,000 3 years later, and individual unit prices saw similar declines.
Conditions have steadily improved since then, due to several factors including an influx of tourism, lower unemployment, and local infrastructure improvements such as the Suvanbhumi airport, the M6 motorway, and the new Chao Phraya bridge. All of these have strengthened the local economy.
Mass transit developments in Bangkok like the BTS sky train in 1999 and the MRT train line in 2004 have further improved conditions for condominium sales. Infrastructure developments in such areas tend to have massive demand thanks to heavy road traffic in the capital.
Other forces like the rise of remote work culture and revising the Condominium Act in 2008 to provide more regulation and give condominium property buyers holding freehold title deed more rights have contributed to further growth in the Thai real estate market.
Where is Bangkok Located?
The capital of Thailand, Bangkok, is located on the Chao Phraya River delta along the inner coast of the Gulf of Thailand. The larger Bangkok Metropolitan Region consists of Bangkok proper and the provinces of Nonthaburi (northwest of the Bangkok province), Nakhon Pathom (west), Pathum Thani (north), Samut Prakan (south), and Samut Sakhon (southwest).
What Are The Best Reasons To Buy Condos In Bangkok?
The best reasons to buy condos in Bangkok include the chance to reap the rewards of an attractive real estate investment destination.
Since condominium purchases are the easiest way for foreigners to own land under Thai property law, they’ve long used such properties as investment vehicles, seeing high profits. And of all the places to invest in the Land of Smiles, Bangkok tops the list for several reasons.
1. High Population Density In The Thai Capital
The Thai capital has the highest population density of any city in the country with a 2024 population of 11.2 million people in an area of 1,569 square kilometers. This means high demand for the residential condominium market.
Bangkok has been a megacity for several years, surpassing a population of 10 million in 2018, and increasing by 1.48% throughout 2023. Part of the reason for such a high population base is the presence of large government facilities, economic improvements, and the country’s top universities like Chulalongkorn University.
2. Bangkok is The Economic and Tourism Hub Of Thailand
Of all of the provinces in Thailand, Bangkok proper is the economic and tourism hub. The metropolitan region (Bangkok proper) makes up 47.5% of the country’s total GDP according to 2018 statistics from the Office of the National Economic and Social Development Council. The province of Bangkok alone accounts for 37%, making it the most ideal city to invest in.
Companies from all over the world have offices and data centers in The City of Angels, and the capital has long been a focal point of the country’s tourism industry. You can find hotels and services around almost every corner.
3. Modern Integrated Infrastructure and Transportation
Bangkok, like most megacities, is known for its traffic congestion. However, the local government has taken steps to upgrade to a modern integrated infrastructure and transportation system.
Part of the infrastructure plan is the Bangkok skytrain (BTS), MRT system, one rapid train option among others like the BRT sky train and other future developments. Here are the lines that make up the Bangkok Mass Transit system:
- BTS Sukhumvit Line (light green). Runs from Khu Khot to Kheha.
- BTS Silom Line (dark green). Runs from National Stadium to Bang Wa.
- MRT Blue Line. Runs from Tha Phra to Lak Song.
- MRT Purple Line. Runs from Khlong Bang Phai to Tao Poon.
- MRT Yellow Line. Runs from Lat Phrao to Samrong.
- MRT Pink Line. Runs from Nonthaburi Civic Center to Min Buri.
- ARL Airport Rail Link. Runs from Phaya Thai to Suvarnabhumi.
- SRT Dark Red Line. Runs from Krung Thep Aphiwat to Rangsit.
- SRT Light Red Line. Runs from Krung Thep Aphiwat to Taling Chan.
- APM Gold Line. Runs from Krung Thonburi to Khlong San.
- BRT (Bus) Sathorn-Ratchapruek Line (double-yellow line).
There are 5 more lines scheduled for construction and several more stations that are planned for existing lines.
Bangkok’s trains cross the Chao Phraya River at multiple areas and there are more than 19 different crossings in total via suspension bridges, girder bridges, and tunnels. Some of these are even tourist attractions, like the golden Rama VIII Bridge.
At the mouth of the Chao Phraya River you can find Bangkok Port, one of the busiest container ports in the world.
In addition to public transit and aquatic options, there are also several highways connecting Bangkok to the rest of Thailand:
- Route 1 (Phahonyothin Road) heading to the north to Chiang Rai.
- Route 2 (Mittraphap Road) heading northeast to Nong Khai.
- Route 3 (Sukhumvit Road) heading east toward Pattaya before ending in the Khlong Yai District.
- Route 4 (Phet Kasem Road) heading south to Sadao Town.
There are more highways in the planning stage, such as the Kolkata-Bangkok highway that would connect Thailand to India via Myanmar.
For air transit, Bangkok hosts Thailand’s two primary hub airports: Don Mueang International and Suvarnabhumi International Airport. Suvarnabhumi International Airport (often simply called Bangkok Airport) alone services 4.6 million passengers every month.
What Are The Most Popular Regions For Buying Condos In Bangkok?
There are several Bangkok areas that offer a combination of safety, entertainment options, access to public transit, and attractive condos for sale. The most popular regions to buys a flat in Bangkok are:
Central Bangkok
Central Bangkok includes several districts within, such as Watthana, Khlong Toei, and Phra Khanong. There are any number of great condominium developments to choose from, each with an attractive charm.
The Asoke neighborhood is one of the highlights of this region as it allows for easy access to the rest of Bangkok via BTS stations. Sukhumvit and its thriving nightlife is just a short trip away.
Lumphini
Within the Pathum Wan district is Lumphini, another of the hottest regions in Bangkok. One of the reasons it’s so attractive for condo-seekers is the 142-acre greenspace known as Lumphini Park, a peaceful slice of nature in the middle of a megacity.
The Lumphini green zone happens to be located near BTS stations Sala Daeng (S2), Rjadamri (S1), MRT stations Si Lom (BL26) and Lumphini ( BL25), making it a convenient area to live in.
Sathorn
Sometimes known as Bangkok’s central financial district, Sathorn is one of Bangkok’s fastest growing areas. It combines upmarket properties, fine dining, and luxury hotels to attract residents and tourists alike.
The Sathorn neighborhood is one of the best areas to buy a condominium in Bangkok, especially for those looking to invest in some of the most fashionable residences around.
Riverside
The Riverside region of the City of Angels includes the Charoen Nakhon and Charoen Krung districts. It’s known as one of the most historical areas of the Thai capital, boasting the city’s first paved road and a connection to the shipping industry.
These days there are many trendy condominiums in the area, incredible shopping options, and a thriving nightlife.
What Are Some of Bangkok’s Condo Categories?
There are 5 main categories of condos in Bangkok:
- Affordable condos
- Luxury condos
- Family-oriented condos
- Pet-friendly condos
- Mass transportation adjacent condos
Affordable Condos
Affordable condos are those that are near or below the average price per square meter in a given location.
PropertySights Real Estate experts are constantly examining market trends, recent developments, and the state of supply and demand for any given neighborhood. Our goal is to provide our condo buyers an up-to-date picture of the current market price and present the most affordable properties in a specific neighborhood.
Luxury Condos
Luxury condos are those that are on the high-end of a neighborhood’s range of property listings. These high-end condominiums are in prime locations, have top-quality furnishings and installations, and come with different bonus amenities such as theaters, bars, and public dining rooms.
Family-Oriented Condos
Family-oriented condos are more spacious with several bedrooms to host the larger number of occupants. There are facilities for children like playgrounds, basketball courts, and bicycle paths and they tend to be close to kindergartens, international schools, and universities.
Pet-Friendly Condos
Owning house pets like cats and dogs in Thailand is uncommon historically, so the number of pet-friendly condos may be smaller than in other countries. Part of the reason for this is that many Thai people associate these animals with the outdoors as they’re more typically seen in the streets or around temples.
However, pet ownership is becoming more common with 37% of Bangkok households hosting a pet as of 2022.
Mass Transportation-Adjacent Condos
Condos that are near mass transportation options like BTS, MRT, or BRT stations are another popular category. PropertySights Real Estate’s definition of ‘mass transportation-adjacent condos’ includes those that are within 350 meters of a station.
This type of condo is a popular option with those who want to avoid the congested Bangkok roads or simply don’t want to own a car.
What Is The Average Price Of A Condo In Bangkok?
The average price of a condo in Bangkok is roughly 10.6 million Baht while the median is 5.9 million. The average price per square meter is roughly 70,000 Baht.
Here’s how the average price of condos in Bangkok compare based on size:
- Studio: 3.2 million Baht.
- 1-bedroom: 5.6 million Baht.
- 2-bedroom: 13.5 million Baht.
- 3-bedroom: 34 million Baht.
- 4-bedroom: 58.6 million Baht.
What Are The Key Factors in Evaluating Bangkok Condo Prices?
The key factors in evaluating Bangkok condo prices have to do with location relative to things like public transportation, entertainment options, government buildings, international schools, and business centers.
On top of this the property appraisal price is another useful tool in evaluating condo prices. You can carry an appraisal out on your own, use a private land valuer, or you can access official government appraisals, listed on the Treasury Department’s appraisal site.
1. Condo Location Within Bangkok
A condo’s location within Bangkok can immediately give you a good idea of what purchase price you should expect. Each district in the megacity has a different price range based on demand levels for its condos, and areas like Central Bangkok, Silom, and Lumphini tend to be near the top of the list.
2. Proximity of Condos to Public Transportation
As the City of Angels continues to invest in train lines, close proximity of condos to public transportation is another surefire way to increase demand and therefore price. One 2016 study in the Southeast Asian Journal of Economics found that condominium rent prices increased by roughly 180 Baht for every meter closer to a sky train station.
3. Distance to Shopping Malls and Green Spaces
Being a short distance to shopping malls and green spaces is another factor that can increase the value of a condo. More leisure options raises demand in the neighborhood, and there are many parks, entertainment districts, and shopping malls in Bangkok that fit the bill.
4. Proximity of Condos to Universities, Government Facilities, and Business Centers
If your condo is near a university, government facility, or business center, it’s more likely to be of high value. This is one of the reasons why condos in the Central Bangkok, Silom, and Sathorn districts have such attractive prices. They’re neighborhoods with several embassies and a lot of business activity.
What are the Benefits of Living in a Bangkok Condo?
One of the biggest benefits of living in a Bangkok condo is that it’s the simplest path to real estate ownership in Thailand for foreigners. There are both freehold and leasehold options available, giving non-Thai citizens access to a true investment vehicle.
Condominiums in the capital city aren’t only financial assets, though. They offer occupants a high standard of living and peace of mind through various services.
Access to Top Facilities
When purchasing a condo in Bangkok, you’ll have access to top facilities that make the overall development a convenient and attractive place to live. Some of the options commonly seen in Bangkok are:
- Pools
- Gyms
- Theater rooms
- Sauna rooms
- Public baths or onsens
- Children’s facilities like playgrounds and sports courts
Well-Maintained Buildings
Condominiums in Bangkok are typically very well-maintained with 24/7 support for any concerns tenants have with their rooms. Many units come pre-furnished with stylish interior design, too, and are carefully overseen by a juristic office that’s part of the building’s management team. This ensures that a high standard is maintained.
Resident Security
Thailand is a safe place in general, and owning a condo in Bangkok means extra resident security. You can expect 24/7 security guards, private key cards, secure entrances and parking, surveillance cameras, and fire escapes to give you peace of mind. Some condominiums are even gated.
Affordable Prices
Finally, Bangkok has condos all over the city at affordable prices. The average price in 2023 was roughly 10.6 million Baht, and you’re likely to find even better prices in up and coming neighborhoods like Ekkamai. The median price there is 6.7 million Baht.
Looking for help with your Bangkok condo purchase? PropertySights Real Estate is here for you, so contact us today.
English