Thailand is a country known for its diverse landscapes, breath-taking beaches and rich culture, and has long been a popular hot spot for travellers looking to get a satisfying taste of South East Asia. Bordering Cambodia, Laos, Myanmar and Malaysia and just a short hop from other popular travel hot spots like Vietnam, it’s easy to see why many adventurers choose to begin their explorations in the Thai capital of Bangkok – but now, the city is attracting a new type of interest in the shape of luxury property investors from across the globe.
There’s no denying that Bangkok has much to offer as a city, and this cultural metropolis has seen a dramatic amount of development over the past decade. Home to over 14 million inhabitants at peak times of the year, it’s also one of the most populated cities in the world – and its appeal goes far beyond great food, spectacular temples and friendly locals.
Given that it’s the capital of Thailand, it’s unsurprising that many of the country’s wealthy elite choose to reside here, but it isn’t just a case of convenience. With online searches for ‘Bangkok property for sale’ on the rise globally, a growing number of expats and affluent property investors are also seeking out slices of luxury real estate in the city, with the demand for high-end apartments and condominiums at an all-time high, and as the city continues to expand outwards, the property market is enjoying an impressive surge.
So, what gives? And why are luxury property prices in Bangkok enjoying such a boost?
Ongoing development is attracting the Thai elite
Bangkok is one of the most exciting cities in the world, and is well equipped with public amenities and attractions as well as boasting a vibrant cultural scene. As upgrades continue to be made to urban developments and roads and facilities are continually improved, the capital is becoming an excellent place to live and work, offering the kind of work/life balance that many crave.
While most of the sprawling mansions often favoured by the affluent are located outside of the city, there are many spectacular penthouses and homes in some of the city’s trendier neighbourhoods offering up stand-out facilities such as rooftop infinity pools, spacious verandas and fitness centres – and when you consider the proximity to Bangkok’s international airport, as well as various other transport links, it’s little wonder many affluent buyers are looking to either move to or invest in Bangkok.
A move away from affordable condos
The market for those seeking a Thailand condo for sale has played a central role in boosting Bangkok’s popularity amongst investors and expats alike, with a number of new developments springing up across the city in recent years and ensuring that there is plenty of choice for those looking for affordable or mid-range properties. But with this avenue widely now considered to have been saturated, developers are moving onto the next opportunity, and with the luxury property market, until fairly recently, remaining relatively untapped, it’s now their time to take centre stage.
Compared to ten years ago, there’s been a dramatic spike in the number of new luxury property developments taking shape in the city, and this, in turn, has seen an uptick in interest from well-heeled investors from across the globe. But with limited development space, the demand still remains higher than the number of high-end properties available – hence, the ever-increasing prices.
Increased interest from affluent foreign nationals
It’s not just wealthy Thai investors who are now eager to snap up a luxury piece of Bangkok real estate, so if you’re keen to get your hands on a penthouse in the city, then join the club. A continuing influx of interest from affluent investors from Singapore, Hong Kong and China has undoubtedly had a hand in boosting demand, and now, the number of western buyers seeking out holiday homes or properties for rental is also on the climb.
It’s estimated that currently, almost half of all luxury property sales are to foreign buyers and investors. If you’d like to be one of them, then there’s no denying that the competition is fierce – but given that high-end properties in Bangkok are considerably cheaper than those in the UK and much of mainland Europe, it’s certainly worth going to battle for. May the highest bidder win!
