In 2019, Thailand’s GDP ranked 2nd among the ASEAN (Association of Southeast Asian Nations) countries. High indicators were achieved due to developed infrastructure, active trade, and a powerful tourism sector.
For many years, Bangkok has been the most visited city in the world. Tourists are attracted by beach holidays in Thailand’s coastal areas as well as the unique combination of oriental traditions and a modern metropolis.
An extensive transport network, factories, and warehouses all contribute to the city being a successful business center. Bangkok is also actively developing with new urban transport routes laid out and more areas built up with modern, comfortable residential complexes.
Suvannaphum International Airport is one of the busiest in the world. It’s a transfer hub for many routes between Europe and Asia. Modern aboveground and underground electric trains make it easy to move around the city. At the moment, the construction of railways for high-speed trains running throughout the country continues, with a transfer center in Bangkok.
Bangkok is one of the most popular places among Europeans who come here to escape their cold winters; in Thailand, the temperature doesn’t fall below 28°C all year round. Modern condominiums offer a wide range of services for residents from swimming pools, saunas, fitness centers, lounge areas, co-working spaces, and daily cleaning of apartments. All this and much more makes life in Bangkok very attractive. Medical tourism is actively developing here since the level of medical care in the country is quite high.
A large tourist flow, high levels of internal migration, and business trips increase the demand for rental real estate.
Buying real estate in Bangkok as an investment is justified because real estate prices in the city are constantly increasing. You can also make a profit from investing in real estate by renting it out. Many investors choose this method. The average rental income in Thailand is more than 5% and for certain properties, the percentage may be even higher.
Although COVID-19 has harmed the country's economy, it is expected that a new round of market development and an increase in real estate prices will begin in 2022. Now is a good time to invest in real estate in Thailand; the beginning of 2022 sees prices for Thai housing still low after the pandemic.
There are different types of real estate in Bangkok: apartments in multi-story modern condominiums, townhouses away from the hustle and bustle of the city, and luxury villas in the city and beyond.
- The average rental price of 1-bedroom apartments in the city center is THB 18 000 per month.
- The average rental price of 1-bedroom apartments in areas further away from the city center is THB 9 000 per month.
- The average price per square meter of real estate in the city center is THB 174 000.
- The average price per square meter of real estate in areas far from the city center is THB 80 000.
10 areas in Bangkok with the most expensive land:
- Siam-Chidlom-Plenchit ‒ 825,000 baht/m2;
- Vithaya ‒ 687,500 baht/m2;
- Sukhumvit-Times Square ‒ 682,500 baht/m2;
- Sukhumvit 21 Asok ‒ 625,000 baht/m2;
- Silo ‒ 625,000 baht/m2;
- Satorn ‒ 550,000 baht/m2;
- Yaovarat ‒ 437 500 baht/m2;
- Sukhumvit-Ekkamai ‒ 425,000 baht/m2;
- Phayathai ‒ 387,500 baht/m2;
- Rama IV (Bankai) ‒ 387,500 baht/m2.
Bangkok continues to be actively developed The National Innovation Agency has developed a policy for the development of innovative areas, such as:
- Bangsue is a business area of Bangkok and a transport hub.
- Khlongsan is an area of biological and food technologies.
- Punnaviti is a digital technology, research and development area.
- Kluai Nam Tai is an industrial and technological area. Logistics institutions and media centers (Internet, television, computer graphics, game development, animation, etc.) are located here.
Money for development will be invested in these areas in the future. New jobs will appear, leading to an increase in demand for real estate and the cost of housing.
To date, Bangkok has 5 of the fastest-growing areas focused on specific areas of business where the demand and price of real estate are growing rapidly.
- Mo Chit/ Phahonyothin/ Ladprao is an area that occupies a large area in the center of Bangsue. A major transfer center for electric train lines, a bus station, offices of state-owned enterprises such as Thai Airlines, the office of the U.S. Securities and Exchange Commission (SEC) and the Department of Ground Transportation, as well as media enterprises (Channel 7 of Royal Thai Army Television) are all located.
- Ratchathewi is in the very center of the city. Offices of large foreign companies such as Nestle Thailand and embassies are located here. Popular residential complexes in the area are the following: The Line Ratchathewi, Video Q Siam-Ratchathewi and With Signature Midtown Siam. Local condominiums are popular among investors as there is a high demand for rental housing in this area from employees of foreign companies working in Bangkok.
- Asok - Rachada is notable for its Fortune Tower business center where the headquarters of many IT companies are located. The office of the Unilever global business group is also found here. In the future, new business centers are on the development cards. Class A offices such as Tower, Super Power, SET, AAA Capital Center are located in this area. These are gradually being completed and put into operation.
- Сатхорн is the business center of Bangkok. In the area, there are Class A office buildings, embassies, financial institutions: various commercial banks, insurance companies, etc. Thais and foreigners come to work in this area. The infrastructure is subject to the needs of employees with many cafes, restaurants, and fitness centers being built.
- Phra Khanong/ On Nut/ Sukhumvit is another business district in Bangkok. It is a zone for the development of startups and a place for freelancers to work. Coworking areas are located here, including the largest coworking business incubator called the True Digital Park. There are many cafes and restaurants open. The boundaries of the district have changed over the past 4 to 5 years as the urban area has expanded. There are many new buildings and planned projects in this area.
Bangkok is a city with high potential that does not cease to grow and develop. When you look for real estate to invest in, Bangkok’s development projects certainly deserve your attention.