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Local Real Estate News

Bangkok residential market to spur by year's end

As of Q4 2022, the Bangkok residential market has continued to show positive growth trends, despite ongoing challenges posed by the COVID-19 pandemic.

PUBLISHED : 21 FEB 2023

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According to industry reports, Bangkok's condominium market has seen modest price growth, with the average sale price per square meter increasing by 1.8% to reach ฿119,056 ($3,623 USD) over the past year. This trend is driven by continued demand from both domestic and foreign buyers, who see Bangkok as an attractive location for investment and residence.

Experts attribute this growing demand to several factors, including the city's diverse cultural offerings, cosmopolitan commercial districts, and robust public transportation infrastructure. Additionally, Thailand's political stability and relatively low cost of living continue to attract foreign investors, especially from neighboring Asian countries.

Looking more closely at the data, it is clear that the best-performing submarkets for Bangkok residential properties are those located in prime CBD areas. These include the popular neighborhoods of Sukhumvit, Silom, and Sathorn, where prices per square meter have increased by 4.4%, 3.1%, and 2.5%, respectively.

However, it is worth noting that despite the overall positive trends, the COVID-19 pandemic has brought some challenges and uncertainties to the Bangkok residential market. For instance, the pandemic has led to stricter lending regulations from both local and international banks, making it harder for some buyers to secure loans. Additionally, the uncertainties surrounding the global economy have made some investors more hesitant, despite Thailand's relative stability.

Nevertheless, analysts predict that the Bangkok residential market will continue to see steady growth in the long term, due to the city's attractive lifestyle and low cost of living. Furthermore, with the government's ongoing infrastructure investments, such as the expansion of the city's mass transit network, Bangkok's residential market looks set to maintain its position as a leading destination for global real estate investors in the years to come.

© Revenue Real Estate editorial team

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