The tourism industry in Thailand is gradually recovering after the pandemic, causing an increase in demand for housing. This is especially true for Bangkok — one of the most popular cities with tourists and expats.
This year, 2023, may not have been the best year for the Bangkok real estate market, but it certainly has not been the worst. Average housing prices in Bangkok have not returned to pre-pandemic levels, but rental rates and property sales in certain areas are increasing. Read on to find out what influences housing prices in Bangkok and how you can buy real estate here.
Bangkok Real Estate Market
The real estate market in Bangkok offers a great variety of options.
- Condos. Condos are the only properties foreigners can purchase in Thailand without restrictions. The key thing is to comply with the limit as foreign nationals can own no more than 49% of a condo. Condominiums are the most popular type of housing in Bangkok, with many different options available. You can choose from small one-bedroom studios to luxury furnished units with appliances included. The latter often look like villas or high-end penthouses. Some condos even have a rooftop garden, a terrace, a private pool, and beautiful common areas.
- Villas. Villas in Bangkok usually have one or two floors with three bedrooms, a living room, a kitchen, and two or three bathrooms. A perfect spot if you cherish privacy, but be ready to spend a small fortune to buy it.
- Duplexes. A duplex is a villa for two families. It looks like a semi-detached house with a wall in the middle and two separate entrances for each owner. Duplexes are cheaper than villas, but there are not many of them in Bangkok.
- Townhouses. Townhouses are similar to duplexes, but there are more than two owners. As a rule, townhouses look like a long string of dwellings for many families. They are also called row houses and are quite popular in Bangkok.
- Flats. Many flats in Thailand come with a bathroom but not with a kitchen. The reason is the lack of a habit to cook at home and the high cost of electricity. However, it is possible to find a flat with a kitchen.
- Home Offices. This is a great option if you work from home. Home offices come with a parking lot for visitors and a permit to conduct business activities. This permit is vital as Thai law forbids any commercial activities in residential properties.
Note that foreigners can own only condos in Thailand. Flats in high-rise buildings, which are not licensed as a condo, can only be leased. As for detached dwellings, you can buy or sell them without the plot of land they stand on as foreigners cannot own land in Thailand. When you buy a property, remember to settle the plot's status. As a rule, you will get a lease on it for up to 30 years. Do not forget to register this at the local Land Department.
Photo: Wiroj Sidhisoradej (Freepik)
How Much Does It Cost to Rent a Property?
According to Numbeo, the average rental rate in Bangkok in 2023 is:
- 25,250 THB ($693) a month for a one-bedroom flat downtown. If you look into other areas, a similar flat can be much cheaper, about 11,865 THB ($325).
- A three-bedroom flat in the city centre is 58,679 ($1,610) a month. You can rent the same type of flat in the outskirts of the city for 30,440 THB ($835).
Photo: Andreas Brücker (Unsplash)
How Much Does It Cost to Buy a Property?
The average price for a square metre in the centre of Bangkok is 199,461 THB ($5475). A square metre in areas far from the centre is 89,471 THB ($2458).
These are the average prices, while the real price for a property depends on a number of things: type of real estate, the area, the property's condition, the age of the property, available furniture, and so on.
For example, if you look for a high-quality property in the city centre in 2023, you can buy a fully furnished one-bedroom flat with a total area of 32 square metres for 5,830,000 THB ($160,120). A similar property with two bedrooms and 54 square metres will start at 8,700,000 THB ($238,945). You will get a flat with an AC in a building that boasts a swimming pool, a gym, security service, a parking lot, a sauna, and many other facilities.
A luxury flat downtown with two bedrooms and two bathrooms, which covers the total area of 119 square metres, will cost you 18,900,000 THB (around $520,000). At the same time, you can buy an even bigger townhouse in other areas of Bangkok for a lower price of 15,900,000 THB ($162,043).
Real estate prices in Bangkok vary a lot and the city offers housing options for any budget.
In a Nutshell
The Bangkok real estate market offers a wide range of properties and prices. The cost usually depends on the type of property, its location, features, and other factors. The variety of options on the market allows you to choose a house or flat that suits all your needs.
The pandemic had a great influence on real estate prices in the country. Prices have not fully recovered and returned to pre-pandemic levels. However, there are some exceptions. For instance, prices for luxury condos in the centre of Bangkok are rapidly growing.
Condos are the most popular properties offered by local developers. You can find a condo in Bangkok with swimming pools, saunas, spas, security services, and other facilities and services. As for the rental market, there are also many different options. You can even buy or rent a one-bedroom flat without a kitchen, but with a bathroom.
Cover photo: vecstock (Freepik)
