Bangkok, along with other major cities in South East Asia such as Hong Kong and Singapore, continues to hold a stable economy amidst the recession in Western countries. In fact, Bangkok has not only held its head up these recent years, it has done so with a lot of triumph. The city’s real estate market has been a testament Real Estate developers and investors to this economic progress, with property developers having launched more than 60,000 new condominium units in 2018 alone. It seems there’s no stopping the pour of foreign investors and locals into the city where opportunities for good employment and solid investments have been ripe.
The high number of sales seems to have overcome concerns regarding a possible bubble, or an oversupply of high-rise units in Bangkok. To the contrary, confidence in Thailand’s real estate market has gone up as the elections have now been calmly settled. This is evident in the fact that the top ten property developers of the country have residential projects underway, ready for launching by the latter half of this year. According to reports, these projects total more than THB 100 billion (US$ 334 million) in value. The majority of these real estate developers intend to launch more condominiums as well as single, detached homes and townhouses to cater to the different housing needs of Bangkok’s residents and visitors.
According to figures given in “Property Report Asia,” Pruksa Real Estate has 40 projects up for THB 28 billion (US$ 93.7 million) in the works. Sansiri is said to have new residential property being developed at THB 22 billion (US$ 73.6 million). And real estate giant Asian Property Development has plans to launch eight new projects to the tune of THB 10.2 billion (US$ 34.1 million). “The Nation” has quoted CEO Anuphong Asavabhokhin of Asian Property Development to have mentioned four of the eight projects being condominium units worth THB 7.65 billion. The other four projects are designed to be townhouses at THB 2.57 billion.
Recent reports from those in the real estate business have mentioned the shift from Bangkok Real Estate high-rise property to more interest in low-rise buildings such as townhouses and semi-detached or detached homes. It looks like this year there is a bigger market for low-rise housing projects as high-rise investors await the completion of the many condo units launched in 2010. Nevertheless, the steady stream of people coming in to settle in Bangkok has developers justifying the continued launching and building of residential housing projects in the city.
Anuphong has expressed confidence that these eight projects will do well, especially following the elections. The period of calm following the country’s and the city’s resolved political situation is likely to increase the buying public’s faith in purchasing residential property in Bangkok and its suburbs. As Bangkok and the rest of Thailand continues to keep its economy afloat and on the incline, there’s no reason this shouldn’t be true, and investors and developers alike can rest easy in the knowledge that the city’s real estate market will still have a bright future ahead of it.