Get Ready to Invest in Bangkok Condos: Market Booms in 2023!

Bangkok condo in 2023 market is brimming with opportunities for growth and expansion. Bangkok's bustling economy, multicultural ambiance, and flourishing tourism industry. Are luring investors who are eager to exploit this potential. Bangkok condo market in 2023 forecasts a substantial growth, unveiling a new property development for homebuyers such as yourself. 

You're investing in Thailand real estate, take a closer look at Bangkok and its advantages. This article will focus on why investing in Bangkok condos for sale in 2023 is a valuable proposition.

Reasons to Invest in Bangkok Condos

So, why should you invest in Bangkok condos? There are many reasons to invest in the Bangkok condo market. Here are some of the top reasons why you should consider buying a Bangkok condo for sale:

1. Affordable Prices – Bangkok condos are affordable when compared to major cities like Singapore. Average listing price for a condo in Singapore is S$1.7 million dollars or approximately ฿41 million Thai Baht with an average price per square foot of S$1,731, or around ฿40,461. A 1-bedroom flat in a Singaporean costs around S$1 million dollars or approximately ฿23 million Thai Baht.
   
   In contrast, average listing price for condos in Bangkok is significantly lower, at ฿13 million Thai Baht with an average size of 151.2 square meters. The average price per square meter for condos in Bangkok is ฿89,116.
   
   This comparison illustrates condos in Bangkok are more affordable than flats and HDBs in Singapore. Based on average listing prices. This affordability positions Bangkok as an attractive investment option in comparison to other major cities.
   
   
2. Increasing Urbanization: According to a survey conducted by InterNations 2023, the world's largest expat community with over 3.5 million members, Bangkok is ranked 20th among expat-friendly cities. As more people choose to move to Bangkok, the demand for condos is growing rapidly. This is because the city offers a lively lifestyle, plenty of job opportunities, and modern amenities.
   
   
3. Stability and Security: Bangkok's real estate market, particularly condos, is perceived as a low-risk investment option. The stability and resilience of the market, combined with the city's continuous development, provide a sense of security for potential investors.
   
   
4. Lucrative Returns: Investing in Bangkok condos offers the potential for high returns on investment. Property prices in Thailand have appreciated by more than 40% in the last 8 years, and the rental yield in Thailand is one of the highest in Southeast Asia, averaging more than 5%.
   
   
5. Diverse Options: As per the latest information for 2023, the number of newly launched condos in downtown Bangkok is expected to reach around 7,000 units, which is more than twice the number from the previous year. Additionally, midtown and suburban areas will also see a slight increase, with approximately 50,000 units being launched.
   
6. Amenities and Facilities: Condo developments in Bangkok often come equipped with a plethora of amenities and facilities such as swimming pool, rooftop gardens, golf simulators, and Japanese Onsen, enhancing the quality of life for residents and attracting potential buyers and tenants.
   
   
7. Rental Opportunities: The steady influx of expatriates, students, and professionals seeking temporary accommodation creates a robust rental market for condos in Bangkok, allowing investors to enjoy rental income alongside potential capital appreciation. The rental yields in Bangkok average 4.31% with a range between 2.22% to 7.23%. Other locations in Thailand return slightly higher rates.
   
   
8. Proximity to Transportation: Many condos in Bangkok are strategically located near public transportation systems like BTS and MRT which will be approximately 141 stations in June 2023, providing easy access to different parts of the city. This convenience appeals to both residents and potential tenants.
   
   
9. Lifestyle and Convenience: Living in a condo offers a blend of modern convenience and a vibrant lifestyle, with proximity to shopping centers, restaurants, entertainment venues, and cultural attractions enhancing the overall living experience.
   
   
10. Professional Property Management: Many condo developments in Bangkok offer professional property management services, ensuring efficient maintenance and upkeep of the buildings and common areas. This provides peace of mind for owners and residents alike.

Bangkok Condo Market Trends in 2023

In 2023 developers are gearing up to launch new projects that would drive sales. Property developers in Bangkok focus on a two year plan to match condo developments with consumer behaviors. 

Despite economic hurdles like inflation and interest rates, Bangkok's condo industry is thriving. Upcoming projects, including those delayed from 2020-2021, promise a robust year ahead.

The Bank of Thailand predicts a GDP growth of 3.6% in Q1 2023, a notable recovery from the pandemic's impact. This upswing stems from a surge in international tourism and consistent domestic demand. Tourist numbers surpassed expectations in 2022 and continue to climb in 2023.

From the foregoing information in Q1 2023, the supply of new Bangkok condos hit around 7.15 thousand units, this is from the previous quarter.  The sales rate also rose by 42.3%, indicating a strong demand for Bangkok condos. 

Yet, the expected surge in activity may come at a cost to buyers. Housing prices anticipated to rise by 5-8% in 2023, due to the impending revaluation of land values on January 1, 2023. 

Developers are seizing the opportunity to launch fresh projects in spite of several challenges. With better consumer marketing campaigns to drive sales before the expected price hike.

For investors, it is an exciting time to buy real estate at its original price before the increase.

Benefits of Investing in Bangkok Condos

Investing in Bangkok condos brings many benefits. These modern, luxurious properties are not only attractive but also a wise investment. They sit in the city's prime spots, offering a slice of Bangkok's lively life. Here's what you gain:

1. Growing Value: In Q3 2022, condominium prices experienced a 2% drop, a significant contrast to the 11.4% increase observed in the same quarter of the previous year. This represents a real-term decrease of 8% year-on-year.
   
   
2. Top Security: With top-tier security features including 24/7 security personnel, CCTV surveillance, access control systems, secure parking, fire safety measures, secure elevators, and regular patrols, these condos ensure your investment stays safe.
   
   
3. High Resale Value:  If you plan to resell your Bangkok condo in the future. It offers high resale values, maximizing your initial investment. According to Fazwaz, the average selling price for a property in Thailand is around ฿5,760,000. And if you break it down, the average price for each square meter of a property in Thailand is about ฿108,000. The average condo prices in Thailand vary depending on the number of bedrooms as per the below data:
   
4. Rental Income: You can rent out your condo to people and make money every month. This is a good way to earn regular income. The rental yields in Bangkok's rental market average between 4-8%.
   
   
5. Easy to Maintain: Condos are easier to take care of than houses. The condo management takes care of things like cleaning and repairs.
   
   
6. Great Location: Condos in Bangkok are usually in the city center. This means they're close to public transportation, shopping, restaurants, and leisure attractions.

Tips for Investing in Bangkok Condos

You are now aware of the benefits and for buying a condo in Bangkok. Here are a few pointers to assist you in making a wise and educated investment as a next step:
Select the Property: Pick a condo that you think is the best for you.

1. Check Out the Area: Look around the neighborhood to see if it has everything you need.
2. Buy Property with Growth in Mind: Choose a condo that you think will increase in value over time.
3. Return of Investment: This is the money you get back from your investment. (For more details, check out this article about rental yield.)

Should I Buy, Sell, or Rent Property in 2023?

For buyers: Condos are a smart buy because houses in Bangkok, especially near the train stations, are getting too expensive. Buy condos in places like Khlong Toei Nuea are still a good price, around 12 Million Baht. So, if you're thinking about where to buy, Khlong Toei Nuea is a great spot. Remember, with prices going up, make sure you can afford the condo before you buy it. 

For sellers: The real estate market is booming, and condos are in high demand. Buyers are on the hunt for the perfect place to call home, and your condo could be just what they're looking for.

But why sell now? Here's why:

1. High Demand: More and more people are looking for condos. They want the convenience, the community, and the lifestyle that comes with condo living. This high demand means you could get a great price for your property.
   
   
2. Low Interest Rates: Interest rates are still at historic lows. This makes buying a home more affordable for many people, which means there are more potential buyers for your condo.
   
   
3. Quick Sales: With so many people looking for condos, you're likely to sell your property quickly. This means less time and stress for you.

Now, you might be wondering, "Who should I sell with?" The answer is simple: Fazwaz. Here's why:

1. Reach: Fazwaz has a wide reach. They have a large network of potential buyers, which means your condo will be seen by a lot of people. This increases the chances of a quick sale.
   
   
2. Audiences: Fazwaz doesn't just have a large audience, they have the right audience. They specialize in condos, which means the people looking at your property are specifically interested in what you're selling.
   
   
3. Expertise: Fazwaz knows condos. They understand the market, they know what buyers are looking for, and they know how to showcase your property in the best light.

So, if you're ready to sell your condo, now is the time, and Fazwaz is the way to go. We will help you get the best price, reach the right audience, and make the selling process as easy as possible. Don't wait, get in touch with Fazwaz by clicking here to list your property with us!

For landlords: Renting out your condos near BTS stations is smart to make a good profit. When real estate prices go up, many people delay buying a home, which means more people are looking to rent. Tenants prefer condos because they're close to business areas and offer flexibility. 

To put it simply, there's never been a better time to sell your condo. The market's buzzing, prices are going up, and buyers are out there, ready to find their dream homes. Don't let this chance slip away. Get your property on Fazwaz today and make the most of this hot market. Please feel free to click here, and our friendly team will be there to help you every step of the way. And if you're thinking about buying too, you're in the right place! Even with prices on the rise, it's still a great time to buy, all thanks to those low-interest rates. Plus, with so many properties on Fazwaz, you're sure to find something that's just right for you and your budget. Just click here to start looking. Whether you're selling or buying, Fazwaz is here to make everything as easy as possible. So what are you waiting for? Get started today!

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