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Learn more about the Bangkok property market through trends and average prices.
Bangkok is the capital city of Thailand, and with a population of over 8 million people, by far its most populous city. Welcoming around 22 million international visitors each year, Bangkok is, once again, named as the world’s most visited city. It has been ranked as the top destination for global travelers since 2016, beating cities such as London and Paris.
On the surface, Bangkok may not give the best impressions, with its naughty nightlife, intense heat, and lots of skyscrapers filling up its skyline. While all of this might be true, do not let this mislead you. Among its lively nightlife and modern skyscrapers, Bangkok still retains its magnificent temples and palaces, beautiful culture, authentic canals, a world-renowned floating market, and an amazing gastronomic scene humming with great aromas. With its unique set of characteristics, it is really not hard to see why this city is constantly sitting at the top spot of the most popular city in the world.
When shopping for luxury real estate, there are so many options to choose from, ranging from prestigious condo and apartment towers to spacious penthouses to exclusive houses and villas. Luxury real estate in Bangkok can have endless features and amenities. They can also vary in comfort, style, and appearance. Buyers can achieve a high degree of service, design, and personalization when it comes to buying luxury real estate in this country.
Luxury condo and apartments in Bangkok usually feature spectacular amenities, such as stunning pool areas (some even have “360 Edge Infinity Pools” with skyline views), sky gardens and green spaces to make its resident feel closer to nature, spa and sauna, children playroom, private theaters, business lounges, co-working spaces, luxury concierge and butler service, high-tech security, convenient parking, as well as fitness area complete with yoga rooms, golf simulators, and even Muay Thai gyms. Some also have a shopping mall on the first few floors, meaning the residents can benefit from a totally integrated lifestyle and have access to shops, restaurants, cafes, and grocery stores at their doorstep.
Penthouses are usually located on the highest floor of high-rise luxury condo and apartments, so they generally have the same first-class features that luxury condo units and apartments have. However, they are usually more spacious and may resemble a villa (they are often called “sky villa”). Penthouses usually have more rooms that are bigger per square meters, private entertainment room, large living and dining area, large kitchen with top-notch appliances, as well as a private pool and garden terrace with amazing city views.
Luxury houses and villas in Bangkok are also very spacious. Besides allowing its residents to live elegantly, luxury houses and villas will also give you more privacy. They may feature lush gardens, private swimming pools, Jacuzzi, in-house theater, spacious rooms, entertainment room, large office room, and many other high-end amenities that will enable its residents to live a comfortable life, in style.
Aside from the amenities, luxury real estate in Bangkok are usually full-service, with live-in housemaids, cleaning services, private drivers, chefs, and security guards. All types of luxury real estate in Bangkok come with state-of-the-art furniture and interior design, top-of-the-range appliances, and, most of the time, designed by world-renowned architects and designers.
Bangkok has a number of popular areas, with Sukhumvit sitting at the top of the list. Sukhumvit Road is an exclusive district that is popular among upper-class locals and expatriates. It is has high-quality hotels, nightclubs, and restaurants. Sukhumvit is famous for its Terminal 21 shopping mall, Baan Kamthieng House Museum, and Museum of Science & Planetarium. Besides Sukhumvit, Siam District is also a popular area as it is a trendy area with open-air shopping complex, international restaurants, and upscale bars. Also, Siam District is known as the most expensive place to rent in Bangkok. Both Sukhumvit and Siam District house most of the city’s premium real estate.
Another area that has been gaining popularity is Thong Lo neighborhood. In the past decade, it has become the most sought after entertainment zone in the city, packed with trendy bars and nightclubs, stylish restaurants, cute coffee shops, and boutique hotels. It is also one of the most attractive areas for investors looking to rent out luxury real estate as the demand is high.
While the standard of living in Bangkok has definitely increased dramatically in the last decades and is higher than in other areas in Thailand, the cost of living is still relatively low compared to most Western countries. The exact cost varies a lot depending on your own personal lifestyle, but many foreigners can live comfortably, sometimes even luxuriously. The official currency used in Bangkok is the Thai Baht (THB). 1 USD is equivalent to approximately 31.50 THB. This exchange rate is very favorable for foreigners who come from Western countries.
As in many parts of Thailand, most of the city’s population adhere to Buddhism. Therefore, many of the customs and etiquette is based on Buddhist values. The Royal Family is highly respected by the people, so remember not to make any negative comments nor do anything that would disrespect the King.
The weather in Bangkok is consistently hot and humid throughout the year. The average temperature stays between 28°C and 35°C, but in the hot season (March to June), the temperatures can rise to as high as 40°C. The rainy season arrives in July and ends in October, characterized by rising humidity and heavy rainfalls. The cool season, lasting from November to February, usually brings more bearable weather and less rain.
To stay in Bangkok for an extended period of time, foreigners need a business, education, retirement, or marriage visa. Most expats working in the city have a Non-Immigrant Type B visa, but investors may apply for Non-Immigrant Type IB. Retirees may obtain Non-Immigrant Type O, O-A, and O-X visa.
1. Booming luxury real estate market – Bangkok’s luxury real estate market is currently on the rise and is predicted to continue growing. The luxury and ultra-luxury real estate segments in the city have risen by 30% since 2011.
2. Return of investment – if you plan on renting out your real estate, Bangkok offers lucrative rental yields. The average rental yield in the city is between 5% to 8%.
3. Attractive luxury real estate prices – while the prices of luxury real estate in Bangkok have risen significantly in the past decade, it is still more affordable compared to many other places in Asia. In fact, the prices are a fraction of those in Singapore or Hong Kong.
4. Always in demand – Bangkok is the world’s most visited country. Not only tourists, but the city is also an expat magnet. Expats who plan to live in the city for a few years always prefer to rent rather than buy. Thus, luxury real estate will always be in demand, be it for tourists, expats, or even wealthy locals.