Finding Condos for Sale in Bangkok

Bangkok’s skyline is impressive. During the day, high-rise buildings and towers dominate the horizon far as the eye can see, and night brings thousands of twinkling lights scattered from down to up high. Bangkok’s economic progress and its popularity as a tourist destination has brought in investors and businesspeople from around the world who seek to build on the city’s growing success.

Bangkok’s real estate market has been flourishing in the city’s economic boom. In recent years, developers have rapidly constructed many housing units to accommodate Bangkok’s burgeoning population. Condominium towers, townhouses in new subdivisions, individual houses and estates have sprouted seemingly from nowhere. Among all of these, the most popular form of urban housing has been condos for sale, Bangkok.

Companies in land development and real estate have reached maximum sales even prior to completion of their buildings. In the last five years, condos for sale, Bangkok have reached exorbitant prices, especially for units located in the heart of the city, such as those along the city’s Skytrain and subway lines and those close to shopping districts like the Sathorn, Silom, Sukhumvit and Rama III areas.

Condos for sale, Bangkok vary in size and price, depending on the kind of unit being purchased. Most units consist of spaces between 55 to 60 square meters and 75 to 80 square meters, at approximately 100,000 baht, or 3,300 US dollars per square meter. Prices can go even higher in the most sought-after areas, reaching up to 200,000 baht, or 6,600 US dollars per square meter. The wider and more luxurious condos are two- to three-bedroom units and penthouses ranging in size from 100 square meters to 120 square meters and 140 square meters to 200 square meters.

Condos for sale in Bangkok are the only kind of property foreigners in Thailand are allowed to own by law. Compared to other kinds of property, Thailand has been more lenient towards condo sales for foreign nationals. This alone has raised sales in condo buildings, although foreign ownership of condos is still regulated by the Thai government. As of now, more than 15% of all condos in Bangkok are foreign-owned.

Qualifications for foreigners to buy condos for sale, Bangkok are set by the Condominium Act B.E. 2535 (1992), which lists five criteria: the foreigner must possess a residence permit, must have a permit to stay in Thailand according to the Investment Promotion Law, should be able to bring in the total amount for purchasing the condominium in foreign currency into the country, is a foreign juristic entity with BOI privileges in the country, is a foreign juristic person possessing some land right as per stated in the Land Code.

Additional requirements are for the foreigner to have a bank account in Thailand and proof on the buyer’s passport that he or she was in the country at the time the sale was made. On the whole, condos for sale, Bangkok have been successful ventures and as these buildings race to completion, their future tenants await the opportunity to move in and call the place home.

We at Bangkok Condos have english speaking agents who can help you see the condos for sale you want, but can also guide you through the maze of paperwork to purchase your first condo.

How to Buy a Condo in Bangkok

Bangkok: a glorious city of dazzling sights, exotic scents, a rich and proud heritage. With all it has to offer, Bangkok enjoys the reputation of being one of Asia’s most sought-after tourist destinations. And with the quaint mix of a wonderful culture, a warm people and a penchant for modern technology, how to buy condos in Bangkok it has also become a fabulous place to settle down in, beating nearby cities such as Singapore or Hong Kong in terms of property for sale and living costs.

In the 1990s, the Bangkok real estate market saw a rapid rise in condos for sale, as urbanization of the city grew and more opportunities for work and investment opened. However recent economic crises have caused a dip in sales and in building projects, lowering property prices. This has lead to a surge in the buying market as people seek to establish a home in Bangkok by taking advantage of the cheaper deals. Like in most of the world’s cities, the dwelling of choice tends to be for apartments, flats or condominiums, especially in the central district of Bangkok.As they say in any real estate market now is the time buy a Bangkok Condo for sale.

Among all the other kinds, a condominium, or condo for short, is the more convenient choice, especially for young, single professionals, couples or small families. Condos offer more privacy and better security, as well as much more available amenities and facilities compared to a normal city apartment. This has been proven correct by Bangkok’s trends: of the 32 condominium projects with condos for sale , set in the central business areas in 2006, 94% have been sold. But how exactly does a person buy a Bangkok condo for sale?

For the Thai citizen, it’s easy enough. An interested individual can an appointment with a real estate agent such as us at Bangkok finder. After the customer has checked out the condo, the financing method is planned, the papers are set in order and the renovating, furnishing and moving in can start. For foreigners however, it’s an entirely different situation.

A condo unit is actually the only property a foreign national can legally own in Bangkok. The qualifications for buying a condo include the following: the foreigner must be a permanent resident or have a residence permit, has a permit to live in the country in accordance to the Investment Promotion Law, has investment promotion privileges from the Board of Investment (BOI), owns some land right under the Land Code, is able to pay the entire amount for the condo unit in foreign currency brought into Thailand, has a bank account in the country, and has proof of his or her presence in the country upon purchase of the condominium. the best way to buy condos in BangkokIn addition, there are some restrictions regarding the ownership of condos by foreigners. One is that foreign nationals can only buy condominiums in Bangkok or Pattaya unless given special approval by the BOI. Another is that the number of condo units owned by foreigners in a building must not exceed 49% of the total number of units.

Recent economic events though have led to more chances for a foreigner to purchase a condominium in Bangkok. A few finance companies have begun allowing non-native residents to take out housing loans or mortgage deals in order to fund a condo deed, but still based on several factors such as monthly incomes, bank accounts or visas.

Indeed, Bangkok is one of the most hip-happening places to live in right now. And those who choose to buy a condo in this city will find that there is no reason to regret the decision. Look around and see all the condo for sale signs then see us at Bangkok finder to give you a great experience in purchasing your condo in Bangkok.

Understanding Expat Needs Key to Buy-to-let gains!

Bangkok Condo Sales estimates that about 30 to 40 per cent of units in most new downtown Bangkok condominiums have been sold to buy-to-rent investors.

An important question asked by these investors is what yield level they can expect.

In 2018, the average gross rental yield (before expenses and taxes) for Bangkok downtown condominiums is approximately 4.8 per cent, a drop from 5.4 per cent in the previous year.

This decline is underpinned by a price increase of new condominiums that exceeded the growth in rents.

The good news is that the number of expatriates in Bangkok has increased by 10 per cent year on year.

The expatriate market is the key rental market for high-end and luxury downtown condominiums.

For future buy-to-let investors, it is important to understand what expatriate tenants are looking for in order to generate a maximised yield level that beats the market average.

Based on Bangkok Condo Sales’ leasing transactions, two- and three-bedroom condominiums are the most popular types of unit rented by expatriates, while demand for one-bedroom units and studios is limited, except in serviced apartments.

As tenants for the studio and one-bedroom market are likely to be singles with no families, a fully serviced option is preferred over condominiums.

While there is a general preference for spacious units and large units of the same type, most expatriates have a fixed monthly housing allowance that dictates which property they end up going for.

The expatriate rental budget has not increased for many years, while condominium prices have risen on average by 8-10 per cent per annum for mid-range grades, and by 15-20 per cent for luxury grades.

With a fixed budget, what we are seeing is a preference for quality over unit size.

Tenants are willing to spend their budget on smaller units with a higher per-square-metre rent if it is well located, well decorated and newer. New buildings with smaller units therefore have a higher chance of being rented out than older buildings.

However, there are exceptions where well-managed old buildings are considered by tenants who prefer a larger space over the unit and building quality.

The building facilities are also an important consideration. Expatriates prefer a building that offers a range of modern facilities, such as attractive common areas, a well-equipped gym and large swimming pools.

The unit should also be well decorated with modern interiors, kitchen and bathrooms.

With increased competition from new buildings, landlords in older buildings may find it more difficult to rent out their units if the common areas are dated or the unit has not been renovated.

Location is also a key factor. Typically, expatriates prefer to live in a limited number of areas.

Most choose to live in the Sukhumvit area from Sois 1-63 and 2-42, Sathorn, and central Lumpini.

The most popular area for Japanese expatriates – the largest expat community in Bangkok – is between Sukhumvit Sois 39-49 and Sukhumvit 24.

While Sukhumvit is the most popular area because of easy access to the BTS Skytrain and proximity to schools, hospitals, retail and leisure amenities, the area also has more supply than central Lumpini and Sathorn/Silom.

While yield levels have declined this year on average against rising property prices, considering the above market preferences and |picking the right property, unit size and location will increase your chances of success as a buy-to-let investor.

For investors with a mortgage, the rent may not fully offset the loan repayment, but the combination of a consistent yield from a growing expatriate market and the potential for future capital appreciation can still make a buy-to-let investment a worthwhile consideration.

Bangkok Condo Investment Conundrums

It isn’t exactly news but in a world as fragile as ours a reminder now and then is more than welcome that, over the long haul and even shorter spans, real estate still represents a respectable way of conserving, growing and maximizing the returns on assets.

According to a report by Bangkok Condo Sales, the current low-interest rate environment with generally below inflationary returns on bank deposits and bonds, Thailand’s condo market (as massive as stocks increasingly are) offer brighter prospects as moneymaking assets.

Besides buying your own place to live, she say, more people are buying condominium to lease out. If you buy outright, you’re generating income on a monthly basis. If you borrow, you’re getting your tenant to foot the monthly mortgage bill.

Bangkok Condo Sales discerns two types of rental market: “top-end for expatriates and lower-end for Thai tenants who cannot afford to buy.” But forget about mid-range rental market, she say, because most Thais only want to own.

Aim instead for the kind of properties that can attract expat tenants which, by definition, offer the best returns in income and capital growth, she says.

In Bangkok, that pretty much limits you to Lumpini, Sukhumvit up to Ekamai, and the streets off the northern part of Sathorn Road. Plus two submarkets – around the International School of Bangkok at Nichada and around Bangkok Pattana School on Soi LaSalle. Outside those areas your expat tenant options are slight.

If the idea of becoming a landlord appeals, first figure out what expats want in size, design and furnishings – and what the can afford. Don’t expect Hong Kong or Singapore budgets because you won’t get them here.

Bangkok Condo Sales’ research based on its own transaction show that expats can pay Bt. 35,000 – Bt. 70,000 for a two-bedroom and Bt. 70,000 – Bt. 100,000 for a three-bedroom apartment. People with budgets of over Bt. 100,000 barely exist.

However, expat tenants are more interested in their budget than how many sqm it will buy. Overall quality and the number of bedroom are deal clinchers.

Naturally, they want well-decorated, fully furnished units that are preferably modern and practical, with good kitchen and bathrooms.

Contrary to what you might have heard, one-bedroom units are harder to rent out. Bangkok Condo Sales’ research show that most – as much as 70% – expat tenant demand is for two- or three-bedrooms.

Here’s the conundrum: future supply of 2- and 3-bedroom units is limited (most people find them too expensive to buy with land prices the way they are) and existing stock tends to be poorly maintained. Of course, nobody wants to rent a place that’s dowdy inside and decrepit outside.

Current gross yields (annual rent to capital value) in areas preferred by expats range 3%-10%. Note that some older buildings offer the best rental yields buy you have to weigh that against less chance of capital appreciation.

Bangkok Condo Sales recommends that prospective investors take in to account operating expenses, especially common area management fees, insurance premiums, rental agent fees, interior repair charges, maintenance fee and the dreaded taxes.

Also urges active property management by landlords because managing agent who can take on the role of rent collection and maintenance of the interior of the property are thin on the ground.

“The expat population in Bangkok is growing, while new supply in the most popular expat locations is limited, especially of two- and three-bedroom units” she says. “Rents are likely to rise”