Real Estate Bangkok

Overview

Bangkok is the capital of Thailand, country’s largest city and home to over 10 million people - 15% of the country’s population. Bangkok is located in the delta of Chaophraya river - historical heart and lifeline of the city. It consists of 50 districts.

Following Asian investment boom of 80s and 90s Bangkok has firmly positioned itself as a regional financial, business and logistical hub, as well as a popular tourist destination. Mastercard’s 2019 Global Destination Cities Index names Bangkok as the most visited city in the world, with 22.78M visitors per year. Bangkok has been holding this title for 4 years in a row, since 2016 (the study hasn’t been published in 2020-2022 due to COVID impact on international travel). It also ranked 3rd in overnight international spending, with $20.03B (#1 is Dubai with #30.82B, followed by #2 Makkah - $20.09B).

Bangkok is a world-class destination for medical tourism, over the last couple decades it also emerged as a center for art, fashion and entertainment. It has over 90 international schools, offering 10+ different curriculums. The city has 2 international airports: Don Mueang and newer Suvarnabhumi airport.

While Thailand has multiple resort towns, Bangkok is its only true large urban metropolitan center, offering a lifestyle that won’t be unbecoming for people used to Hong Kong or Singapore. However at the same time it’s a unique, vibrant city that absorbed multiple influences over the centuries, yet never lost its authenticity.

More than anything, Bangkok is defined by its contrasts: from its traditional landmarks and historical areas to backpacker paradise of Khaosan road and red lights of Patpong.

Property market

Compared to other Asian major cities, Bangkok is still quite affordable. According to Global Property Guide data, Bangkok ranks 32nd in the global rank of most expensive prime cities, with an average price per sqm of $5,255 - against Hong Kong’s $28,570, London's $26,262 and New York’s $17,191 (prices of 120 sqm apartments are used as a basis for comparison).

Much of development activity in Bangkok is focused around it’s transit system. It’s represented mostly by BTS - local light-rail system owned and operated by BTS Group - and MRT - government-owned subway system. Both of them are still in active development: new lines are being drafted and built, old ones are extended. And every new station station sees multiple developments springing up around it - typically even before it’s completed.

Even though Bangkok has traditionally attracted many buyers from Japan, Hong Kong, Singapore, and later China, as well as steady population of Western expats, percent of the foreign homeowners isn’t as high as in resort destinations, which makes for a more balanced market and largely eliminates the issues with foreign quota in condominiums that you might encounter in Pattaya or Phuket - which level the playfield for Thai and foreign buyers when it comes to resales.

Another significant difference of Bangkok compared to other Thai destination is the profile of developers. Bangkok has many large, listed developers with decades of experience and dozens - if not hundreds - of completed projects. This decreases the buyer risks and guarantees respectable baseline quality of development.

Facts about Bangkok

• The city’s official name is ‘Krung Thep Maha Nakhon’, or just ‘Krung Thep’, which means ‘city of angels’ in Thai (’Maha Nakhon’ means ‘big city’)

• Moreover, ‘Krung Thep Maha Nakhon’ isn’t even the whole thing. City’s full ceremonial name reads as follows:

  Krung Thep Maha Nakorn Arun Rattanakosin Mahinthara Ayutthaya Mahidol Pop Noppharat Ratchathani Burirom Udomratchawiwet Makhasathan Amon Phiman Awatan Sathit Sakkathattiya Witsanukam Prasit.

  Which roughly translates to:

  City of angels, great city of immortals, magnificent city of the nine gems, seat of the king, city of royal palaces, home of gods incarnate, erected by Vishvakarman at Indra's behest.

  At 168 letters, the name is listed in Guinness World Records as the world's longest place name.

• The Chinatown centered on Yaowarat Road in Bangkok, Thailand, was founded at the same time as the city itself, in 1782. Some sources claim it to be the largest Chinatown in the world.

• There is over 400 temples in Bangkok

• Bangkok’s Chatuchak Weekend Market is one of the world’s biggest markets, with over 15,000 stalls and 11,505 vendors (as of 2019).

• You’ve heard this one many times, but the famous rooftop bar scene in Hangover 2 has been filmed in Sirocco Sky Bar in the Lebua Hotel in Silom.

• Unlike most world cities that have all their taxis in uniform colors, taxis in Bangkok are multi-colored - different companies have their own colors.