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Bangkok Condo Property Information |
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Bangkok Condo: Information Guide |
| CB Richard Ellis has a dedicated sales team specialising in Bangkok condo sales. We have been managing, selling and buying Bangkok Condos for over 17 years consequently our experience is unparalleled. Our Condo sales team is the market leader, currently marketing the 17 leading Bangkok condo projects.
In addition to these projects we have a selection of over 4500 Bangkok Condominiums in our condo listing database (view Bangkok Condo Listings), thus we are able to provide you with the widest choice from a range of luxury Bangkok Condominiums.
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Bangkok Condominium: Thai Definition |
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A condominium or condo – also known in some countries as an apartment or flat - is a building where individuals have freehold strata title of their own residential unit and where the common areas such as lifts, swimming pools and gyms are jointly owned by all the co-owners. In Thailand, foreigners are allowed to own up to 49% of the total area of a condo building. (Condo Ownership)
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Bangkok Condo Areas & Locations |
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Our condo sales team have intimate knowledge in the condominium market in the following Bangkok locations.
Silom/Sathon
The area incorporating Silom, Sathon, Surawong, and Narathiwas-Ratchanakarin (north of Chan Road) Roads, as well as the sois in between |
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Central Lumpini
The area incorporating Wireless, Ploenchit, Rajadamri, Chidlom, Langsuan, Sarasin and Ruamrudee Roads, and other sois in between |
Sukhumvit
The area incorporating Sukhumvit Road from Soi 1-65 and Soi 2-44, as well as other sois in between |
Pathumwan
The area incorporating Ratchaprarop, Phayathai, Sri Ayutthaya and Petchaburi (from Soi 1-37) Roads, as well as other sois in between |
Rama III
The area incorporating Narathiwas-Ratchanakarin Roads (south of Chan Road), Charoenkrung and Rama III on the side not adjacent to the river, as well as interlinking sois |
Riverside
Includes developments on the riverside incorporating Charoenkrung,
Charoennakorn and Rama III |
Peripheral areas
All other areas of Bangkok lying outside the CBD, including Ratchadapisek,
Ladphrao, Ramkhamhaeng, Paholyothin, Thonburi and Sukhumvit Road from Soi 44-76 and 65-115 |
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Typical Condominium Purchase Opportunities |
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There are essentially 3 choices to make when purchasing a condo in Bangkok:
Condominiums in new projects
CB Richard Ellis specialise in marketing and selling off plan “New build” projects. We currently have over 17 projects on our books comprising some 4000 units.
Benefits of buying a condo in a new project can include:
- A new property
- Latest built in facilities (Gyms, pools etc)
- Usually built in the most convenient locations (Access to public transport)
- Capital growth for an initial small outlay
Resale Bangkok condos
CB Richard Ellis has an extensive database of condominiums available for resale. The benefits of a resale condo purchase are that it avoids the risks of an off plan sale.
- No risk of developer delays or failure
- Ready for immediate occupancy
- The chance to inspect the actual unit, views and fittings
- The opportunities to seek in some instances bargains
Buying a Bangkok condo as an investment
Purchasing a condominium for investment can offer an attractive investment opportunity with initial capital growth and later a rental income.
In our New Bangkok Condo Projects portfolios investors buy condos “off plan” (i.e. before and during construction) paying in stage payments. Thus buyers invariably get the best prices (developers generally increase prices during construction), they also manage their cashflow as deposits and stage payments are between 10 and 30% of the total price.
Buy to let - There is a large and continuously growing expatriate population looking to rent condominiums, providing owners with solid rental returns. Speak to us about areas and property types to achieve the highest returns.
In summary early buyers usually secure a rise in value for a small capital outlay. Of note is that generally, in Bangkok, real estate developers do not restrict condominium buyers from assigning their contracts at any stage.
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Flagship Bangkok Condominium Developments |
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Legal Ownership of a Bangkok Condo |
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- Freehold
The majority of condominiums in Bangkok are freehold. Foreigners can own up to 49% of the total area of a condominium on a freehold basis. (Condo title ownership)
- Leasehold
Some developments in Bangkok are built on leasehold land with leases of 30 years and options to renew. Leasehold ownership is also offered in condos where the foreign quota for freehold title has been reached. (Condo title ownership)
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Bangkok Condo Research |
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We conduct research on the latest conditions prevalent in the Bangkok Condo market, including supply, demand, and current property requirements of condo buyers.
With our network of offices, CB Richard Ellis has unparalleled access to resources in Bangkok, these enable us to identify trends that assist our customers.
Quarterly Highlights
- During Q1 2010, downtown Bangkok condominium supply increased to 67,176 units (up 3.2% Q-o-Q and 15.8% Y-o-Y), an increase of 2,109 units (6 projects).
- Five projects, with a total of 1,759 units, were launched in the downtown area in Q1 2010. 44% of the units launched were one bedroom units ,26% were two bedroom, 22 % were studios and only 8 % were three bedroom.
.jpg) This represented 27% of the newly launched condominiums in Bangkok .This is an increase in the number of new units launched when compared to Q4 2009, which saw only 814 units in four projects.
- The number of newly launched units in the peripheral areas decreased from 7,441 units in Q4 2009 to 4,814 units this quarter, representing 73% of the newly launched condominiums in Bangkok.
- The overall occupancy rate for downtown decreased by 0.2% Q-o-Q to 74.0% in Q1 2010.
- The average asking price for off-plan condominium units (high-end and above) in downtown Bangkok was 156,460 THB/m2, an increase of 19.2% Q-o-Q and 3% Y-o-Y.
- The average achieved re-sale price of units in completed upscale and above buildings increased by 18.4% Y-o-Y from 102,875 THB/m2 in Q1 2009 to 121,805 THB/m2 in Q1 2010. Central Lumpini continues to be the area with the highest average achieved re-sales price level (143,338 THB/m2).
- The Pyne by Sansiri, a luxury condominium located on Ratchatewi, was the only downtown condominium launch in Q1 2010 that is reportedly sold out. It consists of 298 units and offers up to three bedrooms. 1 bedroom accounted for 206 units or 70 % of the total units. It has a direct access to BTS Ratchatewi with the median price of 140,245 THB/m2.
For full access to further Bangkok Condo Research or to access the Bangkok Property Report
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Condominium Funding/Financing |
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Financing
Financing for foreigners to purchase real estate in Thailand is complex and changes regularly. As at the time of writing it is difficult to source mortgages for foreigners, however we recommend that you check with your bank to get the latest details.
Money Transfer
Under the 1991 Condominium Act, non-residents who purchase condominium units must transfer the funds to pay for the unit from overseas, with the money entering Thailand as foreign currency. Purchasers need to obtain a “Foreign Exchange Transaction Form” certificate for each payment from the beneficiary bank, and all these certificates must be shown to the Land Department in order to register the condominium. (Condo Funding Procedures)
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Bangkok Condo Sales Taxes |
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Individuals who invest in property in Thailand should be aware of the tax liabilities that may arise on either buying or selling the property. The table provided by Mazars, (one of Thailand’s leading international accounting, audit and tax advisory firms) is a sample calculation.
Sample: Tax Calculation Assuming a 10 million baht sales price and assessed value of 10 million baht..jpg "Bangkok Condo Sales Tax")
*? Depending on the wording in the contract, this fee is often split between buyer and seller.
♦ The rate of transfer fee and Specific Business Tax are effective from 29 March 2008 to 28 March
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Bangkok Condo - Transaction Costs |
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Transfer fee:
There is normally a 2% transfer fee for new condos which is either paid by the vendor, the buyer, or is split between both parties, depending on the purchase agreement. For resale properties there may well be a fee for the transfer of the registration.
Sinking fund:
In a new condominium project, the buyer pays a one-off lump sum on transfer of the property from the developer to the purchaser. This money is to be used for major renovations and replacement of equipment when necessary. The aim of this fund is to ensure the maintenance of the building and ultimately its future value.
Legal fees:
Each party pays its own legal fees and there is no norm as the purchase can depend on many different complexities.
Common area management fee/utilities:
These fees are paid by owners for the upkeep of the common areas of condominiums and housing estates. For new residential developments, it is common to pay up to several years’ management fees in advance. Utilities are generally paid on an “as use” basis
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Bangkok Condo: General Industry Classifications |
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We classify Bangkok Condo units into six categories based on price/m2. Classifications are based on the maximum number of condos in a project that fall into a category.
| Super Luxury |
Above THB 180,000/m2 |
Upper-mid-range |
THB 80,000-THB 99,999/m2 |
| Luxury |
THB 130,000-THB179,999/m2 |
Mid-range |
THB 60,000-79,000/m2 |
| High End |
THB 100,000-129,999/m2 |
Entry-level |
Below THB 60,000/m2 |
Condominiums that are high end or above generally demonstrate common characteristics such as:
- Easily accessible locations
- Good and secure neighborhoods, ensuring privacy of residents
- Good building design, layout and decoration
- Good standard of construction using high-quality materials and specifications
- Comprehensive range of facilities, including swimming pool, gym, squash, tennis courts.
- Adequate elevators and efficient M&E system
- Professional management
- Sufficient car parking
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For information or any advice, please contact
Pornpimol Phuengkhuankhan, Director-Residential Sales Services
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Phone: +66 2 654 1111 ext. 418
Fax: +66 2 685 3306 |
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