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By on Oct 22, 2007 in Residential

The  number of expatriates with work permits in Bangkok grew to 70,757 in the second quarter resulting in continued high occupancy rates for expatriate standard residential apartmentsม according to the latest report on the Bangkok Residential Leasing Market View published by CB Richard Ellis.

Two new apartment buildings and two new condominium developments were completed in the second quarter of 2007.

The occupancy rate was 89.2% for completed apartments with Grade A developments enjoying occupancy rates of almost 96%. 

The number of expatriates in Bangkok with work permits grew by 9.4% year-on-year. Japanese expatriates accounted for 22% of the total growing by 11.4% over the last twelve months.

“Average achieved rents ranged between 236 to 414 baht per square metre but we have seen some new developments achieve rents of over 600 baht per square metre,” said Mr. Theerathorn Prapunpong, Director of the Residential Leasing Services at CB Richard Ellis Thailand.

“We have seen tenants with fixed housing budgets choosing to spend their money on modern, well furnished apartments even though unit sizes are in many cases smaller than older developments.”

There are about 1,100 apartment units under construction and due for completion over the next two years.  Apartment buildings are single ownership developments but the main competition will come from more than 20,000 units in multi-ownership condominium developments that will be completed in the downtown areas of Bangkok over the next three years.
A substantial number of these condominium units have been purchased by “buy to rent” investors and will compete with apartment developments.

“The real pressure will be on older apartment and condominium developments that have not been refurbished.  Buildings that are over ten years old need to redecorate and modernize both the interiors and common areas if their landlords want to compete with new developments” said Mr. Theerathorn.

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