Changing Bangkok: Foreigners are conquering the real estate market!

Changing Bangkok: Foreigners are conquering the real estate market!

The real estate market in Thailand has changed significantly in recent years. Ten years ago, it was primarily Thai buyers and investors who were at the helm. The tide has now turned: Foreign workers and expats are increasingly shaping the scene in urban centers such as Bangkok. According to Bangkokbiznews, renting is often the preferred choice for many of them as they have flexible lifestyles and often only stay in Thailand temporarily.

A survey of 446 foreign residents of the Thai capital shows that Japanese, Singaporeans, British, Chinese and Americans are particularly represented among the expats. The average age is between 36 and 45 years old, with over 67% of them having moved to Thailand for work or business. On average, they stay for five to ten years - enough time to design their own living space according to their own needs.

Popular locations in Bangkok

Most foreigners prefer to live in central areas of the city where they have access to the best amenities. The three most sought-after residential areas are:

• Asoke-Prom Phong: Ein pulsierendes Viertel mit internationalen Restaurants, Cafés und Einkaufszentren.
• Ratchada-Rama 9: Dieses aufstrebende CBD wird zunehmend von Bürogebäuden und Technologieunternehmen dominiert.
• Silom-Sathorn: Das traditionelle Geschäftsviertel, wo viele Banken und große Unternehmen ihren Sitz haben.

While 54% of survey participants prefer renting, 46% choose to buy real estate. Buyers are often married to Thais or plan to stay long-term. 61% of expats live in condominiums, which are the only legal option for many as foreigners are not allowed to own land in Thailand. Common apartment units range between 30 and 100 m², with prices ranging from 3 to 10 million baht.

Enjoy renting as flexibility

Rental prices in Bangkok vary between 10,000 and 30,000 baht per month depending on the location. Foreign tenants value well-designed apartments with workspaces, balconies and comprehensive communal facilities. It is noticeable that interest in pet-friendly projects is low because many tenants do not want to have pets. In addition, cities such as Phuket, Chiang Mai and Pattaya are also gaining popularity among foreign buyers and renters. According to the surveys, 9% of respondents are interested in Phuket, 7% in Chiang Mai and 5% in Pattaya.

From [Wochenblitz]'s point of view, Thailand has a lot to offer. The real estate market in Southeast Asia is increasingly attracting international investors, and the different regions of the country have their own charisma: While Bangkok is the economic center, Pattaya scores with its beach resorts and Phuket attracts with real estate right on the water.

Legal information for buyers and investors

An important aspect for potential buyers is the legal basis. Foreigners are allowed to purchase condominiums up to 49% of the units in a building. Long-term rental agreements of up to 30 years are also possible. The purchase process is clearly structured and includes important steps such as due diligence, a reservation contract, the actual purchase contract and finally the transfer of ownership at the land registry office.

In summary, the Thai real estate market offers numerous opportunities for foreign investors. The combination of attractive locations, legal options and flexible housing options ensures that Thailand is becoming a magnet for expats - a trend that is likely to continue in the coming years.