According to Landscope Thailand, a growing number of expats are using the country as their base due to lower costs and easy access. The recent influx of technology-based companies is very noticeable particularly the longstanding presence of Japanese companies that uses Thailand as their production base. The low baht has become very interesting to investors particularly those involved in bio-plastics, bio-pharma and e-commerce because Thai property prices are a bargain compared to Singapore.
However, property agents and consultants are wondering if the expats in Thailand can afford to purchase or lease super-luxury units in high end properties like MahaNakhon. MahaNakhon is a 77-story tower that is expected to be completed soon. It is considered as one of most notable architectural creations and has already won several awards even if the first residents have to wait until September to move into the apartments.
The super-luxury segment of Bangkok’s property market is booming in spite of the political and economic woes that are affecting the lower end of the market. Demand remained to be high for high end properties because they are waiting out the political instability. According to property agents, 2,400 super-luxury units will be available in Bangkok’s property market by 2019. Most buyers come from the younger generation of Thais who are attracted to the new freehold condos with two or three bedrooms.
On the other hand, buyers of MahaNakhon are mostly foreigners. At first, some of the clients were frightened by the high prices but still, they made it their first choice. Asian buyers are interested in freehold condos even if they have to pay big premiums. MahaNakhon is too big and expensive but wealthy investors are willing to pay for a Bangkok property in the right location with first-rate service and property management. Once MahaNakhon’s doors open, a higher price tag for the apartments will be expected.
Many investors are unfamiliar with Thailand’s property market that they often experience difficulty in searching for condo for rent Bangkok. The best option is to work with a reputable and experienced team of professionals that offers comprehensive service exclusive to those who are not knowledgeable of Thailand’s local market.