Weekly Thailand Property News Update , EP 7 , 2023

BY Kittipong Kongthanarung

1.”The price of land soars in the golden location of “Ha Yaek Lat Phrao – Si Yaek Ratchayothin”, causing a Popularity.”

“The soaring land price is over 1.5 million baht, in the golden location of “Ha Yaek Lat Phrao – Si Yaek Ratchayothin”, causing a booming condo market with 25,000 units along the two subway lines.”

The area from Lat Phrao intersection up to Phahonyothin road, including the area around Ratchayothin intersection, has undergone significant changes and development over the past 10-20 years. There are two large shopping centers, Central Ladprao and Union Mall, as well as Major Cineplex Ratchayothin, which have stimulated interest and potential in the area. Furthermore, changes in the area around Mo Chit BTS station, which is a transit station for two BTS lines, have played an important role in improving the potential of the Lat Phrao intersection area.

Another important factor that has contributed to the clear improvement in the area is the extension of the Green BTS line along Phahonyothin road, which has brought about further changes along the route, especially in the area around the Lat Phrao intersection, Phahonyothin 24, and Ratchayothin BTS stations. In the future, the opening of the fully integrated Bang Sue Central Station may also have an impact on the surrounding area. Projects such as the MIX-use and office buildings are also being developed in the area, which will further enhance the potential of the area.

increasingly difficult to find land for various real estate development projects in the surrounding areas of Ladprao Intersection. Land prices are relatively high because of the limited land availability, and the potential has been continuously improving over the past decade.

Land prices have increased significantly compared to 4-5 years ago, with some areas around Ladprao Intersection seeing land prices rise by more than 1.5 million baht per square wah, while Ratchayothin has also seen an increase to more than 1 million baht per square wah. This affects the pricing of condominiums in the area as well, with condominiums located in the area ranging from Ladprao Intersection to Ratchayothin.

The real transformation of the area began from the Lat Phrao Five-Way Intersection to the Saphan Khwai Intersection. It started to become clear around 2012, when the Central Group announced plans to develop a large-scale mixed-use project in the same area as the J Avenue Thonglor project. After Central acquired Gland, they bought shares in a company that held the rights to a large plot of land, approximately 46 rai, from BTS. They then became the sole owner of the plot and development plans for the project were initiated. The project was divided into multiple phases, with phase one being a large shopping center.

Subsequent phases would focus on office and residential buildings, with completion expected in 3-4 years. Even at this stage, it was clear that the area had immense potential. Prior to this, there was another plot of land, approximately 33 rai, that had the potential to be developed into a real estate project, but it was still waiting for development. This was likely due to a change in land use from a former ‘Jatujak Fireworks Market’ that had caught the attention of the owners of several large plots of land in Bangkok. Another interesting market in the vicinity is the Green Vintage Market at the Saphan Khwai Intersection.

If we only consider current factors, without taking into account potential changes in the future, the area is already developing rapidly. However, considering the past trends and current development plans, it is likely that the area will continue to grow and evolve into a highly sought-after location in the future.

More info :https://www.thansettakij.com/real-estate/564741

2. TOP 5 refers to the top five real estate developers in Thailand. The sentence indicates that these developers have made significant changes in the Chatuchak area, which has resulted in a 13% increase in land prices.

The Property Information Centre reveals that the top 5 real estate markets in Thailand are undergoing a transformation, with land prices in urban areas rising by 13.1% due to the redevelopment of land and a shift in location towards urban areas. The hotspots include the districts of Muang Nonthaburi and Bang Bua Thong, where land along the Purple Line Mass Rapid Transit has changed hands.

As of Q1 2566, the land price index for undeveloped land in Bangkok and its suburbs was 385.7, up 1.1% QoQ and 13.1% YoY. Despite the overall increase in the land price index, the rate of increase has slowed due to the sluggish economy and inflationary pressures in March 2566, leading many businesses to delay investment. Meanwhile, demand for land in the market has also decreased.

However, the Property Information Centre has found interesting data from land buyers and sellers in suburban areas, resulting in a much higher rate of adjustment in land prices than in the central city area. This is believed to be due to the entry of players in the real estate market, particularly the top 5 companies, into the development of projects in the urban fringe. The main cause of the price hike is due to trading at higher prices than the base price.

In Q1 2566, the top 5 districts with the highest rate of land price increase compared to the same quarter of 2565 are as follows:

Top 5 districts with the highest land price increase

Nakhon Pathom province
Muang Nonthaburi district, Nonthaburi province
Bang Bua Thong district, Nonthaburi province
Pak Kret district, Nonthaburi province
Khlong Luang district, Pathum Thani province.

More info :https://www.thansettakij.com/real-estate/564448

3.Thailand remains a top destination for Chinese tourists, with many of them travelling to Thailand during long weekends and holidays.

According to Trip.com, Thailand has been the most popular destination for Chinese tourists during recent holidays, followed by Japanese and South Korean tourists. Additionally, Thailand has many excellent international schools and high-quality hospitals, which are factors that attract a large number of Chinese people who are looking for a second home abroad. Thailand is expected to receive at least 5 million Chinese tourists this year (2023), some of whom will be visiting to buy real estate.

According to Reuters, Mai Suan Chuenrok, the president of the Thai Real Estate Association, stated that it is clear that Thai real estate is in high demand among Chinese people. The most desired real estate is located in major cities such as Bangkok, Chiang Mai, Pattaya, and the eastern region of Thailand.

“Chinese people are coming to buy houses in Thailand and sending their children to study here…”

According to a Thai government agency, in March 2023, there were nearly 270,000 Chinese tourists traveling to Thailand, which is the highest in the past three years, although it is less than the number of 9,885,227 people in March 2022 before the COVID-19 pandemic.

Reuters reported that one of the Chinese tourists who came to Thailand to buy a house is Daniel Pien from Shanghai, who resides on the 19th floor of a luxury condominium in Bangkok. He said, “I feel alive, feel free, and this is my dream.”

Mr. Pien has been in China for three years under the strictest COVID-19 control measures of the Chinese government. He is one of many Chinese who are looking to buy real estate in Thailand since China fully opened its borders earlier this year.

Many Chinese are eager to invest in foreign residential properties. They are looking for safe havens in case of similar outbreaks and trying to avoid economic risks in China.

More info : https://www.thansettakij.com/real-estate/564444

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