Sukhumvit has become the hottest location for resale condos and low-rise houses in the upscale-and-above segment while Wireless Road had the highest resale price per square metre at 800,000 baht.
Praphinleeya Phuengkhuankhan, head of residential sales ad hoc at property consultant CBRE Thailand, said Sukhumvit has been ranked as the top location in terms of the number of high-priced resale units offered for sale and sold.
"Sukhumvit, particularly the location from Nana to Ekamai, is a hub of leading offices, international schools and transportation links to business areas. It has a wide range of amenities and lifestyles and is well known among foreigners," she said.
It's also the most popular area among end users who accounted for 65-85%, investors buying for rental purposes (15-25%) and developers buying a resale house as a land plot for new development (5%).
"These developers can buy a piece of land sized 200-300 square wah to develop a housing project with 2-3 units for sale," she said. "They are the key driver to boost both housing and land prices at a significant rate."
The second most popular location for resale high-priced condos among end users and investment buyers is the central business district (CBD).
Locations for resale high-priced low-rise houses among end users and investment buyers are Krungthep Kritha and the CBD, respectively.
Krungthep Kritha is also the location with the second largest number of resale high-priced low-rise houses offered for sale and sold.
In this location, the price of a resale single detached house at Mavista Prestige Village at 180 million baht was the highest resale low-rise house price, rising 80% from the original price of 70 million baht in 2020 plus a decoration cost of 30 million baht.
According to CBRE, the highest resale price per sq m is in the CBD, with Wireless Road recording the highest rate at 800,000 baht per sq m for a fully-furnished three-bedroom unit at 98 Wireless, up from 600,000 baht in 2017.
Other top locations for high-priced resale condos include Sathorn, Silom and riverside while for low-rise houses are Sathorn, Silom, Phatthanakan, Rama 3 and Bang Na.
"Locations in Eastern Bangkok are popular for those looking for a high-end single detached house, both resale and new units, because of convenient roads and an access to the expressway," she said.
During the pandemic, there was strong demand for resale houses rather than condos as buyers preferred low density areas, larger living spaces, increased privacy and more green spaces.
For resale condos, buyers looked for a larger space and additional rooms to accommodate working from home.
Demand for resale condos was higher in older buildings that were well maintained and had a price per sq m lower than new ones.
"Foreigners buying a luxury resale unit, mainly from the US, the UK, Finland, Taiwan, Hong Kong and Australia, are coming back," she said.
"Chinese prefer off-plan units and buying from developers. But when they get more familiar with the buying process and gain more expertise, they will shift to resale units. Some of them who come to Thailand to do business have started to buy resale units."
At present, CBRE has more than 3,000 resale condos worth 27.8 billion baht for sale and 600 resale low-rise houses worth 30 billion baht in its inventory.
