HK Studio Apartment More Expensive Than Luxury Apartment In Bangkok
Foreigners who are looking for apartment for rent in Bangkok should look no further than the chic area of the capital city where there is a sudden rise in demand for super luxury properties. According to UthaiUthaisangsuk who is the executive developer of 98 Wireless which is a luxury condominium, an investor from Hong Kong purchased an apartment unit worth $2.2 million out of impulse.
The same price at his home country would only give the investor a cramped studio apartment while in Bangkok the foreigner was able to get a two-bedroom, three-bathroom unit along with Ralph Lauren furniture. Not to mention the fact that it has a butler service and a Bentley limousine that chauffeurs the residents.
This is a common scene in the capital city of Thailand where the prices of the real estate properties continues to rise because of foreign currency. This is positive news despite the challenges faced by developers in selling their pedestrian properties. The country’s economy is still trying to rise up from the slowdown that occurred in 2014 where household debt presents a struggle for average earners therefore it is hard for them to get a home loan. With the lack of buyers in local market, developers such as Country Group Development Pcl and Sansiri are turning to foreign buyers of their luxury properties.
Colliers International Group Inc’s general manager in Thailand, RatchaphumJongpakdee, said that developers are struggling to sell their luxury properties to local buyers but they are finding it easier to find foreign buyers instead.
Foreign buyers are still favoring to purchase from Bangkok rather than Hong Kong because they get their money’s worth in terms of bathroom fixtures and square footage. A surprising fact is that the price of units in Bangkok have doubled in the past five years but the prices are still cheaper compared to other cities such as Ho Chi Minh City in Vietnam, Jakarta, and Kuala Lumpur. This is the main reason why many still prefer looking for apartment for rent in Bangkok as investment rather than other cities in the region.