Thai property market defies political upheavals

I was recently in Bangkok to check out the property market there.

And if you think protests in the kingdom have dampened Thailand’s property market, you will be in for a surprise.

Far from subdued, Thailand’s property market has weathered the tumultuous political landscape with great resilience.

Many new launches have continued to take place with very good take-up rates.

The bulk of the investors are wealthy locals snapping up medium to high-end homes.

This is despite the new measures passed by the Bank of Thailand limiting loans to 90 percent of a condominium’s value.

A survey by Thailand’s leading daily, The Nation, showed that demand for new homes remained strong in the first quarter.

The survey also showed that the top ten Thai listed property developers recorded pre-sales of almost US$1.32 billion from 1 January to mid-March.

While demand has mostly been domestic driven, foreigners know a good investment when they see one and have been busy buying properties in Phuket and Bangkok, especially those by renowned developers.

One such project is the St Regis Bangkok by Minor International PLC which has been drawing buyers from as far away as the United States as well as wealthy Thais.

Some investors have even been turned down for not being able to match the asking price of this prestigious development.
 
Located at the equivalent of our Orchard Road, the St Regis Bangkok will be directly linked to the Rajadamri BTS station and is surrounded by high-end shopping malls.

Comprising 53 residences, they occupy the 25th to 45th floor of the 47-storey building with breath-taking views of Lumpini Park.

The St Regis Bangkok is slated to open in April and will be setting the benchmark of luxury living in Thailand.

There are some units still available but then again, it depends if you can afford them.

Unit prices start from US$2.2 million.