The Resale Market: What are we talking about?
The so-called Resale market in Thailand will tend to be 5 to 10 years old, unlike in Europe where it’s considered recent. In Thailand, the purchase of condominiums is outlined by the 1979 “Condominium Act” which guarantees full ownership for foreigners in connection with the purchase of an apartment in a condominium building.
An Opportunity Market
Investing in the old market allows you to enjoy different benefits from those of the new. Among them, there is the choice of location, price, exterior, unique and personalized interior decoration.
The “old” housing allows you to enjoy large areas, usually with spacious balconies. The low cost of local labor allows many homeowners to completely renovate their properties: it’s estimated that 50% of resale property is already renovated. The others, being still very recent, do not need renovation. As a result, the number of resale properties to be renovated is much less than what can be found in Europe.
What are the Advantages and Points of Vigilance?
THE NINE POINTS FOR RESALE
Bangkok: The Success of Condominiums
The former “standing” market in Bangkok offers attractive offers. The current square meter price ranges from an average of THB 140,000 (€ 3,700) to THB 200,000 (€ 5,500) in the central districts of Bangkok such as Sukhumvit and Sathorn (see chart below):
– AVERAGE PRICE OF THE OLD PROPERTIES (Full property) –
Despite a steady increase in prices per square meter in the capital, Bangkok remains very attractive compared to other major world cities. For example, Paris is about 3.5 times more expensive than Bangkok:
Phuket: A Maturing Market
The seaside city of Phuket, known for its heavenly beaches and exceptional quality of life, is not immune to the overall trend of rising land prices in Thailand. The old Phuket market is mainly composed of villas and apartments in low-rise buildings. Many properties enjoy sea views and privileged access to exceptional beaches. The average price of a 2 to 3 bedroom villa with pool and sea view ranges from 10 to 15 million baht on average, the equivalent of 250,000 to 400,000 €, while you need 2 to 3 million euros for a similar villa on the French Riviera. While the old market is becoming mature in Phuket, real estate prices are around 149,000 baht (€ 3,900) per square meter.
You can find a more detailed version of this article on the website of our real estate agency by clicking here.