It’s our belief that when a Bangkok property hotspot is revealed, the time has passed for buyers and investors to make any significant gains from it.
The fact is that identifying a Bangkok property hotspot before other investors is not easy and requires a thorough knowledge of market conditions.
The Rama 9 / Ratchada area has long been identified as a Bangkok property hotspot. Even last year one real estate firm were extolling the virtues of the area.
We can first remember writing about the potential of this area more than five years ago, yet one real estate firm has reported that, due to the development of many real estate projects in the area, it has become more of a Bangkok property hotspot, and become more livable at the same time.
Real estate agency Plus Property said the Rama 9 / Ratchada area: “… stands out as one of the few locations that have been undergoing changes to such an extent that demands attention.”
Whilst noting the launch of new office buildings, it also reported the area will see a great many people relocating to this zone as it becomes a new hotspot for jobs and completes its evolution into a new, central business district.
With Rama 9 / Ratchada becoming the Bangkok’s new central business district, desirable land near mass-transit stations are continually developed into high-end condominiums.
It noted the current price for new launches in the area is THB 200,000 per sqm, and these prices have risen between 10 percent and 20 percent during the past two years.
Although supply of new projects continues, Plus Property said the rate of sales remains decent with average take-up rates amounting to some 86 percent.
The Rama 9 / Ratchada area has also proven popular with Chinese property buyers and investors, with Plus Property naming the area as an “Urban Chinatown”.
“Chinese people residing in the Rama 9 / Ratchada area are members of a new generation of Chinese whose occupations include student, language teacher and business.”
“This area allows them to live close to the Chinese embassy, and offers convenient commuting choices, especially with the MRT’s ability to shuttle them to other zones and link up with other mass-transit routes.”
In summary, Plus Property said that from the investors point of view, the location remains attractive due to the influx of new residents, especially Chinese.
“These new residents provide demand for rentals and re-sales, and the investor can therefore make room purchases for both purposes,” is said.