Purple Line land prices have grown more than 40 percent during the past five years, and that combined with a 21 percent population growth in suburban Bangkok are reasons why overseas property buyers and investors are looking towards non-traditional areas.
Property development near Bang Yai, Taopoon and Wong Sawang stations on the Purple Line have been highlighted as being most attractive by one real estate firm.
Anukul Ratpitaksanti, Managing Director of Plus Property, said that based on population growth statistics for Bangkok and its vicinity, his firm discovered population throughout Bangkok grew by just 1 percent during the 20-year period from 1997 until 2017.
At the same time, population in Bangkok’s suburbs grew by 21 percent, with the most noticeable growth being in Pathumthani province (40 percent growth), Nonthaburi (21 percent) and Samut Sakhon (19 percent).
He said factors contributing to population growth include proximity to Bangkok, steady prices and easy commutes.
He predicted property in Bangkok’s suburbs will become increasingly attractive, especially for condos along the Purple Line.
The Blue Line is undergoing expansion from Bang Sue to Thaphra, and from Hua Lamphong to Bang Khae, and Plus said the area along the Purple Line will soon become an important connection route for Bangkokians.
The real estate firm found land prices and condo selling prices along the Purple Line rose by an average of 4 percent between 2013 and 2017. However, prices of units at condos near the three most popular Purple Line stations – Taopoon, Bang Sue and Wong Sawang – have only risen by between 15 percent and 29 percent.
Taopoon station is the Purple Line’s starting station, and it will become an interchange station with the expanded Blue Line in the future.
This has resulted in land prices having risen the most, by an average of 17 percent per year. Currently, Plus Property noted the price stands at THB 280,000 per square wa.
Data revealed by Plus Property determined the highest average selling price along the Purple Line route was about THB 90,000 per sqm to THB 110,000 per sqm.
These prices have risen by 35 percent over the previous five years.
Rental returns, according to Plus, stood between THB 10,000 and THB 15,000 baht for average returns of 4.5 percent per year.
Currently, resale prices have already reached THB 100,000 per sqm to THB 120,000 per sqm.