Kaset Nawamin-Ram Intra and Bang Na-Samut Prakan were the hottest Bangkok locations for property demand in 2024, ranking among the top three to five for single houses, townhouses, condos and luxury houses.
Sumitra Wongpakdee, managing director of property researcher Terra Media and Consulting, said Kaset Nawamin-Ram Intra is served by both the existing Pink Line mass transit system and the planned Orange Line.
“Bang Na-Samut Prakan is another popular location due to its proximity to Suvarnabhumi airport and key employment hubs such as industrial estates, following significant overseas investment in the electronics industry,” she said.
While those factors have driven demand for single detached houses, townhouses and luxury houses, Lat Krabang, located nearby, also recorded condo demand from students and staff of King Mongkut’s Institute of Technology Ladkrabang, which is expanding.
CAMPUSES, FACTORIES PIVOTAL
According to Terra, Bang Na-Lat Krabang was the hottest condo location in the first nine months of 2024, recording the highest absorption rate per project per month of 19-31 units, driven by its proximity to the university and industrial estates.
The average price per square metre was 69,000 baht, reflecting a year-on-year increase of 12%, the highest growth in the market.
Ranking second for condo location was Ramkhamhaeng-Bang Kapi with an absorption rate of 15-29 units per project per month, driven by an interchange between mass transit lines. The average price per sq m was 105,000 baht, marking a 4.9% year-on-year increase.
Third was Rangsit-Ku Kot, with an absorption rate of 13-29 units and an average price of 67,000 baht, up 2%, driven by its proximity to universities and the skytrain.
Fourth was Kaset-Ram Intra with an absorption rate of 12-18 units and an average price of 85,000 baht, rising 3%, primarily driven by its mass transit access.
TOWNHOUSES IN OUTER AREAS
Promising townhouse locations were spread across outer Bangkok, with Ram Intra-Min Buri recording the strongest demand, driven by the Pink and Orange lines.
The absorption rate ranged from 7-12 units per project per month, with an average unit price of 2.89 million baht, marking a 7.8% year-on-year increase.
Second was Bang Khae-Phetkasem with an absorption rate of 7-10 units and an average unit price of 2.99 million baht, reflecting a 2.3% increase. The key driver was the MRT, according to Terra.
Third in townhouse demand was Bang Na-Bang Bo, benefiting from its proximity to the Bang Phli and Wellgrow industrial estates. The absorption rate was 4-9 units per month per project, with an average unit price of 2.49 million baht, up 1%.
Fourth was Phutthamonthon-Sala Ya, with an absorption rate of 2-9 units per month and an average price of 2.5 million baht, reflecting a 10% increase.
Finishing fifth was Rangsit-Pathum Thani, particularly the Ratchaphruek-345 area, with an absorption rate of 5-8 units per month and an average price of 2.39 million baht, down 1%.
WEST MAKES GAINS
The popular locations for single detached houses and twin houses last year were mostly in western Bangkok, particularly Bang Yai-Bang Bua Thong and Phetkasem-Bang Bon.
Bang Yai-Bang Bua Thong, especially locations near Central Westgate mall, led the way with an absorption rate of 3.1-6.7 units per project per month and an average unit price of 4.99 million baht, reflecting a 4% year-on-year increase.
In terms of demand, No.2 was Suk Sawad-Pracha Uthit in southern Bangkok, driven by its proximity to the Ring Road expressway. The absorption rate ranged from 3-6 units per project per month, with an average price of 6.69 million baht, marking an 8% increase.
Third was Phetkasem-Bang Bon, with an absorption rate of 3-5 units per project per month and an average price of 6.69 million baht, up 6%.
Fourth was Ram Intra-Min Buri, with an absorption rate of 2.3-4.5 units per project per month and an average price of 5.39 million baht, up 8%.
Fifth was Samut Prakan-Bang Na, with an absorption rate of 3-4 units per project per month and an average price of 5.59 million baht, increasing 3%.
LUXURY SEGMENT ROBUST
The luxury home market, referring to units priced more than 30 million baht, skyrocketed between 2022 and 2024.
New supply tallied 1,068 and 1,688 units in 2022 and 2023, respectively, compared with 178 to 367 units per year between 2015 and 2021.
This momentum continued into 2024, with 998 units from 34 projects launched in the first 11 months. Of these, four projects with 27 units had prices exceeding 100 million baht.
The two hottest zones were Bang Khae-Sala Ya-Ratchapruek, with an absorption rate of 1.6-2.5 units per project per month, followed by Kaset Nawamin-Ram Intra with an absorption rate of 0.8-2.4 units per project per month.
Third was Samut Prakan-Bang Na-Lat Krabang with an absorption rate of 1.4-2 units per project per month.
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