The real estate industry around the world is known to be very inconsistent mainly because of the disparities in cities and locations. To put this into perspective, take for example a studio apartment in New York City, according to brg.com, renting such a space would set you back $2,000 a month. Compare this location with a location such as Detroit, where buying a house would cost you a mere $500 – this is just in the United States. Back here in Thailand, property sale Bangkok is considerably cheaper than; say the United States and Europe.
China and Property Sale Bangkok
It has been noted that a large number of new condos in Bangkok are being acquired by the Chinese – more specifically, wealthy Chinese business entities. This trend has been fuelled by the fact that the number of tourists from China has increased from the 7.9 million visitors in 2015 to the now 10 million seen during 2016.
Such a demand for high-end property has seen the development of new condos in Bangkok. Some of these condos are going for $300,000 or even higher. It is expected that more and more cheap condo for sale in Bangkok projects will crop up now that the transport system and other factors have improved. This is happening despite the shaky economy which has been experienced in Asia over the stretch of 2016.
New Condos in Bangkok
Many new Bangkok properties are cropping up left, right, and centre. This increase will affect the Bangkok area, not to mention the Thailand in general. In Bangkok alone, major developers launched 10 major real estate projects in 2016, worth Bt220 Billion. Moreover, new condos in Bangkok are set hit a 67 targeted number by the end of this year. In addition to that, 92 townhouse projects will be launched as well as 74 detached-housing projects.
Local Buyers Capitalise on Cheap Condo for Sale in Bangkok
As cheap as it is for foreigners to acquire property in Bangkok, a noticeable number of locals are taking advantage of the ‘cheap condo for sale in Bangkok’ environment and getting their slice of the pie. For instance, in central Bangkok, a location with high-end new condos in Bangkok, 20 percent of such apartments have been purchased by foreigners.
This goes to show that despite the economic shakedowns experienced in Thailand, locals can still manage to acquire property sale Bangkok. If you are looking for cheap condo for sale in Bangkok, feel free to talk to us and let us help you find your dream home without hurting your pockets.