The property market in Thonburi lead performance last year by posting the highest growth of new condos with the buyers to match, due to the construction of mass transit lines to the area which is known for being a quiet place to live not too far from the business centers in Bangkok.
Independent market studies show that the total supply of condos in Thonburi ballooned by 227% to 43,000 units in 2014, achieving the accolade for the highest increase of condominiums in any location in Greater Bangkok over a three period dating back to 2011. Supporting Thonburi’s remarkable growth, high absorption rates backed the condominium boom. Absorption rate is the percentage of sold condos of total available condos. For the second half of last year, Thonburi achieved a 79% absorption rate, selling 79% of a total 9,691 condos.
As further confirmation to land developers, investors and condo unit owners in Thonburi, new projects this year in the same area have reported as high as 90% absorption rate. Condominium supply in Thonburi is on pace with its demand. An agency reports that the same time last year, condo supply rose 38% keeping up with the area’s 38% rise in demand.
Property on Thonburi’s facing riverbank is selling for above average land prices at an average of 116,000 baht per square meter. Condo rent prices have also increased to an average of 440 baht per square meter approximating to 15,000 to 25,000 baht per month rent for a 1-bedroom condominium in the same area. See a list of condos for sale/rent in Thonburi.
Thonburi is a quiet and peaceful area located on the rim of Bangkok and easily commutable by BTS to business centers Silom and Sathorn. Situated west of Chao Phraya River, high rise condos in Thonburi provide stunning views and puts residents within close proximity to the river where they can enjoy activities, establishments and scenery along the banks. Further improvement to the river frontage is underway by the approved River Project. Also in the Thonburi district is Chareoen Nhakon road which is emerging as a vibrant commercial hub.
However, chief among the factors propelling this growth are 2 BTS lines, one under construction that will provide Thonburi greater coverage. Condos along these BTS lines will offer its residents easy skytrain access and cheaper commutes. These condos, established on the relatively lower costs of land in the area, allows developers to set lower starting prices and target the mass market and regional investors by adding mid-priced condominiums into their mix.