High-end residential property in Bangkok are priced considerably lower than the average of the region, an October 2015 Asian Wealth report shows.
The Julius Baer report compares the prices of luxury goods and services for high net worth individuals in 11 ASEAN cities – Hong Kong, Shanghai, Singapore, Mumbai, Tokyo, Manila, Kuala Lumpur, Jakarta, Seoul, Tapei and Bangkok.
The report shows that the high-end residential property market in Bangkok offers the best value. On average, similar high-end properties were priced 18% lower in Bangkok compared to its regional counterparts. Quite remarkable considering the high-end projects easily found in Thailand’s capital re-defining the super luxury category.
Hong Kong ranked the most expensive market for high-end residential property, eclipsing runner-ups Shanghai followed by Singapore by a large margin.
Recently, Hong Kong investment firm Fulcrum Capital invested 2.3 billion and bought 300 units at Park 24, a luxury condominium project with 10-rai of green space in the middle of one of Bangkok’s most desirable addresses – the EM District in Phrom Phong. Managing director of Fulcrum Capital, Frank Leung had this to say:
“Thailand is the first country in Asean in which we are expanding our investment, after seeing business opportunity especially for residential projects, for which prices are still lower when compared with other Asian markets like Hong Kong, Singapore and China,” Source: nationmultimedia
The October 2015 Asian Wealth report further concludes that despite ranking expensive for some luxury goods (also an indication of quality); Bangkok is still far behind the most-expensive-goods city Shanghai and remains a bargain for services provided to wealthy individuals, with only Mumbai and Jakarta less expensive overall.
Services that were significantly lower in Bangkok than in other ASEAN cities in the study were: wedding banquet (-33%), golf club memberships (27%), Business class flights (-26%), lawyers (20%).
The results of the report confirm what’s often been said before. Bangkok city is one of the most attractive places to invest and live in. Modern luxuries are readily available at all price ranges and expensive services are very affordable. You get nicer residential property for the dollar you spend in Bangkok than almost anywhere in the world; including the Asian region.
*Luxury goods in the report include: watch, handbags, wine, jewelry, men’s suit, piano, car, cigar and designer shoes.
*Luxury services include: business class flights, facial aesthetics, wedding banquet, hotel suite, tooth implant, hospital, golf club membership, lawyer and high-end residential property.