Bangkok’s Ultra-Luxury Residences Drive High-Value Sales Amid Market Challenges
Over the past decade, luxury residences in Bangkok priced above 100 million baht per unit have seen a remarkable 450 billion baht in total sales, with 394 new units introduced since 2015, according to a recent report by property consultancy Colliers International.
Unlike the broader Thai property market, which faces a downturn largely due to high mortgage rejection rates from financial institutions, the ultra-luxury segment remains resilient. Phattarachai Taweewong, research director at Colliers, explained that affluent buyers in this market segment often pay in cash, bypassing the need for housing loans entirely.
As of September’s end, around 350 high-end houses were actively on the market, with 41.14% situated in prime locations such as Sukhumvit, Aree, Bang Na, Rama IX, and Phattanakarn.
“These properties have an anticipated sales rate of 52.28%, leaving just 168 units unsold,” Phattarachai noted. “The primary clientele includes high-net-worth individuals such as executives, business owners, expatriates, and celebrities.”
The northern fringe of Bangkok leads with the highest sales rate in this segment at 65.08%, followed by the eastern fringe at 59.09%, the western fringe at 52.54%, the inner city at 45.83%, and the southern fringe at 33.33%.
Looking ahead, Colliers forecasts over 30 new "ultimate" class units to enter the market next year, underscoring developer confidence in this niche. Phattarachai highlighted that location is a pivotal factor in purchasing these properties. Positioned on rare city-center land and crafted by top-tier brands, these homes are not just residences but also personal statements, often incorporating exclusive designs and unique functionalities that resonate with their owners' identities.
See Bangkok Luxury Properties here.
Source: The Nation
