We have seen strong demand from Asian investors for Bangkok property where prices are a fraction of those in Hong Kong but offers an average rental yield of 5.15%. On top of it, only 49% of flats can be sold to foreign buyers, making supply to each market limited
Naturally, most investors are interested in buying condominiums in Bangkok’s Central Business District, especially Sukhumvit Road. In fact, most of the focus thus far has been in Thonglor – also known as Sukhumvit Soi 55.
In recent years, Thonglor has become popular with Local Thais and Expats alike and the unprecedented surge in demand has seen condo prices in Thonglor shift upwards from 120 – 150,000 THB persqm to 250,000 THB persqm for some of the top projects.
While Thonglor is often seen as Bangkok’s popular haunt, Ekkamai, Thonglor’s sister neighbourhood (which has largely been under the radar) is also benefiting from this spillover effect
Ekkamai – the “Soho” of Bangkok
For those investors familiar with Bangkok, you will have heard of Ekkamai’s unique character and vibe, having gentrified into Bangkok’s high society hangout spot.
Although it is often overshadowed by the flashier neighbourhood Thonglor, in the past year, investors who have spent ample time researching and understanding the Bangkok property market are now turning to Ekkamai and are calling it the “Most Underrated Condo Investment Hotspot”.
Surrounded by lifestyle cafes, a multitude of classy malls and luxury residential towers, Ekkamai is transforming into a popular rental hub for the CBD’s working professionals – especially with the Japanese expat community given the proximity to some of the best and most demanded international schools in Bangkok:
- Lycee Francais
- The Thai-Japanese School
- Singapore International School
Unlike Thonglor’s flashier vibe, Ekkamai has developed a more laidback bohemian environment intertwining old and new shop houses with classy socialite hangouts.
Ekkamai – Those investors who got it right
Following Thonglor’s luxury condo development spree, unsurprisingly more investors and developers are now eyeing the neighbouring Ekkamai. This boom is predictable to some of the more astute and familiar investors in Bangkok.
Due to Ekkamai’s central location (a few BTS stops away to Asoke) and appealing lifestyle, it is often seen as an extension of Thonglor with a more laidback and liveable environment. For that, Ekkamai offers a highly attractive proposition for the “buy to rent” investors who want to benefit from a steady and constant rental demand from locals and expats both.
That said, Ekkamai has been left relatively untouched with most developers still continuing their development efforts in Thonglor. At the moment, condo options and supply in the area remains relatively limited.
Ekkamai – best described as Thonglor without the price tag
Despite being the sister neighbourhood of Thonglor and with limited new condo options, it has somehow managed to maintain highly competitive prices. At an average price of THB180,000 – THB 200,000psm, prices in Ekkamai are still lower than those in Thonglor and is best described as Thonglor without the price tag.
This means lower capital outlay for investors and better rental yield and liquidity (given the limited condo developments in Ekkamai)
Only a few of the most established developers in Thailand are capitalizing on this opportunity. One of it being, Noble Development PCL who has over 20 renowned developments in its name.
The only condo just 350m from BTS Ekkamai – Noble Ambience Sukhumvit 42
Noble Ambience Sukhumvit 42 caught our eye when it launched a campaign that went viral –promising a Rare and New Development that is just 350m from BTS Ekkamai
There have been no other comparable developments with such proximity to BTS Ekkamai and being as centrally located in Ekkamai and it has received unprecedented support and interest from local and foreign investors. For those interested in the project, we have included a link to the official site.