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Plus Sees Window of Opportunity for Expats Condo Rental Phra Khanong-On Nut
27 āļ.āļ. 2021
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PLUS sees hope for a recovery of the condo rental market once the economy improves and the spreading of COVID-19 resolves. It cites demand from foreign tenants in the Phra Khanong-On Nut area, which is deemed attractive because of its proximity to
CBD as well as its transportation offerings. The presence of shopping centres, community malls, international schools, and a wide range of other amenities add to the desirability of the locale, while the skytrain offers a convenient linkage to the expat nucleus in Ekkamai-Thong Lo-Phrom Phong. Phra Khanong-On Nut is a rising development scene that is just a few stations away from city centre but where condo prices are 40%-60% cheaper and where rental yield stands at about 5% per year.
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Ms. Somsakul Limsuttaphan, Deputy Managing Director â Business Development and Asset Management Department at Plus Property, the full-service professional property and facility management agency, gave her thoughts on how the ailing economy and the domestic real estate scene may have investors worrying, especially those who had assets in the form of condominiums for renting out to the expatriate target group. The evolution of the COVID-19 pandemic has prompted many governments to become increasingly wary of opening up; even countries with a high rate of vaccination have tightened their policies on international travel as a result of increased caution. This could have the effect of reducing the number of visiting tourists and expats in Thailand during this current period. However, PLUS has drawn on its 25 years of experience in the property business to conduct analysis that yielded the view that the property market was moving in a circle. Although the present time period reflected a downward cycle, it is believed the market will recover and this should start to become visible in the last quarter of this year as the sector takes after the positive development seen in global trade, wherein the industrial manufacturing sector in most countries have seen little repercussion and have made decent recovery. The property market is now a buyerâs market, and many investors have been observed expanding their portfolio in order to generate improved yields once the market re-enters normal circumstances.
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With respect to investing in condominiums for rent purposes, locations of interest that present easy letting opportunities with members of the expatriates group working in Thailand were those situated in central business districts. But limited availability of land means that condominiums in such locations had high prices and rents were expensive. Locations that are slightly further away but still offered convenient transportation, such as the Phra Khanong-On Nut zone, are deemed attractive and also boast a high ratio of foreign tenants. Based on data from the past 5 years, the land price in this zone has increased by an average of 12% per year. The locale is in close proximity to the mainstay expat community in Ekkamai-Thong Lo-Phrom Phong but condos in the Phra Khanong-On Nut zone are priced 40%-60% lower while still offering easy commutes via the skytrain. Principal downtown areas are just a few stations away, and this convenient link to the city centre addresses the need of working tenants, especially expats. Phra Khanong-On Nut is considered a âhigh potential zoneâ that is rapidly being developed and which is already home to a complete array of amenities â shopping centres, community malls, schools, hospitals, shops and restaurants. The location responds to the living needs of foreign tenants, who are staying either with or without their family, in part because of the new residential community known as T77. This development project boasts a number of high-rise and low-rise condominiums, an international school, a community mall, spacious green areas and a large exercise zone, and social circles of expatriates.
Data from Plus Propertyâs real estate brokerage business revealed that condominiums within the T77 development had an average room size of 40 square metres and an average rent of 20,000 - 22,000 baht per month. The rooms provide an average rental yield of 5% per year. Condo rooms in T77 that were put up for rent had an occupancy rate of 86%, which was the highest figure for the mid-Sukhumvit area and reflected the rather high demand for tenancy within T77. Foreigners made up 60%-70% of all tenants.
âCondominiums in Phra Khanong-On Nut are situated in an attractive locality with potential. There is a complete set of amenities, a large community of expatriates within T77 itself, and an international school. This answers the needs of foreign tenants, including working individuals as well as families. In respect to property investment, demand is expected to be had from expatriates returning to Thailand once the spreading of COVID-19 is resolved; the property market is then expected to gradually recover and return to normalcy. Therefore, the current time presents investors who are interested in purchasing properties for rent with attractive opportunities stemming from promotional prices of condominiums and special offers that significantly reduce costs. There is opportunity to make profit in the long-term,â said Ms. Somsakul.
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Plus Property is a real estate agency that provides first-class property services to those looking to buy or rent out property in Thailand. Our highly experienced team also offers professional consultation on request. For information on condominiums that address the needs of your lifestyle and cater to your personal rhythm, call 02 688 7555 or click here to browse units currently available for sale and rent.
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