It’s nothing new that Bangkok is a rapidly growing city. You can see it every day on the public transportation, the traffic jams and the new construction sites popping up everywhere. New attractions and conveniences have been making more neighborhoods farther from the city center grow in demand and land price.
One area, Bangkok-Nonthaburi has seen land prices triple since 2010, as it is on the end of the newly extended Purple MRT line. The line will run from Bang Sue to Bang Yai and should be completed next year. Higher land prices inevitably will raise condo prices as well, which in this case is proven by the annual average growth of 20% in the same time period.
Currently, the number of condo units in this area is just above 3,500; all of which are located within the seven existing projects that have already opened for sales. Many of these tend to be one-bedroom units with up to 30 square meters of space and selling for 2-5 million baht each.
New condo projects will nearly double the unit supply, from companies such as Eastern Star Real Estate, Narai Property, CMC Group, Supalai, SC Asset Corp among others.
The new Purple Line is projected to be completed by 2015 and will most likely increase demand for condos in this area even more.
