Lifestyle changes brought by Covid-19 mean Thai buyers are shifting from luxury condominiums to luxury city houses in search of better value, according to Nexus.
The property consultant says its “Luxury House Grand Sale” campaign is targeting people who love city-living but at lower prices than condos in the same area.
A luxury city house is defined as a house of 300-1,000sqm, usually three storeys or more, on a compact plot, explained Nexus Property Marketing Co Ltd managing director Nalinrat Chareonsuphong.
A luxury city house can be a town home, twin house or single house.
Supply of luxury houses in Bangkok has grown over the past five years, with 56 new projects and 796 units, valued at more than 40 billion baht ($1.34 billion), said Nexus.
Ninety per cent of Bangkok’s total supply is in the city centre, close to public transport. Locations with highest number of units are Ekkamai-Ramintra (26 per cent), Sathorn-Rama III (21 per cent) and Sukhumvit (20 per cent). Projects are now expanding to Ratchada-Lat Prao and Phaholyothin-Vibhavadi.
Prices run from 20 million baht to more than 100 million baht, though most new luxury houses go for 30-50 million baht (42 per cent) and 20-30 million baht (27 per cent). The price of these houses is about three times lower than condos, said Nexus.
For example, in Sathorn, the average price per sqm of super-luxury condominium is 293,000 baht but only 78,000 baht for a luxury house. Those with a budget of 50 million baht could afford a 200sqm Penthouse condominium or a house with over 700sqm, said the property consultancy.
Nexus’s Luxury House Grand Sale features leading developers of over 20 projects, with properties priced from 22.9-70 million baht and maximum discounts of 11 million baht. Special promotions including Euro Creations furniture from Italy are available until March 31.
THE NATION (THAILAND)/ASIA NEWS NETWORK