The Wang Mai district in Bangkok is close to what many consider to be the CBD of Bangkok. The property prices in the Wang Mai area should be lower than those in the property in Pathum Wan as well as real estate in Lumphini however this can also be a mixed bag in terms of property development. Land in Central Bangkok is becoming very expensive.
Wang Mai District Property
In terms of mass transit there is only the BTS National Stadium to the North of the district and you will also find the famous MBK Centre located in Wang Mai. Traffic can be difficult in this are so if you are looking for buy or rent property in Wang Mai then consider this as an important part of your purchase or property rental.
Property rentals in this area tend to be in the 20,000 THB and up on average for around 43 Sqm. The average in this market is about 465 THB per Sqm which is not the high end market in Wang Mai but the average single open plan bachelors flat type condo unit. If we look over the past 4 years for property rentals in the Wang Mai area you will note that the property prices have been very stable but on a slow downtrend. Property rentals per Sqm can be seen in the table below which was the average price on property websites in Thailand during that period.
Rental Units in Wang Mai district
|September 2016||651 THB per Sqm||April 2018||632 THB per Sqm|
|February 2017||676 THB per Sqm||October 2018||619 THB per Sqm|
|August 2017||655 THB per Sqm||January 2019||613 THB per Sqm|
The rental market in Wang Mai district has also followed the sale prices in the area over the same period. These are again the median prices over these period in terms of sale price per Sqm. Speak to a financial advisor if you are looking at buying property in Wang Mai for investment purposes.
Sale Units in Wang Mai district
|September 2016||163,000 THB per Sqm||April 2018||174,000 THB per Sqm|
|February 2017||183,000 THB per Sqm||October 2018||171,000 THB per Sqm|
|August 2017||180,000 THB per Sqm||January 2019||170,000 THB per Sqm|
There have not been any major property projects in this are in a while and the top end property tends to be in the 13-14,000,000 THB range for around 70 Sqm with two bedrooms. You will note that as a foreigner there is a limit on how many unit’s foreigners may own in property developments. You are advised to take legal advice before you decide to buy into a project and if you are going to buy offplan in Thailand then ensure that the developer has been informed that it is for a foreign holding.
The property market in Thailand does fluctuate and rental prices are not always very stable. If you are looking for investment property, then speaking to an investment advisor in Thailand would be a good start if you are looking long term with your investment. Some invest to retire in the condominium unit when they retire while others speculate on property hoping to see it rise in the short term.
The taxes during transfer is going to be much higher if you have not held onto the property for a few years. The Thai government introduced this to stop property speculation in Thailand. If you are buying a secondhand unit then take this into account as to how long the current owner has actually owned the property for.