Condominiums near international schools in Bangkok are in high demand, attracting a diverse group of Thai parents, expatriates, and educators, with the Siam-Nana, Asoke-Ekkamai, and Silom-Sathorn areas being the most popular.
According to property consulting firm Knight Frank Thailand, the supply of condos priced above 150,000 baht per square meter within 500 meters of international schools and transit stations has been on the rise.
By the first half of 2024, the total supply reached 54,177 units, with 919 new units introduced during this timeframe. This is a notable increase compared to 3,011 newly launched units in 2023, 3,241 in 2022, 1,290 in 2021, 1,231 in 2020, and 5,006 in 2019.
Despite the increase in supply, the sales rate remained strong at 85.9%, marking only a slight drop from 86.6% at the close of 2023. The sales rates generally stayed within a range of 83.9% to 89.2% from 2019 to 2022.
“Demand has remained robust relative to the overall condo market in Bangkok, which has seen a slowdown,” stated Sunchai Kooakachai, the director and head of research and advisory at Knight Frank Thailand.
This heightened demand is attributed to the expanding international school sector, the growing affluent demographic, and an increasing expatriate community.
Between 2019 and the first half of 2024, Bangkok saw 18 new international schools open, bringing the total to 144 by mid-2024. This growth is largely fueled by affluent families looking for quality education for their children. The rise in high-net-worth individuals (HNWIs) in Thailand, defined as those with assets exceeding 30 million baht, has been noteworthy.
From 2008 to 2020, HNWIs grew at a compound annual growth rate (CAGR) of 10.15%. Additionally, the Bank of Thailand reported an increase in bank accounts holding over 25 million baht, which experienced a CAGR of 7.77% from 2008 to 2022.
The expatriate community in Thailand has also expanded, reaching a total of 174,991 individuals in 2023, further boosting the demand for international school options.
Approximately 32% of Bangkok’s international schools are located in the city center, enhancing the appeal of nearby residential properties for both locals and investors.
Among the most popular areas, condos from Siam Square to Nana have the highest average rental rates, with one-bedroom units priced at 1,088 baht per square meter per month and two-bedroom units at 1,124 baht per square meter per month.
“Tenants are often seeking larger units that accommodate family living, generally preferring properties with two bedrooms or more. The availability of concierge services adds to their appeal, providing convenience and enhancing the living experience for expatriates,” Mr. Sunchai added.
For parents, having privacy and family-friendly amenities is of utmost importance. Condominiums featuring fixed parking, private or designated elevators, and child-friendly facilities like playgrounds, sports fields, and green spaces are especially desirable.
Unit size is another significant factor, with many parents looking for spacious two-bedroom units ranging from 60 to 200 square meters, often with additional features such as private maid’s quarters to ensure comfortable family living.
