RISMedia's Real Estate Magazine

DEC 2018

Real Estate magazine is the industry's leading source for real estate news and information since 1980. Published monthly by RISMedia, Real Estate magazine offers timely and relevant real estate news to the industry's top brokers and agents.

Issue link: http://remag.rismedia.com/i/1057163

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Page 30 of 158

26 December 2018 RISMedia's REAL ESTATE A premium real estate agency founded in 2013, Sense Property Group is committed to offering top-notch service to global customers. With a single agency in the inner center of Bangkok, Thailand, where the demand from foreign investors and expats is strongest, the boutique real estate agency focuses on the high- end of the residential market. Working as a five- person sales team, the firm also serves Koh Samui, Phuket, Hua Hin, Chiang Mai and Pattaya through a network of experienced and reputable foreign brokers. Here, Co-Founder Bastien Forzy discusses the current state of the market in Thailand. Tell us about the types of properties in your market and which are most popular. Bastien Forzy: Over 95 percent of our sales involve con- dominium units, which are the only type of property that foreigners can purchase "freehold," i.e., without restric - tion of rights or time. Freehold condos can even be trans- mitted to the owners' heirs. Foreigners (either individuals or companies) began purchasing freehold condos in Thai - land in 1992 when the Condominium Act was passed, allowing them to purchase condominium units in the limit of 49 percent of all built-up units per condominium-regis - tered residence. Please describe your current housing market. BF: As of Q2 2018, there were approximately 240,000 condominium units in Central Bangkok, of which 20 per - cent belonged to foreigners. To fully understand the lo- cal condominium market, one must make the distinction between the new sale and resale market. In looking at the new sale market, the average transaction price of new homes (condominium units) in Central Bangkok was 280,000 Thai Baht (THB) per square meter in Q1 2018, with notable discrepancies between the very top of the market (super-luxury condos go up to 600,000 THB/sq. m) and the Grade-A market entry (around 250,000 THB/ sq. m). Even more significant is the gap between the new - est and oldest properties on the resale market, where the oldest- and lowest-end condos in Central Bangkok can trade as low as 60,000 THB/sq. m, 10 times lower than the most expensive properties. This 1-to-10 price scale is one of the main features of Central Bangkok's condo market, a source of immense opportunity for Talking Luxury in Thailand by Paige Tepping

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