Despite the high price per square metre, the Watthana district was Bangkok's most popular location among both foreign and domestic condo buyers and tenants because of its amenities and convenient transport options.
According to the Real Estate Information Center (REIC), Watthana was the No.1 location among the top five nationalities for condo transfers in the first nine months of 2023, totalling 333 units worth 4 billion baht.
The top five comprised Chinese with 222 units worth 2.9 billion baht, followed by Taiwanese with 49 units valued at 470 million baht, Americans with 32 units worth 315 million, British with 19 units worth 224 million and Russians with 11 units valued at 87 million.
The top five nationalities for condo transfers nationwide in the same period comprised Chinese with 4,991 units worth 24.7 billion baht, accounting for 47%, followed by the Russians at 9%, Americans and Taiwanese at 4% each, and the British at 3%, noted the REIC.
The Watthana district, situated north of the skytrain stations from Nana to On Nut, encompasses the odd-numbered sois along Sukhumvit Road, running from Nana in the east to Khlong Phra Khanong in the west, while also extending south of Sukhumvit Road and alongside Khlong Saen Saeb in the north.
According to property consultant CBRE Thailand, Sukhumvit was one of the central business district (CBD) locations where the average asking price per sq m for freehold future condos was the highest, at 250,250 baht.
"When considering a condo purchase in Bangkok, most foreigners will start with the CBD areas before expanding to other areas because of the amenities and convenient transport available," said Artitaya Kasemlawan, head of residential sales at CBRE Thailand.
Property website DDproperty.com reported the Watthana district was the most popular location among Thai buyers and tenants searching for condo units to purchase or rent through its website in 2023.
Neighbouring district Khlong Toey was the No.2 location for the top five nationalities for condo transfers in the first nine months last year, according to both REIC and DDproperty.com.
The location with the highest amount of sales transfers among the Chinese, with 664 units worth 3.97 billion baht during the first nine months of last year, was Huai Khwang.