If you’ve been thinking about making a permanent move to Bangkok, Thailand then you’ll want to know what sort of money you can expect to pay for a residential property. Fortunately, if you are moving from countries like the US, the UK, Canada or Australia, you will get an awful lot more bang for your buck. But what is the average property price in Bangkok?

The average price for a residential property in Bangkok, Thailand
The average price for a residential property in Bangkok is approximately ฿3.4 million THB (which equates to $106,383 USD). Now, that might sound like a lot of money, but if you compare that to the average price for a residential property in your home country it will likely be vastly different. Let’s look at an example:

The average price for a residential property in London, United Kingdom: As of November 2021, the average price for a residential property in London was approximately: £519,934 GBP (which equates to $696,059 USD). In other words, you could buy roughly six residential properties in Thailand’s capital city for the same price as a single home in the UK’s capital city of London.

Bear in mind that these are merely averages. The cost to buy a residential property in Bangkok will depend on the following factors:

What type of property are you after? (foreigners cannot buy land in Thailand so you will be limited to buying a condo or an apartment – However, there are certain ways to get around this restriction, for example: purchasing a leasehold agreement; an offer of a 30-year lease on any villa or house)
What area of Bangkok are you interested in? (buying a property in central Bangkok will be more expensive than the outer suburbs)
How many people do you need to accommodate? (more rooms and bathrooms will add to the overall value of the property and thus up the cost of your initial investment)
What age and condition are you after? (buying a condo in a brand-new, luxury condominium complex will be more expensive than an older, second-hand property in an apartment building)
Upgrades & updates: Are you buying a new-build and would like to opt for some additional upgrades and updates? These optional extras will certainly add to the value of your new home, whilst similarly raising the overall cost of your initial investment
Interest rates (if applicable): Foreigners are able to get their hands on a property loan in Thailand, however, only if they are qualified under very strict conditions. Naturally, property loans will be subject to interest rates which will be added to the overall cost of the residential property in question
Certain economic factors: Study the market and wait for the opportune time to buy property in Bangkok. For example: property prices in Bangkok are at an all-time low due to the effects of the COVID-19 pandemic, making now an excellent time to invest and snatch up some quality real estate for less.

Important things to consider when buying property in Thailand
If you are thinking about buying property Thailand’s Capital city of Bangkok, then it’s not just the money that you need to worry about. Here are some important things to consider when buying a property in Thailand:

Foreigners cannot buy and own land in Thailand: As mentioned above, foreigners are unable to buy and own land in Thailand. Only condominiums and apartments can be owned in Thailand by foreigners under the following conditions foreigners cannot make up more than 40% of the condominium’s total unit owners.
How you will be able to legally reside in Thailand: Before rushing in and buying property in Thailand you need to make sure that you will be able to legally reside in Thailand. If you have a permanent job, you are married to a Thai, or you are on a retirement visa then you shouldn’t have any problems. However, understanding your rights and the legality behind the visa and work permit situation is an essentiality before going ahead and investing in a residential property in Bangkok.
Don’t rush into placing your deposit: You must make sure that you are absolutely, 100% committed to the property before placing your deposit. If you put down a deposit and then change your mind because something better comes along or indeed you spot issues with the property, then you will have lost your deposit altogether. This is a process that requires patience. Do your research and make sure that the property in questions ticks all of the boxes before parting with any cash.
Be mindful of your legacy: If you are expecting to leave your Bangkok residential property to your children in your will then you should be aware of just how complicated legacy and inheritance can be for foreigners. If your children / heirs are of Thai nationality then you won’t run into too many complications, otherwise they will have to be able to prove that they are qualified to own the property just as you need to in the beginning.

Conclusion
All in all, buying property in Bangkok in Thailand can be a very excellent way for you to invest your money. Even if you don’t plan to live in Bangkok for the entire year, you can start making a return on your investment by renting the property out to holiday makers and expats looking for temporary accommodation.

Just remember that the numbers offered in this article are averages. If you would like to get a more accurate estimation then you should start exploring your options in Bangkok.

We hope that this article has been helpful to you. Should you require any further assistance on purchasing property in Bangkok then please feel free to contact us at your convenience.