High land prices and a cooling property market have made this condo segment a good investment.
Resale condos in prime locations across Bangkok will remain attractive as selling prices are lower than those of new units and average capital gains remain strong, according to property consultants.
Poomipak Julmanichoti, managing director of property consultant Plus Property Co, says Bangkok's resale condo market has grown more popular over the past four years, with selling prices 30-40% lower than those of newly-launched units in the same locations.
"The price difference between newly-launched and resale condo units is driven by higher land prices. In prime locations where land plots are scarce, the price differences are quite large," he says.
According to the company's research, selling prices of condo units launched in the Thong Lor area last year started at 275,000 baht per square metre, up from 176,000 baht per sq m in 2012 -- an increase of more than 56% in three years.