Asoke Real Estate Overview

Asoke’s real estate market has evolved significantly over the past decade, reflecting broader trends in Bangkok’s property sector and global economic influences.  The Asoke real estate market in Bangkok is currently booming, with a median sales price of ฿10M and a median price per square meter of ฿204,000. The northern tip of Asoke where Sukhumvit 21 meets Phetchaburi Road, is experiencing a surge in development, led by projects like the Singha Complex. Residential development is also rapidly increasing, with numerous condo developments priced between ฿200,000 and ฿300,000 per square meter. The area’s attractiveness to global companies is fueling commercial expansion. Market dynamics are shifting, with a 15% increase in condo transfers by foreign investors. Asoke hosts multinational corporations like LSEG (London Stock Exchange Group), other grade A offices. The rental market remains strong due to a consistent influx of potential tenants. Future projections suggest that development will spill over towards the Ratchadapisek Road-Rama 4 Intersection due to rising land prices in prime Asoke areas. The area’s strategic location and improving connectivity continue to drive its appeal for both residential and commercial properties.

1.Asoke Real Estate: Strategic Location

Asoke’s strategic location is a key factor contributing to its real estate appeal.

• BTS and MRT Interchange: Asoke Station serves as a major transportation hub, connecting the BTS Sukhumvit Line and the MRT Sukhumvit Line. This provides residents with seamless access to various parts of Bangkok, including major business districts, shopping centers, and entertainment venues.
• Accessibility: Asoke is well-connected to major roads and expressways, ensuring convenient travel within and outside the city.
• Proximity to Business Districts: The area is located in close proximity to major business districts such as Sukhumvit and Silom, making it an ideal location for professionals and businesses.
• Shopping and Entertainment: Asoke boasts a plethora of shopping malls, restaurants, and entertainment options, providing residents with a vibrant and fulfilling lifestyle.

2. Asoke Real Estate: Affordable

Asoke occupies a mid-range position in Bangkok’s real estate market, offering a balance between prime location and relative affordability compared to the most expensive areas. While more expensive than peripheral locations, it provides better value than ultra-prime districts.

Price comparison:

• Asoke: Average condominium prices range from 150,000 to 200,000 THB per square meter
• Bang Na: New Grade B high-rise condominiums average around 120,000 THB per square meter
• On Nut and Phra Khanong: Generally more affordable than Asoke, with prices typically 10-20% lower
• Prime areas (e.g. Chidlom, Ploenchit): Can exceed 300,000 THB per square meter for luxury developments

Asoke’s pricing reflects its strategic location, excellent connectivity, and status as a commercial hub. While more expensive than developing areas like Bang Na or further down the Sukhumvit line, it offers better value than ultra-prime locations while still providing access to Bangkok’s core.

3. Asoke: Mega Projects

Asoke has witnessed the development of several mega-projects that have transformed its landscape and attracted significant investment.

• Terminal 21 Asoke: A popular shopping mall known for its unique theme and diverse retail offerings.
• Exchange Tower: A high-rise office building catering to businesses.
• Singha Complex: A mixed-use development featuring a Grade A office tower, retail shops, and a luxury condominium.
• Interchange 21: An iconic 35-storey office building offering premium Grade-A office space along with a 5-storey retail podium. It is uniquely positioned as the only development in Bangkok with direct links to both MRT and BTS stations.

These mega-projects have significantly contributed to Asoke’s reputation as a key economic and commercial hub in Bangkok, attracting both local residents and international businesses and investors.

4. Asoke: A Commercial Hub

Asoke has established itself as a thriving commercial center in Bangkok.

• Corporate Offices: The area houses numerous corporate offices and multinational companies.
• Business Centers: Asoke boasts several business centers and co-working spaces, catering to entrepreneurs and startups.
• Retail and Hospitality: The presence of shopping malls, hotels, and restaurants contributes to a vibrant commercial environment.
• Prominent hospitals in the Asoke area include Bumrungrad International Hospital and Samitivej Sukhumvit Hospital, both renowned for their world-class medical facilities and expertise

5. Asoke: International Schools

Asoke and its surrounding areas provide access to quality international education, making it a popular choice for families.

• NIST International School: Located nearby, NIST offers IB programs for students aged 3-18.
• The First Steps International Pre-School: Located a short walk from Asoke, catering to young learners.
• The American School of Bangkok (ASB), now known as XCL American School of Bangkok (XCL ASB) Sukhumvit, is an international school located near Asoke in Bangkok.

Buy a Property in Asoke

Asoke offers a diverse range of property options for buyers, including condominiums, houses, and commercial spaces. Foreign buyers can purchase condominium units under certain conditions, while house purchases may require alternative arrangements due to foreign ownership restrictions.

• Condominiums: High-rise luxury condominiums offering premium living spaces with high-end amenities.

• Mid-range condominiums: Developments provide more affordable options while maintaining quality.
• Low-rise boutique condominiums: Smaller projects offering a more intimate living experience.
• Office Spaces: Grade A office buildings: Exchange Tower and Interchange 21 are examples of premium office spaces in Asoke.

• Serviced offices: Flexible workspace solutions for businesses of various sizes.
• Commercial Properties: Retail spaces: Shopping centers like Terminal 21 offer commercial units for businesses.

• Mixed-use developments: Projects like Singha Complex combine residential, office, and retail spaces.
• Serviced Apartments: Long-stay options catering to expatriates and business travelers.
• Hotels: Various hotel properties ranging from budget to luxury accommodations.

Keller Henson will assist you in finding your desired property in Asoke. Our team will provide guidance on Thai regulations concerning foreign ownership conditions, ensuring a secure and seamless property purchase in Asoke. For more information, consult our guide to buying a property in Thailand.  

Purchase a Condominium in Asoke

Condominiums are a popular choice in Asoke, offering modern living spaces and convenient access to amenities. Prices vary depending on the size, location, and developer. The average price for condominiums in Asoke ranges from THB 200,000 to THB 300,000 per square meter, with luxury projects commanding higher prices. Studio apartments in the area average around ฿6M, while 1-bedroom properties average ฿8M, and 2-bedroom properties average ฿17M.

Purchase a House in Asoke

While Asoke is primarily known for its condominium market, there are limited options for houses in the surrounding areas. However, foreign buyers should be aware of restrictions on land ownership in Thailand. Foreign buyers interested in purchasing a house in Asoke must navigate foreign property ownership laws, which restrict direct land ownership. However, options include:

• Leasehold agreements, allowing foreigners to lease land for up to 30 years with possible renewals. Learn more in this article on leasehold vs. freehold.
• Establishing a Thai limited company to indirectly own the property. This method requires Thai nationals to hold at least 51% of the company’s shares.

Keller Henson can guide clients through the legal and regulatory processes for leasehold agreements or company setups, ensuring informed decisions compliant with Thai law ensuring a smooth and secure investment process.

Types of Houses for Sale in Asoke

Due to Asoke’s urban nature, houses are less common. However, in nearby areas, you might find:

• Townhouses: Compact options suitable for small families or professionals, with prices starting from about 10 million baht
• Detached Houses: Standalone homes offering privacy, with prices starting from around 20 million baht
• Luxury Villas: High-end homes in exclusive developments, though these are rare in the immediate Asoke area

Asoke Real Estate Final Words

Asoke’s strategic advantages, including its prime location, exceptional connectivity, and diverse property options, position it as a highly attractive area for real estate investment. The consistent appreciation of condominium prices, coupled with healthy rental yields, underscores the area’s potential for generating strong returns. While property prices in Asoke are generally higher than in other areas of Bangkok, the area’s robust infrastructure, thriving business environment, and vibrant lifestyle make it a compelling choice for both investors and those seeking a premium urban living experience. The ongoing development and limited land supply in Asoke are expected to further drive property values in the future, making it a sound investment choice for those looking to capitalize on Bangkok’s dynamic real estate market. Contact Keller Henson today to explore available properties in Asoke for sale.