Phaya Thai Real Estate Overview

Overall, Phaya Thai’s real estate market has shown resilience, adapting to changes and continuing to attract investment due to its location and improving connectivity. The real estate market in Phaya Thai, Bangkok, has experienced significant growth and changes over the past decade, influenced by global and local factors. The median sales price for a property is ฿7M , with a median price per square meter of ฿164,000. Property prices vary based on type, with studio apartments averaging ฿7M and 4-bedroom properties averaging ฿40M. While the COVID-19 pandemic caused a temporary slowdown in the market, with a 7.8% drop in housing sales expected in Bangkok and its suburbs in 2024, the market is expected to stabilize and potentially grow in 2025.

Foreign investment has also played a role, with a 79.2% increase in condo transfers by foreign investors in the first quarter of 2023 compared to 2022. Infrastructure developments, such as the completion of the Airport Rail Link, have improved accessibility and attractiveness, leading to increased commercial growth and office spaces in the area. Overall, Phaya Thai’s real estate market has shown resilience and adaptability, continuing to attract investment due to its location and improving connectivity.

1. Phaya Thai Real Estate: Strategic Location

Phaya Thai’s strategic location is a key factor driving its real estate market:

• BTS Phaya Thai Station: Provides convenient access to the BTS Sukhumvit Line, connecting residents to major business districts, shopping centers, and entertainment hubs. The area is within 15-25 minutes commute to major business districts like Silom, Rama 1, Ploenchit, and Lumpini.
• Airport Rail Link: Phaya Thai is also served by the Airport Rail Link, providing quick and easy access to Suvarnabhumi Airport.
• Proximity to Educational Institutions: Phaya Thai is home to several universities and schools, including Chulalongkorn University and Phaya Thai School.
• Shopping and Entertainment: The area offers a variety of shopping and dining options, including MBK Mall, Siam Square, and Central World.

2. Phaya Thai Real Estate: Affordable

While property prices in Phaya Thai can be higher than in suburban areas, they are generally more affordable than in prime areas like Chidlom, Sukhumvit, Silom and Ploenchit. The average price per square meter for condominiums in Phaya Thai ranges from 150,000 to 200,000 THB. Studio apartments in Phaya Thai starts around ฿65M.

3. Phaya Thai: Major Developments

Phaya Thai is home to several major developments, including:

• Samyan Mitr: A mixed-use development with residential, office, and retail spaces.
• Phyll Phaya Thai: A luxury condominium project with high-end facilities and modern designs.

4. Phaya Thai: A Commercial Hub

Phaya Thai is becoming a major commercial center in Bangkok, with several key developments driving its growth. Wannasorn Building, located at the Phaya Thai intersection, is a popular hub for tutoring schools and office spaces, serving students and office workers. SPE Tower on Phahonyothin Road is a well-known business address housing major companies and offering stylish office spaces.

The Unicorn, a new mixed-use development on Phayathai Road, features grade-A office space, retail areas, and a hotel. One Phaya Thai is an upcoming mixed-use project set to open in late 2023, combining luxury hotels, retail stores, and office spaces. Additionally, True Digital Park, while not specifically in Phaya Thai, is nearby and hosts tech giants like Google, Amazon, and Microsoft. These developments contribute to Phaya Thai’s growing reputation as a business hub, attracting both local and international companies.

5. Phaya Thai: Educational Institutions

Phaya Thai and its surrounding areas offer access to quality international education:

• RBIS International School: Located in Phaya Thai, this British International School serves students from ages 2 to 18.
• Other nearby international schools include Bangkok Prep, Wells International School, and NIST International School, all within a short distance from Phaya Thai.
• Phaya Thai is also known for its educational institutions, including Chulalongkorn University, one of Thailand’s top universities.

Buy a Property in Phaya Thai

Phaya Thai offers various property types, including condominiums, houses, and commercial spaces. Foreign buyers can purchase condominiums under certain conditions, while house purchases may require alternative arrangements due to foreign ownership restrictions.

Purchase a Condominium in Phaya Thai

Condominiums are a popular choice in Phaya Thai due to their convenience and modern amenities. Prices vary depending on the size, location, and developer.

• Condominiums: Both high-rise and low-rise options are available, ranging from studio apartments to larger units with multiple bedrooms.
• Houses: Detached houses, semi-detached houses, and townhouses are available in the area.
• Apartments: Some apartment units are listed for sale in Phaya Thai.
• Commercial properties: Office spaces and retail units are also available in the area.
• Land plots: Some land is available for sale in Phaya Thai, though this is less common than other property types.

With Keller Henson, you’ll find the property in Phaya Thai you’re looking for, and our team will guide you from understanding Thai regulations in regards to foreign ownership conditions to buying a property in Phaya Thai safely and smoothly. For more information, consult our guide to buying a property in Thailand.  

Purchase a House in Phaya Thai

Houses in Phaya Thai offer more space and privacy but are less common than condominiums. Foreign buyers may need to explore options like leasehold agreements or company setups to purchase a house.

Types of Houses for Sale in Phaya Thai

• Detached Houses: Detached houses in Phaya Thai offer privacy and often include gardens. Prices for these houses start at around ฿35 million for a 3-bedroom house. An example of a detached house currently for sale in this area is a 625 sqm, 7-bedroom house near Intamara 29, listed at ฿67 million.
• Semi-Detached Houses: Semi-detached houses share one wall with a neighboring house, making them more affordable than fully detached houses. The prices for these houses typically range from ฿20 million to ฿30 million. This option provides a balance between affordability and privacy.
• Townhouses: Townhouses are a compact and budget-friendly housing option. They are ideal for small families or young professionals. Prices for townhouses typically start around ฿15 million.
• Luxury Villas: Luxury villas are high-end homes that are often situated in gated communities. They feature modern designs and exclusive amenities, with prices that can exceed ฿50 million.

Foreign buyers interested in purchasing a house in Phaya Thai 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.

Phaya Thai Real Estate Final Words

The Phaya Thai real estate market offers prospects for both investors and homebuyers. Its strategic location, affordability, ongoing development, and dynamic commercial scene make it an attractive area for real estate investment. Keller Henson assists clients with navigating legal requirements and ownership restrictions when purchasing property in Phaya Thai. Phaya Thai is now one of the options people are looking at in Bangkok when is comes to buying properties. Contact Keller Henson today to explore available properties in Phaya Thai for sale.