Phra Kanong Real Estate Overview

The Phra Kanong real estate market is currently experiencing rapid growth, driven by increasing demand for both residential and commercial properties. The area’s affordability, compared to other prime locations in Bangkok, and its convenient access to transportation, via the BTS Skytrain line, have made it a popular choice for both local and international buyers. This popularity is reflected in the market’s key statistics. The average condominium price in Phra Kanong ranges from 150,000 to 200,000 THB per square meter, and property values in the area are appreciating at a rate of 5-7% per year. For those looking to invest, rental yields in Phra Kanong average around 4-6%. Additionally, data from the Real Estate Information Center (REIC) reveals that the area has experienced a remarkable 15% year-over-year increase in property transactions since 2020, further highlighting the market’s robust growth and strong investment potential. In 2023-2024, Phra Kanong saw a surge in popularity among millennials and Gen Z, with rental prices for 1-bedroom condos starting at approximately 35,000 THB per month. The median price for an apartment was THB 185,000/m², significantly lower than in central Bangkok. This, coupled with consistent demand from young professionals and expatriates, makes Phra Kanong an attractive location for buy-to-let investments. Phra Kanong has seen an increase in commercial developments, including community malls and co-working spaces. The area is becoming a hub for creative industries, potentially driving up property values further.

1. Phra Kanong Real Estate: Strategic Location

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

• BTS Skytrain: Phra Kanong BTS station provides easy access to other parts of Bangkok, including major business districts, shopping centers, and tourist attractions.
• Accessibility: Phra Kanong is well-connected to major roads and expressways, ensuring convenient travel by car or taxi.
• Proximity to Amenities: The area offers various amenities, including shopping malls, restaurants, hospitals, and schools, making it a convenient and comfortable place to live.

2. Phra Kanong Real Estate: Affordable

Phra Kanong offers a range of affordable housing options compared to other prime areas in Bangkok. The average price per square meter for condominiums in Phra Kanong is lower than in areas like Asoke and Thonglor, making it an attractive option for first-time buyers and investors.

3. Phra Kanong: Mega Projects

Several mega-projects have been developed in Phra Kanong, contributing to its growth and development.

• Summer Hill: A mixed-use development with residential, office, co-working spaces, fitness and retail spaces.
• W District: A large-scale commercial and residential project.

4. Phra Kanong: A Commercial Hub

Phra Kanong has a growing commercial scene, with various businesses and shops catering to the needs of residents and visitors.

• Community Malls: Phra Kanong boasts several community malls, offering a range of shopping and dining options.
• Local Markets: The area also has local markets where residents can find fresh produce and other goods.
• Restaurants and Cafes: Phra Kanong has a vibrant food scene, with numerous restaurants and cafes offering diverse cuisines.

5. Phra Kanong: International Schools

Phra Kanong and its surrounding areas provide access to quality international schools, making it a popular choice for families with children.

• St. Andrews International School that offers a British curriculum leading to IGCSEs and the IBDP, along with a unique STEAM program. St. Andrews is part of the Nord Anglia Education group, bringing global educational resources to Bangkok.
• Bangkok Prep International School Campus is situated in Sukhumvit 77, within the broader Phra Kanong area. The school follows the National Curriculum of England and offers IGCSEs and A-Levels. The school is located in the T77 community near On Nut BTS station.
• Wells International School: Offers an American curriculum for students from pre-kindergarten to grade 12.
• Anglo Singapore International School: Provides a British curriculum for students from nursery to secondary levels.

Buy a Property in Phra Kanong

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

Condominiums make up approximately 70% of available properties in Phra Kanong. The area offers a mix of high-rise and low-rise developments

• Luxury condominiums: High-end projects with premium amenities and finishes, often priced above 200,000 THB per square meter.
• Mid-range condominiums: Offering a balance of quality and affordability, typically priced between 100,000-200,000 THB per square meter.
• Affordable condominiums: Budget-friendly options, often priced below 100,000 THB per square meter.
• Houses: Houses account for approximately 20% of available properties in Phra Kanong.
• Commercial spaces: Commercial properties make up about 10% of available properties in Phra Kanong, including:

• Office spaces: Modern office buildings catering to businesses of various sizes.
• Retail spaces: Shops and commercial units in community malls and mixed-use developments.
• Co-working spaces: Flexible workspaces catering to freelancers and startups.

Purchase a Condominium in Phra Kanong

Condominiums are a popular choice in Phra Kanong, offering modern living spaces and convenient access to amenities. Prices vary depending on the size, location, and developer. The Phra Kanong real estate market has seen significant growth, with the median sales price for properties reaching approximately ฿14M. The area’s popularity among young professionals and expatriates has driven demand for modern, well-connected properties.

Purchase a House in Phra Kanong

Houses in Phra Kanong are less common than condominiums but offer more space and privacy. However, foreign buyers should be aware of land ownership restrictions in Thailand. Foreign buyers interested in purchasing a house in Phra Kanong must navigate foreign property ownership laws, which restrict direct land ownership. 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 Phra Kanong

• Detached houses: Standalone homes offering privacy and space, typically ranging from 200-400 square meters and priced between 15-50 million THB.
• Townhouses: More compact options suitable for small families or professionals, ranging from 120-250 square meters and priced between 8-20 million THB.
• Shophouses: Commercial-residential hybrid properties, often 150-300 square meters in size and priced between 10-30 million THB.

Phra Kanong Real Estate Final Words

The Phra Khanong real estate market has undergone a significant transformation over the past decade, emerging as an attractive destination for both domestic and international investors. The area’s strategic location, affordability compared to central Bangkok, and excellent connectivity via the BTS Skytrain have been key drivers of its growth. With condominium prices typically ranging from 150,000 to 200,000 THB per square meter, Phra Khanong offers a balance of value and potential appreciation. The district has seen a shift towards mixed-use developments, combining residential, retail, and office spaces, catering to the evolving needs of young professionals and families. As Phra Khanong continues to develop, buyers can expect a mix of new projects and established properties, offering opportunities for both residential living and investment. The area’s strategic location, coupled with ongoing infrastructure improvements, makes it an attractive option for those seeking property in Bangkok’s rapidly evolving real estate landscape.