Rental market solid

Sukhumvit Road

Sukhumvit Road

Plus Property Co, a subsidiary of the listed developer Sansiri Plc, still sees a positive trend in the apartment rental market with rising occupancy rates, especially in the high-demand Sukhumvit area, says Anukul Ratpitaksanti, deputy managing director for asset management.

The company’s survey showed that the overall occupancy rate in rental apartments last year increased by 2%, with Sukhumvit having the highest occupancy of 95%, up by five percentage points, followed by 93% occupancy in Phloen Chit-Chidlom (up two points), 91% in Silom-Sathon and Rama III. The survey covered 11,845 units.

Mr Anukul said Sukhumvit had the highest occupancy rate as it was located in inner Bangkok with convenient transport and new apartments with reasonable prices launched regularly.

The company found there were more Asian expatriates coming to work in Thailand as their remuneration was lower than for European expatriates. Japanese are the main market seeking accommodation in Sukhumvit.

Plus Property, which also has brokerage services for both rental and resale properties, believes rents this year might increase by 2% for new apartments while apartments older than five years might need to reduce rents to compete.

The company aims to generate 125 million baht from its brokerage services this year, up from 110 million in 2008, from selling properties worth approximately 4.2 billion baht.

About the author

Kanana Katharangsiporn Kanana Katharangsiporn
Kanana Katharangsiporn is a senior journalist with The Bangkok Post, Thailand's first English language newspaper and specialises in property and real estate areas.
Other posts by Kanana Katharangsiporn ( 28 )

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