Expat Influx Boosting Market

[Oishi]

The rising number of expatriates in Thailand is boosting the demand for serviced apartments, especially in the mid-priced segment, according to the real estate consulting firm CB Richard Ellis (CBRE).

According to the Alien Occupational Control Division of the Department of Employment, the number of expatriates holding work permits in Bangkok totalled 64,352 as of May 2006, up 16.1% year-on-year. The total number of expats with work permits in Bangkok increased by 8,933 over the last 12 months.

Theerathorn Prapunpong, associate director of residential leasing services for CB Richard Ellis, said most expats tended to rent rather than buy property in Bangkok because Thailand would be only a temporary posting for two to three years.

"The largest growth has been in the Japanese community, which now accounts for 22% of foreigners with work permits in Bangkok," he said.

Mr Theerathorn said many of the new expats working in Bangkok were in mid-management or technical positions with mid-range housing allowances, or no allowance in the case of locally hired expatriate workers.

"Therefore, the bulk of expatriate demand will be for the mid-range property market," he said.

During the last 12 months, 463 apartment and 2,393 condominium units were contracted in Bangkok's central business district (CBD), which is the most popular location.

CBRE expects that 850 new apartments and 13,100 condo units will be constructed in the central areas in next two years. It said that 30-40% of the supply of new expat-oriented condominiums had been bought by investors on a buy-to-rent basis.

In Sukhumvit, the area around sois 24 to 39 is becoming increasingly popular, especially for Japanese tenants. Proximity to the BTS is important and developments within one kilometre of the Phrom Phong BTS station are the best performers.

The Lumphini area, which includes Wireless Road, Soi Langsuan and Soi Tonson, is also attractive because of its central location, which is close to many grade-A office buildings and attracts tenants who want to live near to their workplaces. The Sathorn area remains popular, up to the Narathiwat junction.

[think_too_mut]

According to the Alien Occupational Control Division of the Department of Employment, the number of expatriates holding work permits in Bangkok totalled 64,352 as of May 2006, up 16.1% year-on-year. The total number of expats with work permits in Bangkok increased by 8,933 over the last 12 months.

Peanuts. In 1996. there were 164,000 expats on working visas.

[drummer]

Hmmmm... There seems to be a quarter of a million European visa runners...

[cclub75]

According to the Alien Occupational Control Division of the Department of Employment, the number of expatriates holding work permits in Bangkok totalled 64,352 as of May 2006, up 16.1% year-on-year. The total number of expats with work permits in Bangkok increased by 8,933 over the last 12 months.

Peanuts. In 1996. there were 164,000 expats on working visas.

You sure about this figure ? Is it work permit holders, or "B visas" (what you call "working visa") ?

[Oishi]

According to the Alien Occupational Control Division of the Department of Employment, the number of expatriates holding work permits in Bangkok totalled 64,352 as of May 2006, up 16.1% year-on-year. The total number of expats with work permits in Bangkok increased by 8,933 over the last 12 months.

Peanuts. In 1996. there were 164,000 expats on working visas.

You sure about this figure ? Is it work permit holders, or "B visas" (what you call "working visa") ?

Hi cclub75,

I dunno, I am just the messenger of this news report from Bangkok Post today. But a small research on the topic shows this report from The Nation 13 september.

http://www.nationmultimedia.com/2006/09/13...s_30013460.html

"The number of permits rose from 47,107 at the end of 2004 to 54,607 at the end of last year.

During this year's first half, this figure grew another 5 per cent, to 57,343."

And here is the CB Richard Ellis press release

http://www.prweb.com/releases/2006/7/prweb414736.htm

Seems a few expat got lost from report to report.

One can only guess why The Post would print this today...one week after a similar story in The Nation and almost a month since the pressrelease.

Lobbywork? Sure why not all 3 involved might loose customers due to new 1. october regulations.