Analysis of the Best Potential Areas for Property Purchase in Thailand - Part 4: Prakanong-Onnut Area

Business Information  , Thailand   / Author : BEYOND360 PROPERTY

"Such a Close Proximity to Thonglor, Yet the Housing Prices Are Surprisingly Half!"

Buying property in Thailand is always an unavoidable topic for friends looking to invest or settle in the country. Especially after the impact of the COVID-19 pandemic, there has been a noticeable slowdown in property prices in Thailand. Many believe that now is the best time to invest in the Thai real estate market, a rare opportunity that may not come around again in the next ten years. Driven by this trend, major developers in Thailand are also launching online sales and promoting through social media to help buyers better understand the property market in Thailand, achieving great results.

However, investing always carries risks, and buying property in Thailand is no exception. Although current online property sales utilize mature technological methods like VR for property viewing to assist buyers in decision-making, it is still necessary for buyers to explore and understand the surrounding areas themselves. For someone wanting to buy property in Thailand, the value of the property itself is essential, but location is equally crucial. A good location may offer a vibrant living area or have bright prospects supported by favorable policies. Of course, the best locations for buying property in Thailand often come with the highest prices, so if one aims to maximize investment returns, choosing a location with potential is key.

What are the truly promising areas for buying property in Thailand? In summary, there are three key points: first, the favorable conditions that can be gradually realized; second, a relatively clear future planning and potential for appreciation; third, proximity to high-value areas that can stimulate its own development. There are not many locations that satisfy these three criteria, but once the investment is successful, one can feel secure in the upward trend without worrying about mundane matters like finding tenants.

Generally speaking, exploring the surrounding areas from the well-known high-net-worth zones in Thailand makes it easier to discover potential regions. The Prakanong-Onnut area is a great example. Although it is close to the affluent Thonglor district in central Bangkok, property prices are nearly half, making it an emerging area recognized in recent years that fully capitalizes on the real estate bonuses brought by the expansion of the Sukhumvit area.

The heading translates to: "Revealing the Reasons for the Best Potential Area to Buy Property in Thailand: Prakanong-Onnut District Development."

Reasons for the potential development of the Prakanong-Onnut area in Thailand: It is located along the Sukhumvit line, which is a key development area recognized by the authorities, and benefits from Bangkok's expansion.

Several years ago, the Prakanong-Onnut area was still at the end of the BTS light rail line. Although it was considered the outskirts of the Sukhumvit area, locals did not see it that way and treated it as suburban. At that time, it was largely overlooked. Even though some people had already recognized its future value from the Bangkok government’s key planning, everything was uncertain until the BTS line was actually built, making many hesitant to invest in property here.

While most people were skeptical and hesitant, the five stations extending south from the BTS Onnut Station opened on time, surprising everyone with how quickly the area developed. Early last year, the last nine stations planned by the Bangkok government were completed, with commitments to continue extending south. Consequently, the previously remote Onnut Station transformed into a key stop, becoming closer to the popular Thonglor area.

All of this is a value benefit brought about by Bangkok's expansion. In Bangkok, having Sukhumvit means having access to all four rail transit lines and the city’s most convenient transportation options. Positioned on the Sukhumvit line planned by the government, the Prakanong-Onnut area has become a vital business district, and its proximity to Bangkok's core upscale areas, just two or three stations away, makes it a focus of attention.

Reasons for the Potential Development of Buying Property in the Prakanong-Onnut Area of Thailand: There is both a light rail and highways, a mix of locals and foreigners, and the area is gradually gaining recognition for its value.

In addition to the BTS skytrain, the road is also an important mode of transportation for locals, so the proximity to roads is a primary factor that locals consider when renting a home. The main road on the north side of the Prakanong-Onnut area, Soi 77, has a two-lane road that allows for easy travel, taking just 30 minutes to reach Suvarnabhumi Airport. There are also several outer highways to choose from; on the south side, Soi 50 has a two-lane road that connects north to Rama 9 road and Ratchadahmri, and west to Rama 4 road, Silom, Sathorn, and Asoke, providing access to various areas of Bangkok. It's not surprising that more and more locals are choosing to live here as it’s well-connected.

Moreover, the Prakanong-Onnut area has also attracted a considerable number of foreign tenants, with an increase of 56% since 2012. This area is home to not just Japanese and Koreans, but also many Europeans and Americans. The reason for this is its proximity to the core of Bangkok, while the rent here is only half that of the central areas. The rising rental prices in the city center have led to a spillover in housing demand, making Prakanong-Onnut a prime choice for many. Living in Prakanong-Onnut, while enjoying the amenities of the central area, is the best option for guaranteeing a high quality of life without the burden of exorbitant rents.

The heading translates to: "Reasons for Potential Development in the Prakanong-Onnut Area of Thailand: Comprehensive Living Facilities Lead to a Large Flow of People, Allowing for Opportunities and Stability."

Onnut firmly ranks among the top 7 most popular transit points in Thailand, which is closely linked to its rich lifestyle amenities.