3 Reasons Why Expats Choose Apartments Over Condos
The availability of apartments in Thailand is growing thinner and thinner every day, thanks to the increasing demand among expatriates who live and work in Thailand. Most of this demand is within the downtown Bangkok area, where most foreigners show a preference to apartments over condominiums. There are more than 10,000 apartment units located in downtown Bangkok with thousands of units still under construction. This has mostly to do with the lower level of competition in the apartment market, as compared to the 90,000 condominium units available in the market, with 30-40% of them available for rent.
The Maintenance Cost
The main difference between apartment and condominiums is the ownership, in that residential buildings with a single owner are called apartments whereas buildings with multiple owners are called condominiums. The main reason most foreigners opt to go for apartments, rather than condominiums, is the services offered; in a condominium, property managers are liable for the maintenance of common areas only, whereas in apartments, property managers are liable for maintenance issues within the unit as well. This makes the maintenance of a condo more costly, than an apartment.
It Feels More Like Home
It’s the closest thing some expats will ever get to simulating the life they had back home. Living in a condo could feel so urban and modern and some expats prefer the suburban life where they actually go home to a home with a garden.
Promphan 53 is located in Sukhumvit Soi 53, completed several months ago and, already, half of it is occupied. The main selling point is the location. It is less crowded than other Soi’s and is very accessible thanks to its close proximity to Thonglor BTS station. In order to tap this market, it is important for apartment developers to differentiate themselves from new condominium developments, in terms of unit size, type and additional add on services.