Known for tropical beaches, Buddhist temples, and vibrant culture, Thailand has become an increasingly popular destination for foreign real estate buyers.
However, to purchase a home in Thailand, it’s crucial to understand the pricing structure across different cities and property types.
Bangkok has certainly become more expensive place to live. Over the past decade, real estate values in Bangkok’s city center have doubled or even tripled in some areas.
This comprehensive guide examines the average house prices in Thailand’s three most popular cities, specifically Bangkok, Phuket, and Chiang Mai.
By the end, you’ll have a solid idea of Thailand house prices to help you make an informed decision when buying real estate here.
How Much is a House in Thailand?
Looking at property values from a broad angle, the average house price in Thailand is approximately ฿145,000 ($4,000) per square meter across the entire country.
However, in reality, the cost of a house in Thailand will vary widely depending on location, size, construction quality, proximity to BTS or MRT stations, and dozens of other factors.
Below are statistics about the average house cost in Thailand as a whole:
- Smaller houses (100 to 200 sqm) range from ฿3 million to ฿5 million ($84,000 to $140,000).
- Larger family homes (300 to 500 sqm) average ฿10 million to ฿20 million ($280,000 to $560,000).
- Luxury villas and beachfront estates can cost ฿50 million ($1.4 million) or more.
- Townhouses and duplexes fall in the middle price range.
- Newly built homes command a premium over older resale homes.
Of course, Thailand is a relatively large country of more than 70 million inhabitants and many different cities to live. We’ll get more specific and cover each major city.
Housing Costs in Bangkok
As the bustling capital and economic center, Bangkok’s real estate market is the most expensive in Thailand.
Housing prices in the city center and luxury districts continue rising. Generally, the Silom Silom, Sukhumvit, and Ratchathewi districts are considered the most expensive places to live in Bangkok.
Here are a few guidelines about how much it costs to buy property in Bangkok:
- Small condos in Bangkok average ฿7 million ($196,000), or ฿135,000 ($3,700) per sqm.
- Houses average ฿15 million ($418,000), or ฿58,000 ($1,600) per sqm.
- Townhouses average ฿4 million ($112,000), or ฿31,000 ($800) per sqm.
98 Wireless held the title of the most expensive condo in Bangkok for years. Arguably, this has changed with the development of newer buildings.
You’ll find a large amount of variance in Bangkok’s price of housing in Bangkok depending on the location specific though.
For example, it’s possible to buy cheap condos in Bangkok’s suburbs priced below ฿50,000 per sqm. But it won’t located be near a BTS station, and it’ll be about an hour away from the central business district.
The most expensive condos in Thailand, meanwhile, cost above ฿500,000 per sqm. A few examples of these luxury buildings include Scope Langsuan, Marque, and the Ritz Carlton Residences.
Housing Costs in Phuket
The resort island of Phuket is beloved by foreign buyers seeking beachfront homes or holiday villas.
Below is a general overview of real estate prices in Phuket:
- Condos in Phuket average ฿6 million ($168,000), or ฿96,000 ($2,700) per sqm.
- Houses average ฿19 million ($530,000), or ฿60,000 ($1,700) per sqm.
- Townhouses average ฿4 million ($104,000), or ฿32,000 ($900) per sqm.
Phuket’s most expensive neighborhoods to live are on its Southeast coast, including the Kata Beach, Laguna, and Karon areas.
If you’re looking to buy cheap property in Phuket, the island’s northern, eastern, and inland areas are less developed. Yet these areas are also less prone to tsunamis.
Several Thai and foreign celebrities bought a home at Kata Rocks, which is ranked among the most expensive condos in Phuket.
Housing Costs in Chiang Mai
In northern Thailand, Chiang Mai offers a slower pace of life and more affordable real estate. The city is popular with digital nomads and retirees.
Here’s a brief outline of how much it costs to buy a house in Chiang Mai:
- Condos in Chiang Mai average ฿3 million ($85,000), or ฿60,000 ($1,700) per sqm.
- Houses average ฿5 million ($140,000), or ฿25,000 ($700) per sqm.
- Townhouses average ฿3 million ($85,000), or ฿22,000 ($600) per sqm.
For the most part, property prices in Chiang Mai become more expensive the closer to its city center you are.
Yet there are many deals available in the suburbs. Besides the Old City, expats consider the Hang Dong and Nimmanhaemin areas as some of the best places to live in Chiang Mai.
What Factors Impact Thai Real Estate Prices?
When evaluating house prices in Thailand, keep the following factors in mind:
- Location – Central areas and beachfronts demand a premium.
- Land size – Larger lots with more privacy cost more.
- Age of home – New build construction costs more than older homes.
- Proximity to amenities – Convenience comes at a cost.
- Luxury features – Pools, gyms, gardens, etc. increase values.
- Furnishings – Fully furnished homes have higher price tags.
Extra Property Costs in Thailand
Beyond the sale price itself, buying a house in Thailand incurs several other expenses like:
- Transfer fees of 2% of the registered value.
- Commissions for real estate agents.
- Legal fees for title transfers.
- Renovation costs on older homes.
- Furnishings and appliances.
- Property taxes levied by local authorities.
It’s crucial to budget for these additional fees when purchasing any type of real estate in Thailand.
How to Navigate the Thailand House Market as a Foreigner
Foreign buyers have two main options when purchasing houses in Thailand:
- Leasehold: Foreigners can secure 30-year leases for houses and land.
- Freehold Condos: Foreigners can buy condos in Thailand on a freehold basis.
Working alongside a reputable lawyer to structure the purchase is highly recommended. And partnering with an experienced real estate agent who can negotiate on your behalf is also key.
The process of buying a home in Thailand as a foreigner involves:
- Viewing potential properties for sale.
- Making an offer and negotiating price.
- Completing due diligence on the property’s title deed.
- Signing a sale & purchase agreement.
- Finally, transferring the money and ownership title at the district land office.
Home Prices in Thailand? They Depend!
In summary, the price of real estate in Thailand varies significantly based on the location, size, type, and age of the property you’re looking at.
There’s rarely a “one-size-fits-all” solution when it comes to offshore real estate. Thailand isn’t an exception.
Researching the local market dynamics and working with professionals will help make your buying experience smooth and successful.
Whether you seek a luxury villa in Phuket or a cozy townhouse in Chiang Mai, the Thai real estate market has something suitable for your budget.
FAQs
What's the Cheapest Place to Buy a House in Thailand?
Generally speaking, buying property in Chiang Mai or Pattaya is much cheaper than other cities in Thaialnd.
You'll pay roughly half the amount in these cities compared to Bangkok and Phuket.
What's the Most Expensive City in Thailand to Buy Property?
On average, Bangkok and Phuket are the two most expensive places in Thailand to own real estate. Buying a new, centrally-located condo in either of these cities will cost you roughly 200,000 baht per square meter.
What's the Average Housing Price in Thailand?
The average price of a house in Thailand is somewhere between 3.5 million baht and 5 million baht.
However, that's only the short answer. The reality is that Thai house prices vary significanly based on location, size, build-quality, and other factors.
How Much Does it Cost to Build a House in Thailand?
This is yet another question that'll have a different answer depending on several factors. Material costs, labor, and location of the land all affect the price you'll pay to build a house in Thailand.
With that said, a general range for average-quality residential construction in Thailand is between 25,000 to 30,000 baht per square meter. Note that this only includes the construction cost - not the land, design, or the markup you'll pay to a general contractor.
