High land prices see buyers looking at extra vertical space
With soaring land prices, some urban families are turning to three-storey homes to gain increased living space to meet the needs of various generations.
According to Surachet Kongcheep, managing director of Property DNA Co Ltd, three-storey homes are becoming more visible in Bangkok though not in the provinces. However, the number of three-storey detached homes is still relatively low, accounting for just 6% of all detached homes or 23,130 units.
He adds that some three-storey homes in Bangkok that went on the market prior to 2017 remain unsold and speculates that this could be due to the projects being developed by smaller-scale real-estate entrepreneurs. The majority of three-story home developers in Bangkok are major players in the real estate market, representing over 75%.
Data show that three-story homes in Bangkok, priced at 20 million baht and above, make up a significant proportion, accounting for 83% of all such homes in Bangkok. Most are located in areas with relatively high land prices and not far from the city centre or major transportation routes such as metro lines, ring roads around Bangkok, or expressways. Land size usually starts at 200 square meters, similar to a two-storey detached home. However, the living space is considerably larger. Prices range from 7.5 million baht to 20 million baht per unit.
Increased interest is encouraging most developers to include three-storey homes as an option for buyers, Surachet said.