Phra Khanong, Bangkok, Central - Thailand
What do you need to know about Phra Khanong?
Located in the southern region of Bangkok Phra Khanong is one of the fifty districts present in the city. The neighbouring districts are Suan Luang, Prawet and Bang Na districts in Bangkok, Amphoe Phra Pradeng of Samut Prakan province and Watthana and Khlong Toei of Bangkok. Phra Khanong was a district of Nakhon Khuean Khan back in 1902. Nakhon Khuean Khan was renamed to Phra Pradaeng in 1914. In 1927 Phra Khanong was transferred from the then Phra Pradaeng province to Bangkok. Khlong Toei and Prawet districts were carved out of Phra Khanong. Bang Na was the last district that was separated from Phra Khanong in 1998. The name is subjected to mixed explanations, some believe it came from the Khmer language while others state it comes from khanon meaning customhouse. The shrine dedicated to Mae Nak Phra Khanong was originally placed in this district but after the boundary changes performed in 1997, it was placed in the Suan Luang district. The city is divided into two sub-districts
- Bang Chak
- Phra Khanong Tai.
- Bang Na
After the completion of the BTS Skytrain line extension in August 2011, there are two railway stations so in the district in Bangkok Chak and Punnawithi. The district also hosts the Anglo Singapore International School and also the on Nut campus of the Wells International School in its area.
Few places of attraction.
There aren’t that many attractions in Phra Khanong but the ones present are sure to blow your mind, some of them are: -
- Hua Rao night market – This market situated in the district only opens at night which in itself is exciting. It houses numerous food corners all around where you can find Thai, Asian and seafood delicacies. The place is a one stop area for food enthusiasts. With barbeques to desserts and fruits, there is ample food for you and your group of you wish to visit this plethora of food delicacies.
- Coffee Old City – This café in the heart of the region is a commonplace to hang out among the locals as well as tourists. The signature tom yum fried rice with curry is enough for you to fall in love with this place. The chilled Thai tea can be enjoyed if you manage to visit the place in the morning. Variety of foods starting from vegetarian, Asian and Thai dishes are available here.
- Ayothaya Floating Market – The floating market is one of the most attractive as well as the most important tourist attraction in the area. Spread around over seventy acres of land the floating market was planned to protect the Thai culture, traditions and art and also to encourage more people to join. If you enjoy the local lifestyle and folk performances, you wouldn’t find a better place than this. Many small cafes and restaurants are here and the place also has some great souvenirs for your trip.
How is the lifestyle in Phra Khanong?
Phra Khanong is one of the regions in Bangkok which is really inexpensive than the others. If you looking for a meal in an inexpensive restaurant you would spend about 100 baht whereas if you can avail dinner in a mid range restaurant with 3 course meal it would cost you around 900 baht. The groceries available in Phra Khanong are also really cheap, a litre of milk out cost you around 55 baht, if you’re looking to buy 1 kilogram of rice or half kilograms of white bread you would have to spend around 40 and 45 baht respectively. A dozen eggs would cost you around 55 baht. The transportation is also really cheap around the district as you can avail and one-way ticket for around 35 baht, you can also take a taxi to travel and it would cost you around 40 baht within additional 12 baht per kilometre rate. You can also avail a monthly pass for around 1500 baht. If you’re looking forward to driving your own vehicle in Phra Khanong you would have to pay around 900,000 baht for a general sedan such as Toyota Corolla.
If you’re visiting from urban cities you are sure to enjoy an inexpensive and simple lifestyle in this district.
How is the Phra Khanong Real estate market?
Phra Khanong is crossed by the Skytrain route of the Bangkok MRT with two stations in the district. If you’re looking for a place near railway stations for easy access to transport and other amenities you would have to spend around 8,000 baht to 70,000 baht for renting a condo dependable on the age, location and property type. If you’re looking to rent a house in the outskirts, you would have to spend around 15,000 baht and it would cost you around 80,000 baht if you wish to live near the railway stations. Thus, it makes Phra Khanong one of the most flexible regions in Thailand in terms of real estate.
What is the most popular type of property for sale in Phra Khanong and why?
The ideal way of settling in Phra Khanong would be by your own piece of property that rather than investing in rentals every month. With condos being the most popular property in the district with prices ranging from 150,000 baht to 8,000,000 baht depending on the location and size of the property. With the increase in nuclear families and rising needs to find a place for bachelors condos are the go-to property in Phra Khanong.
What is the property price range for each property type in Phra Khanong?
With prices of properties going bonkers around the world a lot of thinking goes into buying one for yourself. Amazingly, Phra Khanong can be a very good choice for settling down with attractive prices of properties that have to catch your eye. Since the main transportation system for the district is trains, Condos further from the station cost around 2,500,000 baht to 20,000,000 baht if you’re looking to stay close to the stations. Single house, on the other hand, would cost you around 5,000,000 baht to 70,000,000 baht depending on the size and location of your property.
What are the main reasons to invest in Phra Khanong properties?
As we have discussed earlier, Phra Khanong is home to excellent properties within the average middle- class budget, which allows you to settle down comfortably if you’re coming from urban cities in regions such as Europe or America with a limited budget. If the day to day living cost is compared along with the prices of the properties it would be quite clear to everyone that Phra Khanong is an excellent place to invest in properties whether you are looking to settle down or even for returns.
BTS, MRT, Air Port Rail Link train station
Train statoin in this area
BTS On Nut
BTS Bang Chak
BTS Udom Suk
BTS Phra Khanong
The new land and building taxes law
This New Law replaces the current House and Land Tax Act and the Local Development Tax Act and aims to encourage the productive use of land and improve tax collections.
The new land and building taxes will make landlords and other house owners pay taxes now based on appraised property value rather than income. That mean that property owner will pay tax regardless of the property generate income or not.
The risk for many house and condo tenants is that in their owners will roll the higher tax rate on the tenants in order to avoid the loss in their income.
Home for sale Market assessment by RE/MAX Consultant Team:
We can expect that multiple units Owners will put their assets for sale for second hand home for sale and will buy one bigger second hand unite that will be easier to rent out.
The COVID-19 outbreak is also being felt across all aspects of the real estate market in Thailand.
People need the cashflow in their hands and with no jobs and income many people need to sell their property in a much lower price.
This situation of the new Property Tax and the COVID-19 (CORONAVIRUSE) will affect the secondhand home in Thailand.
Home for sale Market assessment by RE/MAX Consultant Team:
We can expect to see less purchase of new development and a grow of number of transactions in second hand home market.
Real Estate Properties continues to offer good Yield returns in comparison to other type of investments.
With the current market condition there are many second hand house and Condo that investors can purchase in a good price which reflect a higher yield on their investment.