Condos near international schools in Bangkok have become highly sought after, attracting a diverse mix of Thai parents, expats and teachers, with Siam-Nana, Asoke-Ekkamai and Silom-Sathorn being the top three locations.

According to property consultant Knight Frank Thailand, the number of condos priced over 150,000 baht per square metre within 500m of international schools and transit stations has been steadily increasing.

As of the first half of 2024, accumulative supply reached 54,177 units, with 919 new units launched during this period. This compares to 3,011 newly launched units in 2023, 3,241 in 2022, 1,290 in 2021, 1,231 in 2020, and 5,006 in 2019.

Despite the growing supply, the sales rate remained robust at 85.9%, showing only a slight decline from 86.6% at the end of 2023. However, it mostly stayed within a range of 83.9% to 89.2% during 2019-2022.

"Demand remained strong compared to the overall condo market in Bangkok, which has slowed down," said Sunchai Kooakachai, the consultant's director and head of research and advisory.

This demand was driven by the growing international school market, the affluent segment, and an increasing expatriate population.

Between 2019 and the first half of 2024, the number of new international schools in Bangkok steadily increased, with 18 opening during this period, bringing the total number of international schools in Bangkok to 144, as of mid-2024.

This expansion was largely driven by an increasing number of affluent families seeking quality education for their children. The rising number of high-net-worth individuals (HNWIs) in Thailand, with net assets exceeding 30 million baht, has been notable.

From 2008 to 2020, HNWIs grew at a compound annual growth rate (CAGR) of 10.15%. The Bank of Thailand also reported a steady increase in bank accounts holding over 25 million baht, which grew at a CAGR of 7.77% from 2008 to 2022.

The expatriate community in Thailand has expanded, with the total expatriate population reaching 174,991 in 2023. This growth has further heightened the demand for international school options.

Around 32% of Bangkok's international schools are located in the city centre, making the surrounding residential properties particularly appealing for both residents and investors.

Among the top three locations in terms of popularity when it comes to demand, condos in the Siam Square to Nana area recorded the highest average rental rates, with one-bedroom units priced at 1,088 baht per sq m per month and two-bedroom units at 1,124 baht per sq m per month.

"These tenants often sought larger units that catered to family living, favouring properties with two bedrooms or more. The inclusion of concierge services further enhanced the appeal, offering added convenience and elevating the standard of living for expatriates," Mr Sunchai added.

For parents, privacy and family-oriented features were top priorities. Condos offering fixed parking spaces, private or zoned elevators and child-friendly facilities such as playgrounds, sports fields and green spaces stood out.

Unit size was another critical factor, with most parents seeking spacious two-bedroom units ranging from 60-200 sq m, often with additional amenities such as private maids' quarters to accommodate comfortable family living.