How big is a one-bedroom unit condominium along BTS/MRT station in Bangkok?
16 December 2021
The room size is shrinking, while the price is rising
The Bangkok Condominium market has been rising in both popularity and pricing in the past decade. Due to the extension of the mass rapid transit system of BTS skytrain and MRT line, Bangkok metropolitan area also expanded to the city periphery area. Even Though, COVID-19 pandemic has slowed down the real estate market since 2020, the selling price in the city center keeps rising. Condominium units are slowly shrinking as developers are trying to squeeze in more units to serve the growing demand for urban living.
To give you a better perspective on the average size of the unit, we have corrected the data of 272 Condominium projects along Bangkok Mass Transit station that were built between the years 2004 – 2022. The unit layouts and planning dimensions have been collected and verified by the architect team. Since the one-bedroom unit is the majority of 70-90% of units mixed, the average unit size is based on this type. Sell asking price and rent asking price data are scraped from one of the biggest condominium market platforms in Thailand during the period from Jun 1st, – July 31st, 2021.
Average: Median vs Mean in Real Estate
You might know that mean, median, and mode are all names for “average”. They are all measures of “central tendency,” in that they are intended to provide some of a typical or middle value of a set of data. Mean is calculated by adding up all of the individual values and dividing this total by the number of observations. The median is calculated by taking the “middle” value, the value for which half of the observations are larger and half are smaller. When there is a possibility of extreme values (outlier data), the median is generally the better measure to use.
Let’s take the above graph as an example, the mean unit area in 2013 is 39.9 sq.m., which is affected by the biggest unit of 62.0 sq.m. While the median is 36.8 sq.m. which is smaller than the mean, it better represents the size of the condominium that was built in the same year. Because the luxury condominium unit can be as big and as expensive as anyone could buy, it skews averages (mean) far too high.
How big is an average one-bedroom unit condominium in the market?
The average condominium one-bedroom unit size (Median) near BTS/MRT station from 2004 -2021 is 34.07 sq.m. with the price tag of 4.66 Million Thai baht.
The current tiniest room in the market is 20.99 sq.m. , Ideo Mobi Sathorn(2012) at BTS Krung Thonburi, which cost around 2.89 Million Thai baht. The biggest one-bedroom type is Supalai Premier Ratchathewi (2013) with 62 sq.m. in size and approximate price of 7.6 Million ฺBaht.
Author: Suchada Kasemsap
Suchada Kasemsap is an architect who loves to explore multidisciplinary approaches to find innovative designs with a creative mind. Suchada holds a M. Arch in Architecture and Urban Planning with 20 years of experience in the field. Curiosity keeps her going!