Understanding factors affecting prices of new condominiums along MRT Orange Line in Bangkok, Thailand

Rungsee Benjaanunphong and Pornraht Pongprasert

ERES from European Real Estate Society (ERES)

Abstract: This research aims to analyze the factors affecting the price of condominium projects along the Mass Rapid Transit (MRT) Orange Line, an electric train that is expected to start operation in 2025. It is the main Heavy Rail line connecting Eastern Bangkok suburbs with the city's new Central Business District (New CBD). To provide more opportunities for land development, the city plan of Bangkok has also changed along the Orange Line, especially Ramkhamhaeng Road. The price of land will rise as a result. Researchers are interested about how the price of the condominium will change if additional factors are taken into consideration, such as the project's proximity to the MRT station, the main road, the expressway entrance and exit points, private facilities, and other factors related to the operator's reliability and the expense of the common area. To construct the project and set the price in line with the actual circumstances, this research outcome aims to provide real estate developers with an understanding of the factors that determine the pricing of condominiums along MRT Orange. Buyers of condominiums can use the proper price information to inform their selections. When making investing decisions, investors of stocks in real estate companies could consider this information into consideration and this data can be used as an outline by the Revenue Department to collect land taxes. In this research was used to analyse data from 28 condominium projects along Orange Line with a project life of no more than five years, covering areas close to the new CBD to the Eastern Bangkok suburbs, such as Min Buri. There are a total of 17 factors used in running regression under 3 groups: Locational, Physical and neighborhood characteristics. In result, it is found that 3 factors that affect the price are: Floors, Distance from Train Station and Distance from Department Store.

Keywords: Central Business District (CBD); Condominium; Eastern Bangkok suburbs; MRT Orange Line (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2024-01-01
New Economics Papers: this item is included in nep-ppm, nep-sea, nep-tre and nep-ure
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