Political turmoil, including a military coup, have had little effect on spiralling prices in the kingdom's high-end property market
Despite the country's social and political turmoil, Thailand's property market - at the luxury end - continues to break new ceilings for those taking a long-term view.
The bloodless military coup in 2006 was followed by a record-breaking 2007 in terms of prices and first half performance. This year has seen the trend continuing, with developers launching more high-end products.
The next 24 months will see projects launched where the entry level will start at US$3 million and beyond.
It is this 'super' luxury sector that is seeing the most growth, particularly in Bangkok, Phuket and Koh Samui. For other popular resort areas such as Hua Hin and Pattaya, the demand is not there yet in the ultra-high end market.
According to premium property developer Raimon Land, Bangkok's luxury condominium performance last year showed the average price per square metre rose 5.4 per cent year-on-year to 88,757 baht (HK$20,166), and it grew another 8 per cent to 95,429 baht in the first half of this year. The highest recorded price hit 343,000 baht per square-metre early this year for The Sukhothai Residences on Sathorn Road, next to the Sukhothai Hotel. This represents a 56 per cent jump over the project's high of 220,000 baht per square-metre in the second half of last year.