Tim Skevington is the Managing Director of Richmont’s and has been involved in the Bangkok real estate industry for more than 15 years – since the market started to recover from the Asian Economic Crisis of 1997. Richmont’s was established to serve the burgeoning luxury property sector in Bangkok, and specifically, foreign buyers looking for a city-centre home or investment in the World’s Most Visited City.

WILLIAMS MEDIA sat down with Tim to gather some insights into his property journey and experiences in the Thailand real estate market. 

What are some of the defining moments in Bangkok’s real estate/expat history?
Bangkok is expanding rapidly are there are huge infrastructure developments taking place, in particular, the expansion of the MRT (Subway) and BTS (Skytrain) networks. New real estate projects are being announced regularly and drawing more and more foreign investors into the market, particularly from other countries in Asia. This means ‘defining moments’ are occurring all the time but if I had to choose a defining moment in Bangkok’s luxury market it would be when branded residences first became established with the completion of the Sukhothai Residences in 2010, which set a new price benchmark in the City.

Where are the key emerging markets/sectors that people should be looking into in Bangkok that you think will have an upside?

A lot of our buyers in the luxury segment choose Bangkok for the fantastic lifestyle the City has to offer. New developments are fast taking-up prime locations and luxury property investors understand the long-term benefits of an internationally recognized management company. I would therefore recommend buyers look at some of the branded residences in Bangkok including The Four Seasons Residences, The Mandarin Oriental Residences and The Ritz Carlton Residences all of which are well located and superbly serviced.

Why did you first start working in the property industry?

I became interested in property when working in a different industry in Hong Kong in the 1980s and started investing privately in London and in emerging markets in Eastern Europe in the early 1990s. Fortunately I was able to establish my own real estate business in Bangkok in 2002 and my focus has been on property investment in Asia since then.

What advice would you have for those looking to come into markets like Bangkok and set up business?

I’d say you should first spend time to learn about the market. Be prepared to persevere, and by all means bring new ideas and innovations with you. In real estate an appreciation of marketing, especially online, is essential. Set yourself apart by offering exceptional customer services and build referrals in the same way.

How do you best help a buyer or tenant?

Understanding the buyer’s or tenant’s requirements is a fundamental first step to assisting them make the right choice. Listen.

How do you best help a vendor selling/leasing their property?

A comprehensive online and social media presence is a prerequisite for reaching-out to the widest possible buyer or tenant pool. In the luxury segment a solid database of qualified clients and referrals is a major advantage but takes time to build-up.

What would you like to see changed in the industry in five years?

Many new developments in Bangkok are among the most spectacular anywhere in the world, with cutting-edge design and terrific facilities and I am sure that positive aspect of the industry will continue in the years to come. On the client service side of the business I expect we may see licensing regulations for real estate brokers established which I think would be a good thing for the Thai real estate industry.

What are some key opportunities in the marketplace at the moment?

If you are an investor look-out for new Bangkok hotspots along emerging mass transit lines, for example in Bangkok’s ‘New CBD’ in the Rama 9 area, or in late Sukhumvit which is developing along the expansion of the BTS Green Line. For luxury lifestyle buyers I recommend checking-out some of the spectacular new riverside developments, with beautiful views of Bangkok’s Chaopraya River.

What advice do you have for people looking to buy affordable residences in Bangkok

Look further outside the downtown area and check-out some of the many cheaper developments in suburban areas to be connected by mass transit lines currently under construction. Most of these developments have similar residents’ facilities as those in the city centre including large swimming pools, gyms, residents’ lounges and co-working areas, but are a fraction of the cost and have a good upside as the City expands.

Where is demand currently coming from? Where is the interest focused at the moment?

In all segments of the Bangkok property market local buyers are the primary drivers. At the luxury end of the market Thai investors and end-users continue to snap-up new launches but they are closely followed by foreign lifestyle buyers, especially from China, Hong Kong and Singapore. 

Where do you see Bangkok residential market in the next five years?

As planned infrastructure expansion completes in the City within the next 5-years, and prime redevelopment plots become rarer, we expect to see a more active secondary market in Bangkok especially in the luxury segment. In suburban areas we expect new development to continue along new roads and high-speed train lines radiating out from the City.

For more information about the Bangkok property market email Tim Skevington from Richmont's Christie's International Real Estate via the contact details below. 

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