Bangkok is the capital and primary city of Thailand. It began as a small trading post and port community about 200 years ago. It has become a major force in finance and business after numerous multinational corporations moved their regional bases here in the 1980′s and 1990′s and up to now, Bangkok continues to increase its influence on global politics, culture, fashion and entertainment. It is the second most expensive city in South East Asia, second only to Singapore. Despite its rapid modernization, the glory of the past still prevails and is visited by millions of international tourists from around the world. Here are some of the most popular attractions in Bangkok.

The Grand Palace is the city’s most famous landmark and a visit to Bangkok will not be complete without going here. It was built in 1782 and has been the home of the King, the Royal court and the administrative seat of government for 150 years. The intricate details and beautiful architecture continues to draw tourist and admire it. Today, the Grand Palace still serves as spiritual center of Thailand because within the complex lies the Wat Phra Kaew or The Temple of the Emerald Buddha which of course contains the revered Emerald Buddha. Thai Kings stopped living in the palace around the 1900′s but all ceremonies are still performed here. Behind the Temple of the Emerald Buddha is the Temple of the Reclining Buddha or Wat Pho. It is the largest temple in Bangkok and houses the majestic reclining Buddha. The Buddha measures 46 meters in length and is covered in gold leaf. Its 3 meter long feet are decorated with mother-of-pearl illustrations. Traditional Thai massage is also offered here.

There are several floating markets in Bangkok, the Damnoen Saduak, Taling Chan, Bang Khu Wiang and the Tha Kha floating market. Although these markets cater more to tourists than locals, the boats are still piled up high with fresh fruits, fresh vegetables and food that are cooked on the boat. The city is also known as the “Venice of the East”. Although many canals have been filled to make way for roads and prevent the spread of cholera, some still remains but these canals or khlongs are no longer used as avenues for trade. For a few bahts, tourists can still take a ride on boats and see old wooden houses laden with colorful flowers and old bridges. These rides can offer a glimpse of how people used to live. One just has to be careful of the spray of rancid water as boats speed forward.

The events in Bangkok in May 2010 have raised concerns about the recovery we were seeing in many sectors of the Thai property market in the first quarter of 2010. However, it will take months to see what the effect will be on sales and letting volumes, prices and rents. We do not believe there will be a sudden a dramatic downward movement in prices or rents. The total supply of expatriate standard apartments in downtown Bangkok increased 2.3% year on year. Occupancy was 88.2%. Rents rose in some locations such as Central Lumpini but fell in other locations.

Despite the increase in the Bangkok hotel supply, Bangkok occupancy rates and REVPAR increased but the Average daily rate decreased in quarter. International Tourist Arrivals increased by 27.1% on Q1 2010. Obviously Q2 numbers will be very poor and it remains to be seen how long it will take for business and tourist arrivals to recover. The majority of new condominium launches in the first quarter were mainly small one bedroom units.

The office market remained weak. There was no increase in supply. Take up grew by 17,481 square metres. Grade A CBD rents fell by 3.8% year on year. Retail Occupancy increased to 93.4%. Rents remained at similar levels. A number of shopping centres were closed in Central Bangkok for much of April and May. 882 Rai (349 acres) of SILPs were sold on industrial parks and estates in Q1 2010. This was an increase 891% y-o-y. There was 175% increase in townhouse completions on quarter on quarter but developer built single detatched house completions fell by 74% quarter on quarter.

The existing supply in downtown Bangkok reached 67,176 units, up from 65,067 units in Q1 2010. This was an increase of 3.2% Q-o-Q and 15.8% Y-o-Y. There were 2,109 units completed in this quarter. Another 5,220 units are scheduled to be completed by the end of 2010 which will raise the total downtown condominium stock significantly to 72,396 units, or by 11.3 % Y-o-Y. In Q1 2010, the average asking price for an off-plan freehold condominium unit (high-end and above) in downtown Bangkok was 156,460 THB/m2 an increase of 19.2% Q-o-Q or 3.0 Y-o-Y. The total number of units occupied by owners or tenants decreased from 74.2 in Q4 2009 to 74.0% in this quarter.