Soi Thonglor 'defying Thailand property turndown'

The Soi Thonglor area of Bangkok has defied the falling demand for property in Thailand by seeing continued development of luxury properties, it has been claimed.

According to the Nation, seven luxury developments are currently under construction in the area.

A survey by the news source revealed that Soi Thonglor is the most popular of a number of luxury locations in the country that are bucking the growing trend for developers to build quick to construct low-rise homes that are able to deliver short-term rental returns.

Srettha Thavisin, president of construction firm Sansiri, said that the company has seen continued strong demand since the turn of the year, a fact that may interest property developers looking to move into Thailand's high-end rental market.

Another potential property location seeing an upturn amid the current economic crisis is the Western Cape region of South Africa, which has experienced a rise in the average price of property.