Even for the most restricted of budgets, renting an apartment in Bangkok can be pretty inexpensive, especially when compared to other global capitals.
But even for Bangkok, this is cheap.
The Euro Grande Hotel, found on Sukhumvit 31 and just a 10-minute stroll from Phrom Phong BTS, is advertising 24 square metre apartments for just ฿199 (US$5.70) a day.
There’s just one catch…
According to the huge sheets advertising this “shock deal”, you need to sign up for ten years in order to get this incredibly low price; which means a lump sum of ฿715,000 (US$20,400) net.
Another sign shows another deal also offered: 3 years for ฿299 (US$8.50) a day, for a total of ฿327,500 (US$9,400) net.
We were unable to speak to anyone at the time we visited to find out the logistics of the rental agreement and whether payment for the entire tenure would be expected to be paid up front, although we will keep our ears to the ground.
While it’s undoubtedly a great deal, particularly for an apartment in such a great Sukhumvit location, we can’t figure out who the proposed clientele would be. Written only in English, the signs and location suggest that foreigners are the intended target market, but there are very few visa options on the table guaranteeing a stay of ten years in Thailand (although many of the shorter Non-B and Non-O types are, of course, renewable).
There is one type of visa that offers long-term stays in the Kingdom: the Thai Elite visa, valid for 20 years with an upfront membership fee of ฿2 million (US$57,200). But whether a foreigner on this visa, with presumably a good supply of liquid assets, would choose a 24 square metre apartment in Phrom Phong to stay in for ten years is another question.
What do you think – a good deal?