Hi there. Yesterday I published the last Part C where I have concluded that I will need to spend more than 250,000 ฿ (almost 7,200 $) a month in New York if I want to maintain same lifestyle that costs me 95,000 ฿ (about 2,700 $) here in Asoke Bangkok Thailand. This calculation is probably quite specific for my own lifestyle, even though it may be some good indicator for other expats. I took into account food, utilities, consumer goods, sports and, certainly, real estate expenses to compare cost of living between two cities. I may need to add cost of health services – this may be of interest for many expats, especially those from New York, where cost of health insurance and doctor visits getting higher and higher. It may be a good topic for one of next articles.
Here I would like to complete calculation for comparing cost of living in Asoke Bangkok and Sydney Australia, as started in Part B.
How much it would cost me in Sydney to maintain my same Asoke Bangkok lifestyle?
We already know that consumer prices (excluding Real Estate rent) in Sydney are 76% higher than in Bangkok, restaurant prices in Sydney are 182% higher than in Bangkok, and groceries Prices in Sydney are 51% higher than in Bangkok
Apartment Rental Prices in Asoke Bangkok and Sydney
An average rental price of 1 bedroom condo in Asoke or other Bangkok central location is about 20,000 ฿ (around 750 A$), while in central parts of Sydney I will need to pay about 2,560 A$ (around 69,000 ฿) for 1 bedroom apartment. Sydney is 3.5 times more expensive! If you decide to live outside of Asoke or other Bangkok city centre area, you will pay an average of about 8,600 ฿ (320 A$) a month. In Sydney an average rental price of 1 bedroom outside of city centre is more almost 1,800 A$ (around 47,400 ฿), so we can see that Sydney is 5.5 times more expensive than Bangkok.
For bigger (3 bedrooms) apartments price difference is smaller still significant. If compare Apartment Rent per month, then the whole picture looks like this:
Buy Apartment Prices in Asoke Bangkok and Sydney
An average buying price of apartment or condo in Asoke or other Bangkok central location is 140,250 ฿ (around 5,200 A$) per square meter. In central areas of Sydney I will need to pay more than 2.5 times higher price of 13,550 A$ (around 354,000 ฿) per square meter. Cost of apartments outside of Sydney city centre is even more expensive relatively to Asoke Bangkok. If compare Buy Apartment prices per square meter, then the whole picture looks like this:
Salaries and Financing in Asoke Bangkok and Sydney
It’s not a secret, that salaries in Sydney are much higher than in Bangkok. An Average Monthly Disposable Salary (Net After Tax) in Sydney is more than 4,500 A$ (more than 122,000 ฿), while in Bangkok it stays for 25,836 ฿ (around 960 A$). This is of interest for those who plan decides to work after moving. For those who are retiring it may be more interesting to know that Mortgage Interest Rates in Sydney are 16% lower than in Bangkok. If compare Salaries and Financing, then the whole picture looks like this:
Asoke Bangkok = 95,000 ฿ Vs. Sydney = 196,187 ฿
Summarizing real estate prices and salaries and financing, we come to the following:
- Rent Prices in Sydney are 167% higher than in Bangkok
- Consumer Prices Including Rent in Sydney are 107% higher than in Bangkok
- Local Purchasing Power in Sydney is 129% higher than in Bangkok
I would need around 196,187 ฿ (7,289 A$) in Sydney Australia to maintain the same standard of life that I can have with 95,000 ฿ (3,530 A$) in Asoke Bangkok assuming I rent apartment in both cities.
This calculation uses Cost of Living plus Apartment Rent and assumes net earnings (after income tax).
I will need to spend 2.1 times more in Sydney Australia to maintain my Asoke Bangkok lifestyle.
We all enjoy our life in Asoke Bangkok and still some may think about moving to New York or Sydney for whatsoever reasons. In both New York and Sydney real estate prices are three to four times higher, while cost of living is also higher. It make an easy to understand that retirement in Bangkok may be a joy and an interesting real estate investment opportunity at the same time.