The number of expatriates holding work permits in Bangkok has increased by nearly nine percent year-on-year. However, the supply of apartments has not followed this trend. In the past ten years, the supply of standard expatriate apartments has only grown a little bit as developers are not interested in the low yields these projects often bring, CBRE reported. The biggest competition for apartments in Bangkok come from condominium units, where individual owners are buy-to-rent investors who market their units directly to renters.