Bangkok
Weakness in the BKK condo market

PHOTO: Nara 9 – www.nara9.net
Property consultants, Edmund Tie & Company – South East Asia – report that the new condo supply for 2019 is ‘unlikely to increase’ and that sales rates are disappointing in Q3.
Their report says that the take-up rate of newly launched condominium projects in Q3 in Bangkok’s CBD dropped from last year’s 58% to only 31%, year on year. This is even lower than the performance in Q2 which was 46%.
Developers are acknowledging that there is a weaker demand for residential units and a significant drop in overall supply.
The three highest performing condo sale segments were the ‘luxury segment’, followed by the ‘super luxury’ and ‘Grade A’ segments.
The average price for condos has remained flat for Q3, compared to Q2 – around 330,000 baht per square metre – but this is still a 32% increase when compared to the same quarter in 2017, according to the report.
But Edmund Tie report that the figures are just a minor ‘blip’ following big rises in demand and sales over the past three years. They report that the new condominium supply in the CBD during Q3 was 1,636 units, rising from 852 in Q2, 2018 – a 92% increase in new units hitting the market.
For the office sector, their report says that rents will continue to increase gradually in the final quarter of this year and into 2019, driven by limited supply.
“There will be an increased demand for office condos in Bangkok.”
They say office developers remain focused on providing open-plan office space close to public transport nodes.
Get more from The Thaiger
Join the conversation and have your say on Thailand news published on The Thaiger.
Thaiger Talk is our new Thaiger Community where you can join the discussion on everything happening in Thailand right now.
Please note that articles are not posted to the forum instantly and can take up to 20 min before being visible. Click for more information and the Thaiger Talk Guidelines.
- Environment2 days ago
Dengue hasn’t gone away – Dengue fever in Thailand 2022, and how to avoid it
- Events2 days ago
Visakha Bucha Day 2022. Today is the substitute public holiday.
- Best of2 days ago
Siam Paragon wins the Best Luxury Shopping Mall 2022 Award
- Phuket4 days ago
UPDATE: CCTV footage of missing German tourist in Phuket
- Events23 hours ago
“Eat Out with Marriott Bonvoy”: enjoy food discounts all the way
- Coronavirus (Covid-19)2 days ago
Studies show Omicron infection in vaccinated people “turbo-charges” immunity
- Koh Samui3 days ago
Romanian tourist dies after falling from Koh Samui waterfall
- Events4 days ago
Up, up and away – the annual Thai rocket festivals are here! VIDEO
You must be logged in to post a comment Login