The real estate business in Ratchprasong area (central Business and upscale Shopping district of Bangkok) has slumped by over 50% in the past few months due to the recent political rally in the capital of Thailand, according to the Real Estate Information Center (REIC)
Real Estate Information Center Director-General Samma Kitsin revealed that the condominiums situated within the one-kilometer radius of the commercial district of Ratchaprasong had been severely affected by the recent UDD rally since April. Many companies have to relocate their sale offices while others have to offer special discounts and promotion packages to customers in order to sell out the remaining units.
The sale figures in April in the downtown Bangkok district plunged more than 50%. Some projects had absolute zero sales during the period because no one could enter the area.
Bangkok falls 19 places to 49th most expensive location worldwide
Locations reliant on international tourism have seen their rental markets hit especially hard during the pandemic, resulting in some major drops in the rankings. Bangkok has fallen 19 places to 49th, while Hanoi saw a similar drop of 12 places to 81st.
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