Bangkok condominium prices rose 3.4 per cent in the last quarter of last year, driven mainly by the popularity of suburban areas located along mass-transit routes, according to a Knight Frank Thailand survey.
Suburban condominium prices rose 5 per cent, while those in city areas rose 3.65 per cent. Prices of condominiums in peripheral areas – which are farther out than suburban areas – rose just 1.63 per cent because of plentiful supply.
Of new condominium units introduced last year, 72 per cent were in peripheral areas, forcing down prices.
“New supply of condominiums in 2011 will shift to city areas, as evidenced by land sales last year,” said Phanom Kanjanathiemthao, managing director of Knight Frank Thailand.
“Condominiums in peripheral areas still show opportunity in certain locations where supply is not tremendous. Condominium supply may be less than last year since developers are aware of competition, which will lead to a price war.
“However, there will be some developments in peripheral areas due to the lack of land in city areas. The selling price per square metre is expected to increase because of the hike in construction costs and the inflation rate, thus condominium units will be compact to ensure unit prices are affordable for buyers.”
He said most buyers would purchase condominiums for their own use, rather than for speculative or rental purposes.
Total supply of Bangkok condominiums was 183,378 units. Previously, the inner city was the most popular area for condominiums but suburban areas are now gaining in popularity.
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.
Is There a Silver lining amid COVID-19?
Thinking of the future impact of this pandemic on office buildings, it may have already dawned on many of us that a majority of potential long-term trends and health measures will become permanent work-life features in the times to come.
China’s economy stumbles on power crunch
BEIJING (Reuters) – China’s economy hit its slowest pace of growth in a year in the third quarter, hurt by power shortages, supply chain bottlenecks...
Quarantine-Free Thailand Reopens for Vaccinated Tourists From 1 November 2021
The Tourism Authority of Thailand (TAT) would like to confirm that Thailand is all set to welcome fully vaccinated foreign...
The ASEAN-India Trade in Goods Agreement
The ASEAN-India Trade in Goods Agreement (the “Agreement”) is a trade deal between the ten member states of ASEAN and...
Bangkok lifts more COVID-19 restrictions
In response to the Royal Thai Government’s announcement to relax more COVID-19 controls in the dark-red zone provinces, which include...
Thailand lifts curfew in ‘Blue Zone’ destinations from 31 October 2021
Bangkok, 22 October, 2021 – The Tourism Authority of Thailand (TAT) would like to provide an update that the night-time...