Real Estate

Bangkok New Supply is a One Bedroom Condominium

There were limited new launches in the downtown market as rising land prices meant that new developments are priced at levels that are only affordable for a small percentage of purchasers.

Published

8 years ago

November 15, 2012

Daniel Lorenzzo

There were limited new launches in the downtown market as rising land prices meant that new developments are priced at levels that are only affordable for a small percentage of purchasers.

There have been significant price rises for the handful of developments that are seen by the Thai market as being the best-located best-quality projects.

THE MAJORITY OF NEW SUPPLY CONTINUES TO BE ONE BEDROOM UNITS with the most demand for a larger living area going to the low rise housing market.

Bangkok Residential MarketView Q2 2012

Both the downtown and midtown markets continue to be dominated by Thai purchasers.

CBRE believes that the mid market will continue to be a one bedroom market especially as extensions to the mass transit systems makes more areas accessible presenting some opportunities for condominium development especially along the purple and blue lines.

Most of the new downtown project launches in the first six months of 2012 have been one- bedroom developments, but it is becoming increasingly difficult for developers to acquire land at prices which make the units affordable. The more expensive the units become, the smaller the size of the potential market.

This is because generally the market is being driven by end-users rather than speculators or buy-to-rent investors and about 85% of purchasers of off-plan units are Thais.

The midtown market appears to be increasingly driven by end user purchasers who are almost all Thais.

This means that there is a maximum range of budgets which seem to range from one million baht to around three million baht, depending on size and location. The legal minimum size is 20 metres but few developers have built units below 25 metres and only in cases where keeping the price close to a million baht has been the objective or where there is a direct link to a mass transit station.

Each location has a finite amount of demand and which areas are the most popular continues to change, in some case there is fresh demand in locations that were popular two to three years ago once the units in projects that were sold at that time have been occupied.

via Majority of New Supply Continues to be One Bedroom Condominium | Thailand Property News.

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