More than 268 condominium projects were launched, built or completed this year – the highest number within a year for the past 23 years, according to a survey of condominium market by the Agency for Real Estate Affairs.
Of the 268 new condominium projects, there are altogether 117,250 units, 91 percent of which have been sold or 107,096 units. Sixty-one percent of them, or 71,864 units, were occupied.
The aforementioned figures of condominium units sold and occupied is an indicative that there is no over-surplus of condominium although there is still speculation in condominium units, but the scale is small.
Sopon Pornchokchai, president of the Agency for Real Estate Affairs, however, warned about speculation for some condominium projects whose units were sold out within a single day, saying that if the trend is not kept in check, it might lead to a bubble in real estate in 1-2 years.
He suggested the government to mete out measures to protect the down payments put down by buyers so that buyers will be more confident in the real estate market.
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.
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