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.
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.
The time is ripe to embrace Industry 4.0
Traditional brick-and-mortar retail has suffered tremendously, as countries have been implementing effective stay-at-home and social distancing policies to mitigate virus spread, while those worst hit have enacted strict draconian lockdowns
We have entered a time where, seemingly, interconnectedness is the new enemy, staying in is the new going out, and antisocial is the new social. COVID-19 has brought us on the cusp of growing accustomed to new norms and sounded a wake-up call in terms of how we live.
Covid-19 puts flexible space markets under strain
In the wake of operator defaults, landlords will be forced to re-evaluate the role of flexible space in their portfolios.
The global Covid-19 outbreak has had serious negative effects on commercial real estate, including flexible space. Of late, many operators have experienced the flexible nature of the business working against them, as many occupiers have opted to surrender desks and implement work-from-home plans.
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