Leading Thailand property portal DDproperty.com saw a 13 percent year-on-year residential prices during the three
months ending September 2017.
According to the first DDproperty Property Index, Thailand’s property and real estate market remained buoyant as the economy continued its slow recovery.
Increasing supplies provided greater opportunities for new homebuyers, the Index revealed.
Kamolpat Swaengkit, Country Manager for DDproperty, said: “We are cautiously optimistic about the Thailand property market, and believe there are opportunities for sellers, but particularly for buyers given rising supply levels and the low interest rate environment which is expected to persist for some time.”
The Index tracking residential Bangkok prices increased by 13 percent year-on-year during the third quarter, bringing growth over the past two years to 53 percent.
Condominiums continue to command the most attention from homebuyers, with the condo price Index hitting 219 during the third quarter, continuing an upward trend from the previous three-months.
During the same period, the Index (Bangkok, Price) saw robust growth in Chatuchak district (a 10 percent increase quarter-on-quarter), and in Phra Khanong district (a 7 percent rise).
Property supply in Bangkok continued to rebound after a difficult start to the year, increasing by 5 percent in the second quarter of this year, and an even stronger 14 percent in the July-September period.
Supply volume during the third quarter hit a record high on the Index (Bangkok, Supply), with a 20 percent increase from a year earlier.
Active launches by developers since the beginning of 2017 have been a trigger for rising supply.
DDproperty, part of the PropertyGuru Group, added that it expects residential Bangkok prices to appreciate further, albeit at a tentative pace, thanks to infrastructure mega-projects development, along with possible government economic stimulus to boost spending and consumer confidence.
Foreign demand for property in Thailand is also expected to provide a strong uptick in residential prices, particularly with the Finance Ministry looking to allow foreigners to lease land for residential purposes for up to 50 years, compared with the existing 30-year limit.
Disclosure: The author of this article and founder of this website was previously International Group Editor for PropertyGuru Group, including DDproperty.com.