Thailand’s Agency for Real Estate Affairs (AREA) has issued a stark warning about the state of the Bangkok property market.
Dr. Sopon Pornchockchai, the Chairman of AREA, said that the “… market situation is worsening over time.”
He issued the warning, adding that information provided by “some property information centres in Thailand tries to distort the situation.”
AREA found a 14 percent decline in the number of new project launches during the first three months of the year compared with the same three-month period last year.
The number of units was also down by 13 percent.
Without defining a reason, AREA said prices in the Bangkok property market during the same period rose by 25 percent on average, and now stand at THB 4.28 million per unit.