Average Bangkok property prices of new launches dropped by 1.1 percent during the final six months of 2017, compared with prices in the first half of the year.
According to real estate firm Knight Frank, the Bangkok condominium market ended 2017 in a healthy situation.
Overall take-up rates during the second half of 2017 reached 76.5 percent, according to the agency which also noted average selling prices saw upticks in several areas.
It said the number of new developments continued to increase, especially those located in suburban areas of Bangkok, especially along new mass-transit routes.
These locations also saw benefits due to limited and availability and significantly higher land prices in the centre of the city.
Knight Frank noted a total of 32,258 units were launched during the final six months of2017, the highest amount of new supply seen at any time during the previous eight quarters.
The number of condominiums in Bangkok stood at 538,920 units, an increase of 6.4 percent versus the previous six months.
While selling prices in the city fringe and peripheral areas continue to rise, Knight Frank noted that Bangkok CBD prices dipped 5.2 percent versus the first half of 2017 HOH due to what it said was a shift in the market away from prime Sukhumvit and towards other zones.
The average sale prices of all new supply throughout Bangkok dropped to THB 154,068 per sqm, a decrease of 1.1 percent compared with 1H 2017.
Knight Frank said that during 2018 it is expecting to see heightened competition in what were deemed to be less accessible parts of Bangkok, especially areas along mass-transit extensions including Mo Chit, Samrong, Taopoon, Thaphra, Hualamphong, Kae Rai, Minburi, Ramkamhaeng and Huamak.
Rent and sale prices in these areas are expected to rise substantially, it said, based on a project’s proximity to convenient transportation.