Bangkok property prices up 8.3%

Bangkok property prices

Real estate firm JLL said that Bangkok property prices for new condos rose 8.3 percent year-on-year throughout the city in the twelve months ending March 2018.

At the same time, it reported that prime Bangkok property prices rose by just 0.4 percent during the same period.

These figures are somewhat higher than those reported by other agencies, and are likely based on the firm’s own sales data/

As we reported previously, the first three months of 2018 saw two record-breaking deals, with the most expensive land deal and the largest total price records for Bangkok being smashed.

And as we have already predicted, JLL said that is expects “some” of the resulting projects may achieve “headline-grabbing prices.”

ThailandProperty.News expects that Thailand could see its first THB 1 million per sqm property sale before the end of this year.

JLL also noted that, currently, half of all foreign property buyers in Bangkok are Chinese nationals. This is actually less than the 80 percent reported by at least one developer in the previous month.

Nonraphat Pornsinkunanon, Head of Residential Sales and Leasing at JLL, said: “Condos that are selling well to Chinese expatriates are studios and one-bedroom units in the Ratchadaphisek and Rama 9 areas, and are priced between THB 1.5 million and THB 3 million.”

“Though the Chinese capital curbs are a big barrier for mainland Chinese purchasing property overseas, there remain a few ways to get around the restrictions. For example, some Chinese buyers have used offshore financing to fund their condo purchases in Bangkok,” she added.

JLL’s Thailand Property Intelligence Centre reported the total number of condominiums in Bangkok was 524,000 units at the end of the first quarter of 2018. Some 46,000 of these are in the prime segment, it added.

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