Big drop in new launch prices

new launch prices
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New launch prices in Greater Bangkok witnessed a significant quarter-on-quarter drop during the three months ending June 2018.

New condos that debuted during the three-month period saw average prices per sqm of THB 109,092 – down from THB 135,340 during Q1.

Colliers International, which released the data, also noted that looking at the first six months, some 22,561 new units were launched compared with 20,958 during the same period in 2017.

Interesting, there was a substantial rise in the combined value, with this year’s six-month total being noted as THB 103.86 billion versus THB 49.5 billion last year.

Commenting on the reason for the doubling of the value of new launches, Colliers said last year saw more low-priced launches in suburban areas of the city, whereas this year has seen more high-priced launches in the centre of Bangkok.

Phattarachai Taweewong, a Senior Manager at Colliers International, predicted that the condo market in Greater Bangkok will continue to look healthy this year.

He predicted that average new launch prices in Greater Bangkok will increase to THB 140,000 per sqm before the end of 2018 due to a number of prime project launches in popular locations.

Looking back, since 2014 the THB 50,000 per sqm to THB 100,000 per sqm price bracket saw the largest market share and accounted for 50 percent of market share.

During the same period, the highest take-up rate – at 81 percent – was seen in the THB 100,000 per sqm to THB 150,000 per sqm price range, according to Colliers International.

Andrew Batt
The author of this article is Andrew Batt, the founder and editor of www.thailandproperty.news. Andrew has been writing about property and real estate issues in Thailand and Southeast Asia for more than 10 years. He has worked for PropertyGuru Group, DDproperty, Dot Property Group, Hipflat and AsiaRents. He has also produced content for leading Thailand property developers and real estate agencies.
Email: andrew.thailandpropertynews@gmail.com.

3 Comments

  1. AJB – an over supply of new units, a very depressed or practically non-existent resale market for bkk condos with only the sellers listing at fire sale prices to able to offload units.

    Bkk condo investors having to sharply reduce rental asking prices in order to attract a tenant to their unit(s) or leave them empty with no rental income.

    And finally lots of units sitting empty.

    But that isn’t really much of a prediction, as it describes the reality of the BKK condo market today. (and also that of Phuket and Pattaya)

    Very few people seem to want a 2nd hand or 3rd hand condo unit in Thailand.

  2. Anon, what do you predict?

    Although some developers have pushed back their new launches until next year, there still seems to be a lot of new units set to launch before the end of this year.

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