The latest DDproperty Property Index produced by one of Thailand’s top property portals has revealed strong price growth for Bangkok residential prices in the first three months of 2018.
There was an eight-point rise in the DDproperty Property Index, and it that increased by a stunning 213 percent within three years.
In line with many other research reports covering Q1 2018, the Index noted how “affordable” residential projects in Bangkok are now located in the city fringe and suburban areas of the city, and especially along mass-transit routes.
“The sophistication of Bangkok’s property market is more apparent now than ever,” said Kamolpat Swaengkit, Country Manager for DDproperty which is part of the PropertyGuru Group.
She added that Bangkok has seen a real shift in the market with renewed attention to detail.
The Index revealed that Chatuchak has seen 10 percent growth in prices in just three months, and a impressive 80 percent rise within just three years.
“The extension of the BTS Green Line is the primary catalyst for such rapid price appreciation,” Kamolpat explained.
Neighbouring Din Daeng, is also one to watch, according to the DDproperty Property Index. The area has seen a 39 percent increase in prices within just 12 months.
The Index noted that supply has ramped up a few notches too.
The DDproperty Property Index saw an 11 percent increase during the first quarter of 2018. Developers announced new project plans at the beginning of the year with condominiums making up 89 percent of this supply.
This property class has become popular among developers due to better profit opportunities, as multiple units can be packed into one plot of land unlike landed houses.
Watthana remained the district in Bangkok with the highest supply volume for condos, accounting for 23 percent of all condo supply.
This district was followed by Klongtoey and Ratchathewi.
Elsewhere, Ladprao and Prawet recorded the highest supply of townhouses and single-detached houses respectively during the first quarter of 2018.
“We do not think oversupply will be a concern going forward,” Kamolpat concluded.