One real estate agency has reported a strong start to condo sales in Bangkok’s central business district (CBD) during the first six weeks of 2018.
CBRE Thailand has revealed that developers are buying prime sites and planning new projects, while Thailand property buyers and investors have been encouraged by the improving economy.
The firm backed its claim of growth in Bangkok condo sales from activity at its sole agency projects.
Cooper Siam sold all its units in a single day while The Reserve Sukhumvit 61 recorded an 85 percent sales rate.
CBRE said that it expects that MUNIQ Langsuan, due to launch this weekend, will receive a similar response based on strong presales interest.
CBRE has predicted growth in condo sales to Thai and foreign purchasers in the prime Bangkok residential property market.
While many wealthy Thais own larger homes in suburban areas of Bangkok, many still want to have a residence in the city centre. They are also purchasing a condominium in the city of Bangkok to use as a second home for their children.
Both Thai and foreign buyers and investors are choosing luxury condos in prime locations as investment properties because historical data shows solid price appreciation over time.
Buyers are taking the decision to buy now rather than wait, CBRE concluded.
Whilst we cannot argue with these observations, there is no independent way of confirming the current level of condo sales.
Other recent research data would point towards marginal price declines at the top end of the market, while units in lower price brackets appear to be achieving the highest levels of price appreciation at the moment.
Perhaps the most revealing part of this news is that it relates solely to condo sales at CBRE’s sole agency projects.
That’s certainly not a fair indication of the market in general, and is likely more based on the agency’s marketing strengths.