Prime Bangkok prices are dropping. That’s the summary of research from real estate firm Knight Frank in its latest Prime Global Cities report covering prices in almost 50 cities during the first three months of this year.
Prime, in this report, is defined as the top 5 percent of the housing market in each of its surveyed cities.
Whilst the research showed that Bangkok recorded a healthy 2.3 percent year-on-year rise in prime prices, the more recent data does show causes for concerns.
In the last six months of 2017, prime Bangkok prices dipped 0.4 percent against the previous six-month period.
More worryingly, the first three months of 2018 showed a 2.0 percent decline in prime Bangkok prices compared with the end of 2017.
This is pretty much in line with our predictions that, at least at the high end, the market may be reaching saturation levels, or at least levels at which buyers have now purchased their high-end properties and are no longer actively searching.
Prime Bangkok prices, and the associated trend lines to the end of 2017, showed a distinct plateauing of prices. Now it’s clear, at least from this research, those trend lines are dropping.
What is perhaps equally worrying for Thailand that the kingdom’s prime property prices are bucking the trend in a negative way.
Five of the top ten cities, ranked by price rises, are elsewhere in Asia-Pacific.