Top condo price growth isn’t in Bangkok

It should come as no real surprise that prices are rising in outer parts of Bangkok.

Whilst Thailand Real Estate Information Center (REIC) attributed prices growth in the condominium market in Bangkok’s neighbouring province of Nonthaburi during the first three months of 2018 to a drop in levels of supply, another reason could be far more simple.

Prices.

Whilst the REIC said condo prices in Nonthaburi and Samut Prakan grew by 7.2 percent year-on-year during the first three months of the year – higher rates than Bangkok, prices here are significantly lower than in areas closer to the city.

REIC noted that price growth in Bangkok was recorded at 6.7 percent for the same period.

It said this was the first time that Bangkok failed to top price growth since is started surveying eight years ago.

Due to a decrease in condo supply along the Purple Line last year, with many developers putting new launches on hold, the price of new supply launched in the first quarter rose.

According to REIC, average prices for new condo units in Bangkok, Nonthaburi and Samut Prakan rose by 6.6 percent year-on-year during the first quarter, the highest year-on-year rise since 2012.

REIC reported that during the first quarter, more than half of new condo units used free items, such as furniture and electrical appliances, as marketing enticements. Some 32 percent used cash discounts and 11.5 percent waiver of transfer fees.