Knight Frank Predicts Growth In Condo Market In Bangkok
There have been concerns with regards to the economic turndown of the economy of Thailand as well as the increase household debt but that does not stop the condominium market in Bangkok from growing in the first six months of 2016. The supply of condominiums in Bangkok at the end of the second quarter of 2016 has increased to 406,305 units which are higher by 5.8 per cent compared to the number of units at the end of year 2015. This is according to Knight Frank, one of the leading names in real estate agents known internationally.
For the first half of 2016, there are additional 22,152 condo units when compared to the same period of 2015, this number decreased by 35 per cent. This statistics is provided by the Bangkok Condominium Market Overview 1H 2016.
Looking at its entirety, the take up rate has risen from the last quarter of last year which is 78.8 per cent and became 80.4 per cent for the first six months of 2016. There are around 326,871 condo units that were sold out of the total 406,325 that are available. As of now, there are 79,434 condo units that are on sale.
The average price of the condo units for sale that are located in CBD or Central Business District area has increased by 3 per cent while the average price of those located in the City Fringe of Bangkok as well as the Peripheral area has risen by 4 per cent.
Based on the 1H 2016, the average price of condo units for sale at Central Business District is 224,237 in baht for every square meter; the City Fringe is at 133,795 baht for every square meter while Peripheral area condo units are prices at 76,323 baht for every square meter.
According to Knight Frank, they are expecting to see more condo units available for sale in the second half of 2016 because there are many listed real estate developers that are planning to build more projects in Bangkok which is why it is expected that there will be more condo in Bangkok for rent.