Bangkok Property Market To Bounce Back In Q2 2014
New project launches increased by 26% up to 12,710 units in Q2 2014 compared to Q1, although they remain 20% lower than in the same period in 2013. However, it confirms Bangkok property market has returned to brighter days since the Royal Thai Army took power in May 2014 to restore peace in the Kingdom.
According to Colliers in its latest Bangkok Condominium Market Q2 2014 research and forecast report, the average take-up rate for new project condominiums was 64% in this quarter, which is significantly higher than the previous 38% in Q1 2014. In fact, since confidence towards the market returned, some new launches has been sold out within a few days only.
In Q2 2014, the average selling price for a new project condominium was about 18% higher than the average price of any condominium for sale in the last quarter. According to the report, it was mainly due to the fact that most recently launched condos are located close to BTS and MRT stations.
In the second half of 2014, new launches shall occur along mass transit stations as well, therefore pushing the prices up. Under-construction future BTS or MRT stations are one of the main factors that drive the Bangkok property market as of now, especially the condominium market.