Luxury Condominiums Represent Most Launches In Q1 2015
Luxury Condominiums Represent Most Launches In Q1 2015
According to the latest Bangkok Property Times research by real estate company DTZ, luxury condominium projects launched in Q1 2015 represented 81% of the total residential units’ supply.
Nine residential buildings were launched in this first quarter of the year accounting for a total of 2,291 units. This represents a tremendous 32% increase quarter-on-quarter.
Condominium projects being launched this quarter in the CBD were located in the Silom-Sathorn area (42.4%), followed by Sukhumvit (33%) and then Central (13%).
Price Increase
The average price increased by 60% as no luxury condominium was launched in Q4 2014, and the Central area has witnessed prices reaching up to THB320,000 per SQM.
In terms of luxury condominiums, prices will keep on increasing thanks to a solid and continuous demand for super luxury specifications in property projects.
Plus, the average price for all kind of condos will grow as well considering the lack of new land plots available for construction and the continuous land prices’ increase Bangkok is now been witnessing for many years.
Better performance from high-end condominiums?
As a matter of fact, luxury condominium projects have been performing much better than medium to low segment condos as the take up rate reaches as much as 80% quarter.
High-end projects have enjoyed a consistent and strong interest from Hong Kong & Singapore buyers as well, which has significantly increased the sales. In fact, a lot of these projects are making their international launches and other road shows in these two cities.
Regarding the resale sector, units followed the overall price increase trend as prices have raised by 13% y-o-y up to THB114,378 per SQM.