Demand For Condominiums in Central Bangkok Remains Strong Although Fails to Maintain Speed With Supply
Sales of condominiums in central Bangkok have decreased equally in the luxury and non luxury segments. Though, the average demand continues to be on the positive territory as a number of fresh projects that were launched in 2007 were in the high-end segment.
There are at present 47,500 condominium units in central Bangkok. An added 12,160 units are in projects which are under construction. At the same time as completed buildings gets the average sales rate of 98%, projects which under construction and those that are being revealed from blueprint are attaining the average sales rate of 66%.
As expected, circumstances of the condominium market in central Bangkok have alleviated with the average sales rates decreasing. This is not the consequence of weakened demand although the quick growth of supply which demands could not maintain pace with.
while the market outlook for 2008 is less clear than 2009 due to the increasing interest rate that is likely to deteriorate buyers’ spending power, we remain hopeful that the market in general would not face any major crash, provided that most of the accessible developers in this sector are well skilled and can make out what their targeted consumers are searching for.
There have been approximately 6,000 fresh units launched yearly in central Bangkok over the last three years at the same time as around 5,500 units in both completed projects and projects that were freshly launched were sold every year over the same period.
Back to central Bangkok, there are at present 5,300 units left over unsold. In theory, if there were no fresh condominium projects launched in 2008, and demand keeps on at the same level as in 2007, all of the left over units would be sold by the end of 2008. Though, the truth is some of the left over units are those that do not meet customer's necessities and would not be sold straightforwardly. In addition, there remains several fresh projects that are about to be launched into the market in 2008.
With decreasing sales rates, many developers have implemented exceptional price campaigns or price discount policy to sell the left over units.
There are at present 47,500 condominium units in central Bangkok. An added 12,160 units are in projects which are under construction. At the same time as completed buildings gets the average sales rate of 98%, projects which under construction and those that are being revealed from blueprint are attaining the average sales rate of 66%.
As expected, circumstances of the condominium market in central Bangkok have alleviated with the average sales rates decreasing. This is not the consequence of weakened demand although the quick growth of supply which demands could not maintain pace with.
while the market outlook for 2008 is less clear than 2009 due to the increasing interest rate that is likely to deteriorate buyers’ spending power, we remain hopeful that the market in general would not face any major crash, provided that most of the accessible developers in this sector are well skilled and can make out what their targeted consumers are searching for.
There have been approximately 6,000 fresh units launched yearly in central Bangkok over the last three years at the same time as around 5,500 units in both completed projects and projects that were freshly launched were sold every year over the same period.
Back to central Bangkok, there are at present 5,300 units left over unsold. In theory, if there were no fresh condominium projects launched in 2008, and demand keeps on at the same level as in 2007, all of the left over units would be sold by the end of 2008. Though, the truth is some of the left over units are those that do not meet customer's necessities and would not be sold straightforwardly. In addition, there remains several fresh projects that are about to be launched into the market in 2008.
With decreasing sales rates, many developers have implemented exceptional price campaigns or price discount policy to sell the left over units.
Labels: condominiums, Condominum market, developer
Posted by Moveandstay
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