Luxury apartments in Thailand price report
While the values of condominium property in Thailand’s capital Bangkok continue to rise, a new report has found that some types of property are seeing more significant price increases than others.
Luxury overseas homes in Bangkok are seeing a higher rate of price increase than smaller properties – great news for investors looking to buy a luxury property in Thailand.
Prices of luxury apartments in Thailand hit record highs
The latest market report from property consultants CBRE has found that there have been significant price increases at the top end of the Bangkok condominium market. And, it is a lack of supply of two and three bedroom properties that is responsible for this.
The company says that prices of luxury property in Thailand have hit record levels, although these price increases are not the same on smaller properties. Many developments of smaller one bedroom condominiums have not sold out and price rises have been more muted.
Aliwassa Pathnadabutr, managing director of CBRE Thailand, said: “Generally the best performing projects have been those closest to transit stations. In some areas the one bedroom sector is going to come under pressures from developers unsold inventory and shadow inventory from units bought by speculative buyers who want to resell before completion.”
The prices of middle and entry level condominiums have adjusted upwards but to a less extent than in the luxury market. “There continues to be new launches in this sector although the absorption rate is slower compared to two years ago when many projects tended to sell out at launch. The top developers dominate this segment of the market,” explained Pathnadabutr.
The CBRE report concludes that more and more people are accepting condominium living in Bangkok and that demand remains strong, particularly in areas near transit stations and in densely populated areas where supply is restricted.