Floods take toll on housing market
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The number of new residential units launched this year in the Greater Bangkok is estimated to be only 90,000, following last year's floods which delayed new projects and largely pressured demand.
According to the Real Estate Information Centre (REIC), of total, 50,000 units will be condominium units.
As of February 15, only 8,800 new units have been launched this year.
The centre also revealed that the number of newly-registered residential units in the region also dropped 24 per cent on year in 2011, to only 81,500 units. In 2010, a number of 107,000 units were registered.
Total house transactions, inclusive of second-hand home, also dropped in terms of units and value by 17 per cent and 32 per cent, respectively. In 2011, the ownership of only 147,200 units was transferred at a cost of Bt315 billion, against 178,100 units and Bt392 billion in the previous year.
