Fewer residential units to be launched this year:
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The number of residential units launched in Bangkok and peripheral provinces this year could be 5 per cent lower than last year, due to concerns on the glut in the condominium market, said Agency for Real Estate Affairs.
Last year, 116,000 units were launched and 90,000 units were taken, according to the agency.
The agency's survey showed that in the first half, 56,548 units were launched with combined market value of Bt227 billion.
Earlier, the agency anticipated a 10 per cent increase on year in the number of new units throughout this year, to 112,776 units. The combined value is also expected to rise by 30 per cent to Bt449 billion.
Sopon Pornchokechai, chief executive, noted that the outlook may not be as bright as expected as some developers are concerned about the glut in the condominium market particularly in the low-priced segment. A number of projects offering units below Bt1 million have been launched. Meanwhile, they may also delay projects that offer units priced above Bt10 million.
He added that in the first half, Bangkok property market remained the most bouyant in Asean. He also said that the near-term outlook is positive, particularly if political stability is maintained and true democracy is restored.
