Land scarcity boosts downtown condo prices
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Only 1,242 condominium units were launched in the inner areas of Bangkok in the second quarter of this year due to scarcity of land, according to Knight Frank Chartered (Thailand).
Risinee Sarikaputra, director and head of research and consultancy, noted that the city condo market is currently at its peak.
Due to land scarcity which drives up land prices, most newly launched projects in the city area were therefore Grade A projects and above in order to justify the prices - which were set above Bt250,000 per square metre.
She noted that the price of condominium units in the area went up at a much faster pace than those in other areas.
Demand for units in the area was also brisk. The number of available units in the area stood at only 5,168 units at the end of June.
In the quarter, a total of 20,780 units from 37 condominium projects were launched. The majority, 73 per cent, was from projects in peripheral areas.
