Thursday, November 14, 2019

Pace of property project launches in Bangkok rises 11% in first half

Jul 24. 2019
Photo by: Prerm Ruamrudee
Photo by: Prerm Ruamrudee
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By The Nation

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Some 219 property projects were launched in the first half of this year in Bangkok and its surrounding areas, an 11.2 per cent increase from the same period last year, the Agency for Real Estate Affairs (AREA) reported on Wednesday.

The launches put 55,596 units on the market, with a total value of Bt221.5 billion, up 18.6 per cent and 15.4 per cent, respectively, from the year-earlier period.

Up to 211 of the new projects in the first half are residential, including condominiums, single detached houses, and townhouse. The other eight projects are for commercial buildings, the research said.

The average residential price was Bt3.96 million per unit, up 1 per cent from the end of last year, the research said.

AP (Thailand) Plc led the way on the first-half launches with 5,135 units worth Bt27.27 billion, followed by Pruksa Real Estate Plc with 3,755 units worth Bt13.66 billion, and Supalai Plc with 1,983 units worth Bt18.73 billion.

The inventory of townhouses on June 30, 2019, was 61,541 units, down 2.7 per cent from the end of last year.

Meanwhile, the inventory of single detached houses on June 30 was 61,541 units, down 2.5 per cent from the end of 2018.

Condominiums recorded a total inventory of 88,788 units at the end of June 2019, falling 8.5 per cent from the end of year 2018.

In view of the market in the first half of this year, AREA forecasts the property market this year will drop 16 per cent compared with last year, when demand had slumped.

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