Colliers predicts 33% surge in Bangkok condo supply
A leading property consultancy forecasts a surge in Bangkok condominium supply this year as the Covid-19 situation improves.
Colliers International Thailand predicts a rise of 33.7 per cent to 33,569 new condo units in 2022, after supply fell to a 13-year low of 25,113 new units in 2021.
Most of the new condominiums will be in outer Bangkok with a price tag of 70,000 to 120,000 baht per square metre, said Collier’s research director Phattarachai Taweewong.
Last year, the majority of new condos (57.4 per cent) were located in outer Bangkok districts of Huai Khwang, Chatuchak and Phasi Charoen.
Major real estate developers focused on new builds in outer Bangkok with a selling price under 50,000 baht per square metre.
However, the closure of construction camps and transport bans for labourers due to Covid-19 outbreaks disrupted construction, meaning condo developers failed to meet handover deadlines.
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A drop in foreign demand and leftover supply also drove down new condo developments in Bangkok last year, said Colliers.