Condo development and bargains are spreading to the peripheries
Projects are creeping outward from the city centre thanks to the greater access provided by rail systems, but for the foreseeable future oversupply is likely to keep prices low in the suburbs
Launches of new condominiums slowed in Bangkok last year due to the growing scarcity of land for development in areas where demand is strong, while flooding late in the year also curtailed most activity in the property market.
In the first half of this year, 1,898 condominium units were launched in the central metropolitan area, while another 1,500 are expected in the second half. This limited new supply, coupled with strong demand, will push up the selling prices of condominiums in the city area, as defined below.
Already we are seeing prices as high as 170,000 baht per square metre for good quality leasehold units in the highly desirable central Lumpini area. This is about the same as a freehold condo in the Sukhumvit area, whereas in central Lumpini freehold units can cost 220,000 baht per sq m or more. The table shows where the new city condominium launches are expected to take place in the second half of 2012.
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