Slower growth in metro condo prices continues

Slower growth in metro condo prices continues

Growth in the condo price index for Greater Bangkok slowed for a third straight period in the fourth quarter of 2019 as developers capped prices amid a sluggish market.

According to the Real Estate Information Center (REIC), most developers did not raise condo prices and used sales promotions like freebies, cash discounts and waived expenses on the transfer date.

The REIC said the condo price index for Greater Bangkok in the fourth quarter was 153.8, up 4.3% from the same period in 2018. The year-on-year increases in the second and third quarters were 8.2% and 7% respectively after peak growth of 12.2% in the first quarter.

The price index for condos in Bangkok alone rose 4.6% year-on-year to 155.4 in the fourth quarter. The index for neighbouring provinces was 145.9, up 3.2%.

According to the REIC, three of the five locations in Greater Bangkok with the highest increases in condo prices in the fourth quarter were near a new mass transit line or an extension of an existing line.

Muang, Phra Pradaeng and Phra Samut Chedi districts in Samut Prakan saw the highest year-on-year increase in the condo price index with 18.7%. Muang district gained from a skytrain extension to Kheha station.

The location with the second-highest year-on-year increase was Silom-Sathon-Bang Rak with 16.4%, followed by Yannawa-Bang Kho Laem with 14.1%.

Lak Si-Don Muang-Sai Mai-Bang Khen came fourth with a 9.7% rise. Sai Mai and Bang Khen benefited from the skytrain extension from Mor Chit to Kasetsart University.

The fifth-highest year-on-year increase was Lat Phrao-Wang Thong Lang-Bang Kapi with 9.4%. This area featured construction of the Yellow Line, which will open by 2021.

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