Several new condo projects were launched in Bangkok to start the year as the market shows signs of life after two years of limited activity. This trend is expected to continue as Thailand reopens in full and more people return to the office.

“The momentum will continue in the second quarter as Thailand has lifted RT-PCR test requirements upon arrival for vaccinated international travelers from May 1,” Khun Phattarachai Taweewong, Research and Communication Director of Colliers, told the Bangkok Post. “The market became very active in the first quarter because of two positive factors: the loan-to-value [LTV] ratio for mortgage lending eased in October and the country’s reopening on Nov 1, 2021.”

Related: Here’s what you need to know about Bangkok condo investment this year

Colliers International Thailand found that there were 16 new condo projects with a total of 14,088 units launched during the first quarter of 2022. This was the highest amount since the fourth quarter of 2019.

The sales rate for new condo projects in Bangkok was also promising. According to the consultancy, this came in at 62 percent during the first quarter of 2022 which is the highest total since 2018.

“Prices were attractive for buyers and some investors, while many locations were in high demand for specific target customers, like those near hospitals or shopping malls,” Khun Phattarachai noted.

This information confirms an earlier report from the Dot Property Group which showed domestic Bangkok condo demand increased by 27.7 percent between the fourth quarter of last year and the first quarter of 2022. And while the majority of interest is still in the city center, people are also looking at other places in the Thai capital.

Infrastructure projects have seen domestic demand diversify away from the Bangkok core. 6.9 percent of all domestic inquiries between October 2021 and March 2022 came for condos in the Bang Sue, Chatuchak Lat Phrao districts which are home to Bang Sue Grand Station; SRT Red Line and Light Red Line; and MRT Brown Line among others.

Elsewhere, the east suburban area of Suan Luang and Bang Kapi received 5.7 percent of all domestic inquiries between October 2021 and March 2022. This area will be served by the MRT Orange, Brown and Yellow Lines with all three meeting at the Lam Sali Intersection in Bang Kapi.

The Dot Property Group Bangkok Condo Market Report Q1 is available for download today! Click here for your copy.