Bangkok superluxury condominium sales rose significantly during the first half of this year, according to CBRE Thailand. The consultancy found that there was a 59 percent increase in luxury condominium project sales while 76.3 percent of the units in this segment under construction were booked.
While Bangkok superluxury condominium sales performed well across the first six months of 2021, the market as a whole has been slower. Many developers have delayed project launches, focusing instead on offloading current inventory.
“Due to the current pandemic, the overall Bangkok residential market in the first half of 2021 was affected by the emergence of COVID-19 waves. This resulted in a drop in the supply volume of new condominium launches which have slowed since 2020,” Khun Artitaya Kasemlawan, Head of Residential Sales – Project, CBRE Thailand, explained. “CBRE’s figures in the second quarter of 2021 showed an 11.4 percent decrease in new condominium project launches compared to the first quarter of 2021, with developers concentrating on special offers, mostly giving 5-10 percent discounts, for unsold ready-to-move-in inventory to quicken customers’ decision making.”
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The overall market may be slower than it was pre-pandemic, but Bangkok superluxury condominium sales have remained resilient due to the segment’s exclusivity. Investors know the scarcity of these projects, in regard to location, project type or both, ensure solid capital appreciation over the long term.
“Prime location is still the most important factor in attracting buyers and investors, not excluding the offering of high standard services by leading hotel brands which will reflect in long-term capital value appreciation of the projects. This is an excellent time for buyers to own a worthwhile asset which can be passed on to future generations at a reasonable price,” Khun Artitaya stated.
Figures from CBRE show that the number of units sold has increased by 18.8 percent in the first half of this year with Bangkok superluxury condominium sales driving growth. The most expensive single residence was a THB 130 million, ultra-luxury penthouse in the Thai capital.