Bangkok condo launches are expected to increase by more than 30 percent this year, according to research from Colliers International Thailand. The consultancy is predicting that 33,569 new condo units will hit the market in 2022, a rise of 33 percent when compared to the previous 12-month period.
In fact, Bangkok condo launches fell to their lowest total in 13 years last year. That was due to a number of factors, including construction delays caused by COVID-19, declining overseas demand and developers wanting to sell unsold inventory.
Many homebuilders are focusing Bangkok condo launches on suburban locations around the future public transit lines. This is in contrast to a few years ago when the bulk of new properties were upscale, high-rise developments in the city center.
“Most of the new condominiums will be in outer Bangkok with a price tag of THB70,000 to THB120,000 per square meter,” Collier’s research director Phattarachai Taweewong was quoted as saying by The Nation.
Related: 4 things to know about Thailand property investment in 2022
Developers announce upcoming Bangkok condo launches
Several developers have already announced their intention to roll out Bangkok condo launches this year. For example, Supalai said it will unveil four new projects in the Thai capital worth an estimated THB5.74 billion.
“The condo market slowed down last year, shrinking by 50 percent from 2019, and we expect a continuing drop in 2021,” Supalai Managing Director Tritecha Tangmatitham told the Bangkok Post. “But we see a large amount of new condo supply planned to launch in the fourth quarter. As a result, the total number of new condo supply launched this year will be the same amount as last year.”
Elsewhere, AP has plans to launch three high-rise condos as part of a joint venture agreement with Japanese firm Mitsubishi Estate. These are slated for the Rama IV, On Nut and Lat Phrao areas. Noble Development and Sansiri are among the other developers to lay out plans for condo developments in the Thai capital.
Read More: Thai developers announce new project launch plans for 2022
