Colliers International has just released their 2Q 2014 Bangkok condo market research report, revealing that there were many positive signs for the property market in June, with hopes that they will continue to increase in the future. After taking power in May 2014, the NCPO has been intent on “restarting” the country and many economic sectors, including real estate, have benefited from their initiatives, which also spurred an overall improvement in consumer confidence.
New launches in 2Q 2014 increased by 26% from the previous quarter, but the total of newly launched units in the first half of 2014 was approximately 22,840 or around 20% lower than the first half of 2013. Approximately 16,760 new condominium units were completed and registered at the Department of Land in the first half of the year; many projects were postponed from 2013, due to labour shortage problems and the effects of the political protests.
The average take-up rate for condo projects in Bangkok for 2Q 2014 was approximately 64%, which was significantly higher than in the previous quarter. This was due to some condominium projects, especially those by listed developers, selling out within a few days of their official launches. The average selling price for newly launched units in 2Q 2014 increased by around 18% over the average price of all condominium units that were launched in the first quarter, as many new projects are situated in highly convenient areas close to BTS and MRT mass transit stations.
