Demand for large, resale condos in Bangkok will lead the way in 2022 as home seekers continue to prioritize space. CBRE Thailand noted some buyers are turned off by the higher prices and smaller size of new projects and are instead turning to the secondary market.
“The advantage of the resale market is that buyers can check the condition of the actual unit, including common areas and building maintenance, before making a choice,” Khun Praphinleeya Phuengkhuankhan, Head of Residential Sales Ad Hoc at CBRE Thailand, told the Bangkok Post. “Low fees for common areas and building maintenance are important elements that keep old buildings attractive for residents and sellers.”
However, the main reason demand for large, resale condos in Bangkok is increasing comes from the evolving needs of residents. With more people now working from home in some capacity, there is now a need for separate working areas. Older buildings can often accommodate this, but new projects are usually smaller, noticeably more expensive or both.
This trend is expected to continue into 2022, especially in the city center. According to CBRE Thailand, Sukhumvit, Sathon and areas near Bangkok’s central business district were among the most popular locations for people buying a resale condo unit.
Prices for large, resale condos can vary due to a number of factors. The quality of the building is seen as being important but isn’t the only element that determines a unit’s asking price.
“Buyers had a better understanding of the resale market, where prices are determined not only by demand and supply of each project and/or the size of units, but also the unique needs of the sellers,” Khun Praphinleeya said. “Based on previous sales figures, properties that were sold at market price or lower-than-market price were those under financial pressure.”
Related: New condo launches in Bangkok expected to increase in 2022