According to a report by GlobalPropertyGuide house prices in Thailand fell by 1.12% quarter-on-quarter in the second quarter of the year.
The website takes its source information for the whole of Thailand’s property and real estate markets from the Bangkok of Thailand’s Index for single detached housing – which amounts to just a small fraction of the entire property sector. Therefore the question must be, are property prices in Thailand really falling in the market as a whole?
Certainly this appears to be the first research report which indicates any kind of decline in prices, albeit in a tiny part of the market.
Using the same data source, Thailand’s property market was the 16th fastest growing in the year ending June 2015, showing a 3.72 percent rise in prices.
So are property and real estate prices in Thailand starting to fall across the sector? It’s fair to say that a small number of Bangkok developers have started to promote discounted new units with saving of up to as much as 15 percent on unit prices, and in Pattaya there have seen some ”fire sales” with units selling for as much as 40 percent off their original listed prices.
Elsewhere the world’s housing markets continued to surge and the boom now includes Europe, North America and some parts of Asia. Of the five strongest housing markets in the Global Property Market survey, three are in Europe (Ireland (+10.81 percent), Estonia (+8.99 percent) and Iceland (+6.19 percent) while the other two (Hong Kong (+16.43 percent) and the Philippines (+6.61 percent) are in Asia.
The biggest year-on-year house-price declines were seen in the United Arab Emirates (-11.72percent), Russia (-11.13 percent) and Ukraine (-10.64 percent).
During the year ending Q2 2015, house prices rose in 24 of the 39 world’s housing markets which have so far published housing statistics, using inflation-adjusted figures.
The more upbeat nominal figures, more familiar to the public, showed house price rose in 28 countries, and declined in 11 countries.
Have your say about Thailand property and real estate prices? Are they really dropping? Leave your comment here or email Group Editor Andrew Batt ([email protected]) with your personal experiences.
