Bangkok Condo - Residential Leasing MarketView Q4 2008

Bangkok Residential Leasing MarketView Q4 2008

Four apartment projects were completed during Q4 2008, including The Residence, 14 Place, The Harmonized and L.Three Avenue, which added up to a total of 199 units.  The total supply of apartment units in downtown Bangkok now stands at 10,866, up from 10,677 (+1.9% q-o-q and 6+1% y-o-y) in Q3 2008.

The number of work permit-holding expatriates in Bangkok and provincial areas increased to 84,616 and 68,190 respectively, rising 15.4% and 15.2% y-o-y. The total number of expatriates in Thailand as of November 2008 stood at 152,806, up 15.3% y-o-y.  However, we are concerned that expatriate numbers will taper off or decline in 2009 as many companies are looking to cut costs.