- In Q1 2016, the total completed supply in downtown and midtown/suburban areas reached 551,576 units. Of these, 114,765 units or 21% were located in the downtown area, which represented an increase of 0.5% Q-o-Q and 6.3% Y-o-Y while 436,811 units or 79% were located in the midtown and suburban areas, representing an increase of 3.5% Q-o-Q and 17.1% Y-o-Y.
- There were 561 units completed in this quarter in the downtown area, decreasing from 1,636 units in Q1 2016. The number of newly completed condominium units in the midtown/suburban areas was 14,765 units this quarter, decreasing from 18,524 units in Q1 2016.
- In the first month of this quarter, condominium developers continued to focus on transferring completed units and clearing built-but-unsold inventory in order to take advantage of the temporary reduction in transfer and mortgage fees which expired on 28 April 2016. The number of newly launched condominium units was at record lows both in the downtown and midtown/suburban areas since Q2 2012 and Q3 2011, respectively. There were 960 condominium units launched in the downtown area this quarter, a decrease of 61% Y-o-Y, and 7,315 condominium units launched in the midtown/suburban area, a decrease of 59% Y-o-Y.
- The overall occupancy rate for the downtown area remained relatively stable at 79.4% in this quarter.
- The average asking price for downtown off-plan condominium units (high-end and above, with prices of more than THB 120,000 per square metre and the total price above THB 5 million) was THB 218,142 per square metre, an increase of 8.4% Y-o-Y. The increase in the average asking price for future downtown condominium units was largely due to the record prices in many new condominium projects launched during 2014-2015. The average asking price for off-plan condominium units in midtown/suburban Bangkok was THB 87,152 per square metre, an increase of 3.1% Y-o-Y.
- The average freehold resale price for completed units in the downtown area in high-end buildings and above (with prices of more than THB 120,000 per square metre and the total price above THB 5 million) in our comparable basket increased by 5.4% Y-o-Y to THB 196,845 per square metre in Q2 2016 from THB 186,722 per square metre in Q2 2015. The Silom/Sathorn area achieved the highest percentage change in resale price levels, increasing by 6.8% Y-o-Y to THB 201,429 per square metre.