Thailand ViewPoint: 30 Years of the Bangkok Condominium Market
04 Jul 2018
CBRE is celebrating its 30th anniversary of the opening of the company in Bangkok and Ms. Aliwassa Pathnadabutr, managing director of CBRE Thailand, looks back at the last 30 years of condominium development in Bangkok. “When I first joined the company, which was called Richard Ellis in 1988, there were only about 2,600 completed condominium units in downtown Bangkok and now there are 140,000 and about 630,000 in the whole city.”
In 1988, it was possible to buy a condominium unit off-plan in downtown Bangkok for around THB 20,000 - 25,000 per square metre, but purchasers got a bare concrete shell with a very basic bathroom. There were no wall, floor or ceiling finishes, no fitted kitchen, air conditioning, lighting or electrical outlets provided by the developer. Today most condominiums are sold on a fully-fitted basis, including air conditioning and kitchens with appliances and purchasers just need to provide loose furniture.
Prices for new buildings have risen by more than 1,000 percent with many new condominiums selling for over THB 300,000 per square metre in prime locations.
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