Bangkok Residential MarketView Q4 2018
20 Mar 2019
Buyer's Opportunity as Developers Clear Condominium Stock
The overall condominium market continued to slow down in Q4 2018, following a series of cooling measures announced by the Bank of Thailand including new mortgage lending curbs and the recent interest rate policy hike to 1.75%. New residential mortgage loans and property transfers are expected to reach a peak point in the coming months as developers accelerate project completions to clear unsold inventory before the new regulations come into effect in April 2019. Speculative demand from both foreign and local buyers will likely shrink due to current economic conditions, forcing developers to shift their focus towards Thai end-user buyers.
A total of 2,579 units were launched in the downtown area this quarter, compared to the record-breaking 7,171 units launched in Q3 2018 which represented a decline of 45% Y-o-Y. However, the total number of downtown units launched in 2018 was just 10,920 units, a decrease of 10% compared to the total units launched in 2017. We expect the number of new condominium launches in 2019 will decrease further as developers will stall new project launches to focus on clearing unsold inventory.
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