Note: * In Q1 2018, we revised the basket of the projects used to calculate the resale price, which resulted in a large increase in the overall resale price. The resale price is based on the number of available units in the resale market each quarter. Prices, therefore, can vary from quarter to quarter. If we look at sales in individual buildings, the upward trend continues for the best buildings but in some cases, sales have been flat for older buildings.
- As of Q3 2018, the total completed condominium supply in Bangkok reached 674,793 units compared to 655,576 units last quarter; 145,350 units (22%) of which were in the downtown area, an increase of 4.2% Q-o-Q and 8.1% Y-o-Y. The remaining 529,443 units (78%) were in the midtown/suburban areas, representing an increase of 2.6% Q-o-Q and 11.6% Y-o-Y.
- A total of 5,880 units were completed in the downtown area this quarter, increasing from 2,113 units in Q2 2018. The number of newly completed condominium units in the midtown/suburban areas this quarter was 13,337 units, increasing from 8,650 units in Q2 2018.
- A total of 7,171 units were launched in the downtown area compared to only 363 units launched in Q2 2018, representing an increase of 79% Y-o-Y. A total of 18,223 new midtown/suburban condominium units were also launched this quarter, increasing by 104% Q-o-Q and 5% Y-o-Y.
- The Bank of Thailand has recently imposed a tighter regulation on mortgage lending, effective from April 1 next year. Second-home buyers will be restricted to a maximum loan of 80% of the property value if the first mortgage is less than three years old and for mortgages THB 10 million and higher. For third and subsequent mortgages, the buyers will only be able to borrow 70% of the property value.
- The average asking price of new high end and above off-plan condominium units in Downtown Bangkok (with prices of more than THB 150,000 per square metre and a starting unit price of over THB 8 million) was THB 277,341 per square metre, an increase of 1.7% Y-o-Y. The average asking price of off-plan condominium units in midtown/suburban Bangkok increased to THB 99,698 this quarter from 98,911 in Q2 2018, representing an increase of 5.6% Y-o-Y.
- Out of the 31,624 under construction units in the downtown area, 67.4% of this future supply has already been sold. There were 115,325 under construction units in the midtown/suburban area and 71.1% of this future supply has already been sold.