- In Q3 2016, the total completed supply in the downtown and midtown/suburban areas reached 561,711 units. Of these, 118,327 units or 21% were located in the downtown area, which represented an increase of 3.1% Q-o-Q and 7.4% Y-o-Y while 443,384 units or 79% were located in the midtown/suburban areas, representing an increase of 1.5% Q-o-Q and 15.2% Y-o-Y.
- There were 3,562 units completed in this quarter in the downtown area, increasing from 561 units in Q2 2016. The number of newly completed condominium units in the midtown/suburban areas was 6,573 units this quarter, decreasing from 14,765 units in Q2 2016.
- In this quarter, developers have resumed launching new condominium projects which increased 174% Q-o-Q and 26% Y-o-Y in the downtown area and 66% Q-o-Q and 38% Y-o-Y in the midtown/suburban areas. The majority of newly launched condominium units in this quarter were from top public-listed developers. We believe that the return to launch new condominium projects this quarter was mainly due to the fact that top listed developers need to create backlog of future revenue, rather than a sign of demand recovering, in Bangkok condominium market.
- The overall occupancy rate for the downtown area remained relatively stable at 79.9% 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 total price of above THB 5 million) was THB 218,647 per square metre, an increase of 4.7% 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 85,904 per square metre, an increase of 0.3% Y-o-Y.
- The average asking resale price for completed freehold units in the downtown area in high-end buildings and above (with prices of more than THB 120,000 per square metre and total price of above THB 5 million) in our comparable basket increased by 6.0% Y-o-Y to THB 200,198 per square metre in Q3 2016 from THB 188,909 per square metre in Q3 2015. The Silom/Sathorn area achieved the highest percentage change in resale price levels, increasing by 8.2% Y-o-Y to THB 206,429 per square metre.