- In Q1 2017, the total completed condominium supply in Bangkok reached 592,016 units. Of these, 123,864 units or 21% were located in the downtown area, which represented an increase of 1.2% Q-o-Q and 8.5% Y-o-Y; while 468,152 units or 79% were located in the midtown/suburban areas, representing an increase of 1.2% Q-o-Q and 11.3% Y-o-Y.
- 1,461 units were completed this quarter in the downtown area, decreasing from 4,076 units in Q4 2016. The number of newly completed condominium units in the midtown/suburban areas this quarter was 5,460 units, decreasing from 20,588 units in Q4 2016.
- In this quarter, the Bangkok condominium market remained slow. The number of newly launched units in the downtown area was 2,812 units which increased by 69% Q-o-Q. However, it must be noted that this figure came as a result of a recovery period after a massive drop in Q4 2016 due to the aftermath of the passing of His Majesty King Bhumibol. Year on year, the number of newly launched condominium units have been relatively stable, decreasing only by 3% Y-o-Y. There were fewer new midtown/suburban condominium units launched this quarter (11,800 units), resulting in a decrease of 26% Q-o-Q but an increase of 17% Y-o-Y.
- In this quarter, one super luxury project, 98 Wireless, was completed with a reported maximum achieved price of THB 720,000 per square metre with a 57% sales rate. While the project has been selling since 2016, it was only publicly launched after its completion in Q1 2017.
- The average asking price for high-end and above off-plan condominium units in downtown Bangkok (with prices of more than THB 120,000 per square metre and a total price of over THB 5 million) was THB 269,873 per square metre, an increase of 13.1% 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 between 2014 to Q1 2017. The average asking price for off-plan condominium units in midtown/suburban Bangkok was THB 94,950 per square metre, an increase of 11.5% Y-o-Y.