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Bangkok Property Market – Residential Prices Rise 5-6%

Bangkok Property Market – RESIDENTIAL prices increased by 5-6 per cent on average by the end of 2013 compared with the first half, according to a survey by the Real Estate Information Centre (REIC).  The survey covered detached houses, townhouses and condominiums in Bangkok and its suburbs in Nonthaburi, Pathum Thani and Samut Prakan provinces.  Townhouse prices in Greater Bangkok rose by 6.9 per cent in the period, more than detached houses and condominiums. On the REIC’s residential price index, townhouses reached 121.3 points (from the 2009 baseline of 100), compared with 115.1 for detached homes and 106.4 for condos.

In Bangkok proper, townhouse prices rose by 7.5 per cent by the end of year compared with the first half, while in Nonthaburi, Pathum Thani and Samut Prakan the growth rate was 6.6 per cent.  Meanwhile, detached-housing prices in the metro area rose by 6.1 per cent. In the three suburban provinces surveyed, the growth rate in this category was 6.2 per cent, 2 percentage points higher than in Bangkok proper.  Condominium prices in the metro area rose by 5.6 per cent from the first half of the year. In the three suburban provinces, they rose by 8 per cent, compared with just 5.5 per cent in Bangkok proper.

Overall, condominium prices grew at a lower rate than detached houses and townhouses because of the large number of condos on the market, resulting in high competition, REIC director-general Samma Kitsin said. Meanwhile, the supply of detached housing and townhouses was stable amid growing demand.

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