Experts are predicting that greater Bangkok’s property market is likely to slow down in the fourth quarter of this year with local media reporting the launches of 4,000 condo units are set to be postponed until next year as buyers continue to be scarce. Condo unit launches in general have been trending downward during the past two years.
Samma Kitsin, director-general of the Real Estate Information Center (REIC), told media that several condominium developers are putting off new launches until next year when they hope the market will show signs of improvement.
“Market sentiment is unfavorable so the new condo supply has been held over. But single house and townhouse supply will keep launching as it can be launched on demand,” Samma was quoted as saying at the REIC annual seminar.
According to the REIC’s estimates, there will be nearly 20,000 residential units launched in the fourth quarter of this year, which is down from original predictions that called for 24,000 units to be launched during the upcoming quarter. In the fourth quarter of last year, 29,000 units were launched in Bangkok.
The number of new residential units to be launched in Greater Bangkok this year is estimated to be 94,000 units. Of that total, there will be 52,000 condo units and 42,000 units of single house and townhouses. This total would be down from 107,000 units launched in 2015.
During the first three quarters of this year, the number of new residential units launched in Greater Bangkok was recorded to be 70,200 units at 313 projects. This total is down 8.7 percent from the same period last year when 76,900 units from 318 projects were launched. Of that total, 37,200 were condos units launched while 33,000 units were low-rise houses.
