The Greater Bangkok residential condo market is likely to keep growing next year as strong demand for units near mass transit lines will see developers increase supply in the Nonthaburi and Samutprakan provinces, according to Colliers International Thailand.
These 2 provinces are both connected to Bangkok’s CBD thanks to the extension of mass transit lines and this has boosted the condo market in these areas. The condo sales rate in both Nonthaburi and Samutprakan is strong even if the number of empty units is also growing.
“The condo sales rate in Nonthaburi is healthy at 71% but the number of unsold units is quite high at 13,800, the highest of the 5 provinces neighbouring Bangkok,” says Surachet Kongcheep, Colliers Thailand Director of Research, to the Bangkok Post.
The number of unsold condos in Bangkok and the 5 neighbouring provinces is 63,658 units out of a grand total of 242,852 units in 437 projects launched in the 1st half of 2017, according to data from Real Estate Information Center. Bangkok has the highest number of unsold condo units. Nonthaburi and Samut Prakan have the 2nd and 3rd highest amount of unsold units in the surrounding provinces.
Despite the high number of unsold condo units, the sales rate was still at 60% or higher in all 5 of the Greater Bangkok provinces. Samutprakan is popular because it has large shopping centres, office buildings, and the BTS skytrain. Each province has similar facilities that have helped drive demand.
“Attractive locations for property development in the 5 neighbouring provinces should be near mass transit lines, close to commercial zones, and near expressways. Provinces neighbouring Bangkok have continued to grow. The most attractive locations are those along the mass transit lines. Single houses and the townhouse market will expand, while condos attract in interest in some locations,” says Surachet.