By Andrew Batt:
Rental rates for Grade A apartments in Bangkok have increased by as much as 2.8 percent year-on-year, according to CBRE Thailand’s Bangkok Overall Market View report.
During Q1 2012 there was a slight decrease of 1.6 percent quarter-on-quarter in the total supply of apartments in Bangkok, however the number was up 0.1 percent year-on-year. The decrease, according to CBRE Thailand, is because some apartment buildings have changed use.
Apartment occupancy stood at 86.6 percent in the first quarter, down from 89.5 percent in Q4 2011.
The Central Lumpini area recorded the highest rental rates, with THB442 per sqm per month being achieved for Grade A apartments, up by 2.8 percent year-on-year.
Interestingly, and at a time when other Southeast Asian countries are seeing a drop in the number of expatriates, Thailand saw an increase in the number of foreigners holding a work permit. The number in Q1 2012 was 101,385, up from 100,641 in the previous quarter. CBRE Thailand noted that Japanese nationals make up 25 percent of the total number of work permit holders in Thailand.
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