By Andrew Batt:
More than 3,000 condominiums were launched in the northern Thai city of Chiang Mai during the five months ending Febraury 2013, with a take-up rate of 72 percent according to research from Thailand’s Real Estate Information Center.
The majority of the units were priced between THB1 million and THB2 million, with Director General Samma Kitsin reporting that 10 of the 44 condo projects launched in the last two years are close to a complete sell out.
The report also revealed that 69 percent of the newly launched units are currently under construction, while one in four have not yet started. Some 6 percent have been completed.
Looking at the current supply of unsold units, the Real Estate Information Center predicted that it will take more than two years to clear the backlog assuming no new supply comes on stream.
Andrew Batt, International Group Editor of PropertyGuru, wrote this story. To contact him about this or other stories email andrew@allproperty.com.sg
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