Greater Bangkok will see 22 percent more homes offered for sale this year according to new research from the Agency for Real Estate Affairs (AREA).
The real estate consultancy firm yesterday predicted that 124,080 properties will come to the market this year with a combined value of more than THB340 billion.
Company President Dr. Sophon Pornchokchai revealed that more than 62,000 homes were launched during the first six months of the year, and revised his company’s predictions for the number of expected launches for 2013 upwards based on the number of expected new projects from Stock Exchange of Thailand-listed property developers.
AREA said that the average price of a newly launched property during the first half of this year was THB2.77 million – down some 6 percent from the average price of THB2.93 million last year. Dr. Sophon noted this was because developers were launching smaller, lower-priced units to reach more buyers. Some 64 percent of the new properties that have debuted this year have been condominiums, he said.
Research from the firm also revealed that 133,238 properties were being marketed as of June 30, representing 3 percent of the total number of properties in the Greater Bangkok area.
Dr. Sophon cautioned that the market is currently experiencing significant growth, and urged authorities to monitor the situation and introduce effective cooling measures if necessary.
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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