Bangkok will see up to a 35 percent decline in new residential projects this year, an audience at a seminar in the Thai capital heard yesterday.
Many property developers have already opted to delay their new project launches in the face of an economic slowdown that is forecast to expand by as little as 3 percent in 2014.
Last year saw 143,543 new homes in greater Bangkok transferred to buyers. KasikornResearch has predicted that between 75,500 to 85,500 new units will be launched in the Thai capital this year – equal to more than a 42 percent decline on 2013 numbers.
Yesterday CBRE Thailand reported how developers have begun to shift their focus to selling their unsold inventory in both completed and yet-to-be-finished projects.
Andrew Batt, International Group Editor of PropertyGuru Group,
wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
Recent stories from DDproperty.com you may have missed:
Thailand property prices rose 3.87% in 2013
Hilton Hua Hin up for sale
Bank of Thailand predicts real estate slump ahead
Asian real estate professionals earning more
If you have a property story you want us to publish email: andrew@allproperty.com.sg