It was mixed news for the Bangkok residential market according to a new survey by the Real Estate Information Center (REIC). The number of residential units transferred in Greater Bangkok between January and September of 2015 rose by six percent, but the total value dropped by 16.7 percent as prices for units in popular locations declined.
According to the REIC survey, the most popular locations during the first part of this year were along the extension routes of Bangkok’s mass transportation projects. The top five locations for unit transfers were Bang Bua Thong in Nonthaburi, Bang Phli in Samut Prakan, Lam Luk Ka in Pathum Thani, Sai Mai in Bangkok and Pak Kret in Nonthaburi. All these locations are found in the city’s outer reaches.
Surachet Kongcheep, associate director of the research department at property consultant Colliers International Thailand, said that homebuyers prefer projects near the extension lines of the metro and Sky Train and this is a fact that is highlighted by the survey. “Most of the low-rise units transferred were in locations along new mass transit and extension lines, where prices remain lower than those in inner Bangkok,” he noted.
The most popular type of residential unit was condominiums, which had a transfer value of THB108.7 billion. Single houses recorded THB97.8 billion in transfers while townhouses earned THB68.9 billion and shop houses brought in THB34.2 billion.
There were 131,914 residential units transferred during the first nine months of this year which is a six percent increase year-on-year. Samma Kitsin, director-general of the REIC, pointed out that the combined value fell by over THB60 billion from THB385.87 billion in 2014 to THB321 billion in 2015. The survey focused exclusively on the Greater Bangkok area and also noted that homebuyers preferred second-hand residential units over new ones for the first time in several years.
