The price of condo units per square mater in the low-end segment of the market saw its highest annual price increase during the 3rd quarter of this year, reports local media. Prices rose by 13.7% last quarter because of limited launches in the low-end condo segment.
“Without new supply in the market, existing projects in this segment raised sales prices of the remaining units or new phases,” according to a survey team at the Real Estate Information Center (REIC).
There was no new condo supply launched in the low-end market between the 4th quarter of last year and now. This segment contains condo units priced below THB50,000 per square meter. The price for all new condos in Bangkok, Nonthaburi, and Samut Prakan increased by 5.9% in the 3rd quarter when compared to the same period last year.
“Most developers launched condo units in the middle to upper end segments, with a focus on THB60,000-140,000 per square meter,” says Surachet Kongcheep, Associate Director at Colliers Thailand’s research department, to the Bangkok Post.
The condo prices in all segments rose by 11.7-13.7% year-on-year in the most recent quarter. Luxury condos saw the second highest price jump, rising by 9.7-11.7%. The location with the highest condo price increase was Huai Khwang-Chatuchak-Din Daeng, where they rose by 14.4-16.4%.
Lower Sukhumvit in the Klong Toey Nua and Klong Tan Nua subdistricts of Watthana district saw a condo price increase of 13.5-15.5%, the 2nd highest jump in the 3rd quarter. Bang Sue-Dusit-Phra Nakhon-Pomprap Sattruphai-Samphanthawong, middle Sukhumvit, and Samut Prakan were the other locations in the top 5.
The price of single houses and townhouses in Bangkok, Nonthaburi, Pathum Thani, and Samut Prakan also increased in the 3rd quarter. The price index rose by 2% when compared to the same period last year for this segment.
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