The Price Index for condominiums decreased as consumers shifted their attention to horizontal properties
Despite Thailand’s ease in COVID-19 in Q3 2021, the residential property price index has constantly declined, while the supply index has steadily increased, as reported in DDproperty’s Thailand Property Market Index Q4 2021.
As a result of the ongoing COVID-19 outbreak, real estate prices in Q4 2021 aren’t going to increase any time soon. Weak purchasing power continues to hinder real estate market recovery, so developers are offering promotional strategies such as discounts to attract buyers.
The Price Index of Bangkok’s residential property went from 183 points to 178 points, a two percent quarter-on-quarter decrease.
The Price Index for condominiums declined by two percent quarter-on-quarter and dropped by 11 percent year-on-year, since many consumers shifted to horizontal property projects like single-detached houses and townhouses.
Meanwhile, the supply index increased from 428 to 458 points, around seven percent quarter-on-quarter.
Horizontal properties attributed to the rise in supply, seeing that the Index for single-detached houses jumped by 10 percent quarter-on-quarter, while townhouses rose by eight percent for the same period.
On the other hand, the Supply Index for condominiums remained stable. Nevertheless, condominiums accumulated the highest ratio of all residential supply in Bangkok at 86 percent, while single-detached houses and townhouses accounted for eight and six percent, respectively.
Locations outside CBD areas and in the outskirts of Bangkok, such as Wang Thonglang and Lat Phrao, recorded the highest Price Index growth due to the new and upcoming sky train routes.
Moreover, 2021 is still relatively a good time for buyers with strong purchasing power, owing to lower prices and other favourable factors such as attractive interest rates and lower ownership transfer fees.
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