Developers are offering promotions and discounts to speed up purchasing decisions
According to DDproperty, Thailand’s Price Index has consistently decreased from the last quarter, and it is expected to remain stable for the rest of the year.
As a result of the recent outbreak, property prices in Q3 2021 have been dropping since the beginning of the year.
The country is experiencing a slowed down economy, as well as a record-high household debt of 90.5 percent of the GDP. Consumers’ shrinking purchasing power has led to purchasing delays or longer considerations in property investment.
On the other hand, developers are offering discounts and promotions to lure in buyers and speed up their buying decisions.
The latest DDproperty Thailand Property Market Index report indicates that the Price Index for residential property in Bangkok dropped to 183 from 190 points or minus four percent quarter-on-quarter, the lowest since Q2 2017.
The drop in the Price Index particularly applies to condominiums, as consumers are more interested in horizontal living, and foreign buyers and investors have withdrawn from the market.
The Price Index of condominiums decreased by three percent from the previous quarter, slumping eight percent year-on-year.
Meanwhile, the Price Index of townhouses remained unchanged from the previous quarter and shrunk by two percent year-on-year. Single-detached houses saw an increase of three percent quarter-on-quarter and three percent year-on-year.
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