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Since the Economic Crisis in the late 90's, Thai developers have realized the importance of quantitative research of the real estate market. However, there is a shortage of reliable data available to monitor the sector. Therefore, Raimon Land has decided to publish "Condominium Focus" as a tool to monitor the Condominium sector in Central Bangkok and Key Resort Areas of Thailand.
Inner-City Bangkok
Seven condominium projects with 1,185 units complete in H1/09, leaving 44 projects with 11,890 units in various stages of development
69% of new completed supply were transferred to date with an average price fetching THB94,737/ sq.m in H1/09
Off-Plan prices rose 4% to THB125,910/ sq.m, but with a dramatic fall in sales volumes to just 430 units in H1/09
New launches reduced to just 447 units in H1/09, with 36.5% of these units reported sold by developers to date
Pattaya
Tourism numbers to Pattaya fell 16% in 2008, affecting property demand in a market where 50% of purchases are holiday homes
Prices of sold units reduced for first time in H1/09 to THB93,744/ sq.m, in response to switching demand from beachfront to more affordable urban properties
152 units complete in H1/09, as opposed to 6,000 units still under development. We anticipate most developers not being able to meet targeted completion dates
In H1/09, resale properties in Central Pattaya with rent paying tenants are selling at a yield of 5-7%
Thais led the Pattaya market, with a switch to younger buyers seeking holiday homes and solid investment returns
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