Condominium sales drop by 10 percent to 46,000 units this year

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Sale of condominium units this year has dropped 10 percent to about 46,000 units compared to last year’s 53,000 units with about 48,000 unsold units, including 15,000 completed units and the rest still under construction, according to Nexus Property Marketing.

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Nexus Property Marketing managing director Mrs Nalinrat Charoensupong said on Thursday that 94 new condominium projects with about 40,000 units were launched this year which were lower than last year’s 53,000 units or 25 percent drop.

The three locations which boost the highest number of new condominium projects are Phra Khanong-Suan Luang with 10,000 units, Phya Thai-Ratchadapisek with 9,200 units and Ngamwongwan-Tiwanont’s 6,900 units.

The average price of condominium units in Bangkok this year has increased 14 percent to 121,000 baht/square metre from last year’s 106,000 baht/square metre which is higher than the average increase of 8 percent during the past five years.

Especially, the price of condominium units in central Bankok has increased 15 percent to 150,000 baht/square metre due to land price increase in all locations and rising construction costs.

Supply of condominium units for next year is expected to increase about 10 percent mostly in inner and outer Bangkok while demand is expected to increase at the same rate.