Rising prices and dwindling land banks, combined with improved transport connectivity, are changing the shape of Bangkok’s condominium market as new projects move away from the city’s centre; however, oversupply in some areas could continue to weigh on sales.
With the expansion of bus and rail transport improving connectivity in the capital, mid- and upper-range property developments are set to migrate away from traditional downtown areas, according to international real estate consultancy Colliers International Thailand.
Around 60,000 condominiums will be added to existing stocks this year, building on the 300,000 units that have entered the market since 2013, Phattarachai Taweewong, senior manager of the firm’s research department, told local press in April.
The extension of the Metropolitan Rapid Transit Blue Line connecting Tha Phra to Bang Sue, which is close to completion, has accelerated development in the city’s west. An estimated nine condominium projects are set to be launched in the area this year, bolstering supplies in the middle and lower end of the market.