The sales rate for new condos launched in Bangkok in the second quarter fell to 15.7 %, an all-time low, beating the lowest previous quarter (35%) in 2010 when the “red shirt” political crisis brought Bangkok to a standstill.
Risinee Sarikaputra, director of research, said to the Bangkok Post that “The normal quarterly sales rate for new condo launches is around 40-50%,”
According to Knight Frank’s market research, Bangkok hit a decade-long record for new condos entering the market, with 65,000 new units launched throughout 2018, up 11% from 2017, the highest since 2009.
In the first and second quarter this year, new condo supply launched in Bangkok totalled 12,882 units and 14,988 units, respectively.
Knight Frank reported Bangkok had cumulative condo supply from 2010 to the first half of 2019 of 594,453 units with a sales rate of 84%, unchanged from 2017.
525,889 Empty homes in Bangkok
But according Dr.Sopon Pornchokchai, President of research and property valuation center in Thailand, Agency for Real Estate Affairs , there are 525,889 empty homes in…