WEB BBS FEB 18

BUSINESS SUPPLEMENT
are located. Prices in this area jumped 16 per
cent to hit nearly 240,000 baht per square
meter due to limited supply and increased land
prices.
Yannawa, Bang Khoaem and Klong San saw
12 per cent increases to 175,000 baht per
square meter, whilst Klong Toey saw price increases
of 11 per cent to 210,000 baht.
Lesser price increases were found in more
remote parts of the city, but prices rose nonetheless.
In Lat Phrao prices rose six per cent to
72,000 baht per square meter and in Chaeng
Watthana prices remained amongst the lowest
in the city rising by only two per cent to 62,000
baht per square meter
CONDO PRICES LIKELY TO RISE BY 8% IN 2018
According to the leading property consultant,
Nexus Property Marketing Co., condo prices
may see a rise of eight per cent this year on
average. This is in spite of the fact that a new
land and buildings tax is due to come into force
in early 2019,
Indeed condo prices will likely keep rising as
land supply becomes ever more scarce, especially
in property hot spot areas.
Prices per square meter in Bangkok were likely
to average 130,600 compared to 121,000 last year.
All of these price rises come with a bit of a
quandary and that is that new condo supply is
running much higher than the average. Generally
in a market when there is rising supply,
prices fall, but the opposite seems to have
occurred in Bangkok. Supply of condos hit
550,000 units nationwide and in Bangkok new
condo (finished) supply hit 53,600 units, some
15 per cent higher than the 5 year running
average. New condo launches in Bangkok this
year hit 62,700 units within 128 projects, the
highest level seen in a decade.
The managing director of Nexus Property Marketing
Co., Nalinrat Chareonsuphong was quoted
as saying, “There is unlikely to be forced sales
among landowners who are pressured by the
land and buildings tax,” adding, “If the tax is effective,
they have options to apply to their assets
anyway and will not need to sell the plots.”
Across Bangkok different areas enjoyed different
price rises based on the previous year-onyear
data.
The highest price increases were seen in
Pathumwan and Ratchathewi, near where the
Baiyoke Tower and the Pantip computer mall
Ms. Nalinrat was also quoted as saying, ”Next
year the property market will be in transition,
driven by various factors including foreign investment,
exponential growth in Cambodia,
Laos, Myanmar and Vietnam, the ageing
population and technology for new property
developments.”
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