Bangkok’s condo market seems to have dusted itself down from the global financial meltdown, without the hangover that has left its Western counterparts feeling woozy.
The developer Raimon Land has concluded its eighth annual in-depth study into condo sales on an upbeat tone.
Investors are back in the market buying stocks and property – with all major developers seeing pre-sales double after their dip in the final quarter of last year.
While banks are lending less in the aftermath of the world’s financial meltdown, this has been offset by plunging building costs, which has kept construction afloat.
Perhaps unexpectedly, given the gloom that only recently enveloped economic pundits, the price per square metre has actually risen for Bangkok condos with the completion of several upscale units.
Off-plan purchasing remains high at 73%. While the slowdown has weeded out speculators, ‘real demand’ has held up and Thai buyers have stepped in to keep demand healthy.
Sukhumvit is currently the hotspot for new construction, attracting 57% of new units, with the Riverside area coming up with the expansion of the sky train line across the Chao Phraya River.