Property consultant Agency for Real Estate Affairs (AREA) estimates that the property market in greater Bangkok will grow 10 percent next year, as reported in the Bangkok Post. This reflects a reversal of a 24 percent year-on-year decline, measured in terms of the number of units entering the market for sale.
Since the May coup, consumer and investor confidence have picked up, and there has been renewed activity in the market. During the first half of the year, 212 projects were launched with a total of 49,816 units. Of this figure, condominiums comprised 51 percent, townhouses represented 28 percent, single homes were 15 percent, and the rest were other housing types.
On the demand side, during the same time period, 36,184 units were sold, down 37 percent from the same period last year.
AREA president Sopon Pornchokchai commented, “The market contraction helps prevent a bubble in newly launched supply. It is a consolidation year before growth resumes in 2015.”
