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Bangkok Overall Property Market - Second Quarter 2007
Overall the housing market experienced a slowdown with the exception of the condominium segment. New supply of both single-detached and townhouses declined, while demand was weak throughout the first half of the year. Sales of upscale condominiums, however, improved slightly, while prices continued to rise in most market segments. The changing lifestyle of city dwellers continued to drive the mid-end condominium market along the mass transit routes. This upturn in the midtown condominium market has raised demand for land along mass transit lines, while pushing up land prices in secondary locations such as Ratchada, Ladprao, Tha Pra, Bangkapi and Outer Sukhumvit.The market for commercial properties such as retail outlets and offices was subdued. Political and economic factors continued to negatively affect the commercial property market. Office and retail rentals remained largely unchanged as business and consumer sentiment remained low throughout the first half of 2007. The hotel industry in Bangkok improved slightly, while hotels in resort destinations continued to outperform their peers in the capital. The continued increase in the number of tourist arrivals in the first half suggested that foreign tourists’ confidence still remained at high levels.Housing - New residential supply in Bangkok dropped 10% q-o-q in Q1 2007 due to the large decline in the number of developer-built housing units. This number increased slightly by 0.3% y-o-y. Future residential supply is expected to drop since the numbers of land allocation and building construction permits dropped significantly recently. The demand for the housing market remains weak with sales rates dropping in almost all areas of Bangkok. Townhouses performed better than SDH (single detached house) as buyers seemed to prefer lower-priced products that are located closer to the city area. Lower interest rates will continue to be supportive, even though the market is not expected to respond significantly. The delayed construction of new mass transit lines has caused new launches to be delayed and home buyers to put their buying decision on hold. The political uncertainty continues to affect consumer confidence, and lower economic growth is affecting purchasing power.Condominiums - Sales of upscale condominiums improved slightly in the second quarter, while prices continued to rise in most market segments. Consumer sentiment seemed to improve as we saw more buying activities in both luxury and middle markets.The condominium market will remain active throughout the rest of the year, especially those projects located in the prime area and those near the mass transit routes. As sales for luxury and upper-middle market started to increase in Q2 2007, the situation for this sub-market further improved in the second half of the year. The “skytrain generation” and the changing lifestyle of city dwellers will continue to drive mid-end condominium market in the secondary locations. Prices of these condominium
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