The surprise of the quarter was that despite the global economic recession the number of expatriates with work permits in Bangkok rose by 13.2% y-o-y to 79,511 according to figures from the Alien Occupational Control Division, Department of Employment. We also checked with the major international schools and they reported that they had not seen a [...]
Useful information about property rental Rental: This is always referred to as monthly rental, and is payable monthly in advance, by the tenant to the Landlord. The total rent may be split between rental of space, rental of furniture and service/maintenance charges. Tenants are responsible for payment of utilities. Tenants also usually pay for monthly [...]
Supply The total supply of apartment units in downtown Bangkok stood at 10,866 as of Q4 2008, up from 10,677 (+1.9% q-o-q and +6.1% y-o-y) in the previous quarter. The incremental supply during this quarter is from four newly completed projects in the Sukhumvit area. These are The Residence, 14 Place, The Harmonized and L.Three [...]
Highlights The average occupancy rate for downtown Bangkok was89.7% in Q4 2008, up 1.8% q-o-q, but down this by 1.2% y-o-y. The total number of occupied units was 9,749 in quarter, up 3.9% q-o-q and 4.6%. The average achieved rents for Grade A apartment units declined in all areas from 1.2-5.6%, especially in Sukhumvit(-5%), and [...]
Outlook The total number of expatriates in Bangkok grew y-o-y to November 2008, but this growth will slow as many manufacturing companies have announced significant reductions in production for 2009. Additionally, all types of businesses have tightened spending, which in some cases includes reductions in employee salaries and other benefits, such as rental allowances. Given [...]
Average achieved rents - Bangkok Q4 The average achieved rents for Grade A and B Bangkok apartments declined in all areas, from 1.2-5.6%. Grade A apartments in the Riverside/Rama III area posted the highest decline, at 5.7% q-o-q to THB 405/sqm/month. For Grade B, Silom/ Sathon retreated the most, by 3.5% q-o-q to THB 353/sqm/month. Going forward, [...]
Construction for roads and infrastructure at the W Koh Samui Retreat & Residences commenced in Q2, 2008, followed by a hotel and residences show unit construction in Q3. The resort will feature a 75-key W Retreat & Spa and 17 private residences to be completed by mid-2010. The hotel mock up villa is now complete [...]
Demand for Bangkok condominiums fell significantly in Q4, 2008 as concerns grew on the impact of the global financial crisis and political uncertainty. Moving forward, 2009 will prove a testing year for Thailand’s property market. “A faster recovery is expected compared to 1997 as the fundamentals of the Thai and Bangkok property markets [...]
According to the latest CBRE Bangkok Property Report, the average asking price for off-plan condominium projects in downtown Bangkok (high-end and above) was THB 155,134 per sqm. (Click here to find out more about the Bangkok Property Report) Although price declines have not been observed, buyers who have purchased off-plan are prepared to [...]
New project launches have slowed down substantially since Q3, 2008 with only three new project launches (927 units) in central Bangkok, compared to six new projects in Q2, 2008. Launches have also declined in peripheral areas, with ten new projects launched during Q3, 2008, a 38% drop compared to the previous quarter. (For more [...]
Tourism is a critical element of the Thai economy, with income generated from tourism contributing significantly to the country’s GDP and likely to grow further. In line with global trends, there is a growing demand for resort homes among longer stay tourists and expatriate retirees who are typically American, European and Asian high net worth [...]
Sales of luxury property in Thailand remain buoyant despite global concerns, according to CB Richard Ellis, the leading international property consultants in Thailand. At a luxury property exhibition last week at Bangkok’s Siam Paragon, the company sold 50 condominium units worth a total of USD 20.5 million in locations including Bangkok and resort destinations such [...]
Bangkok’s luxury condominium market will become more active this year and the new supply will continue to be limited, according to leading international property consultants CB Richard Ellis. The high-end and luxury markets, which faced a slight slowdown in 2007 mainly due to the low market sentiment, will become more active in 2008. Last year, [...]
The number of secondary sales in the Bangkok condominium sector has increased significantly over the last twelve months as developments near completion, according to the latest report on the Bangkok Condominium Market published by CB Richard Ellis Thailand, the leading property consultant. In the upper middle and luxury condominium sector there have been fewer new [...]
The number of expatriates with work permits in Bangkok grew to 70,757 in the second quarter resulting in continued high occupancy rates for expatriate standard residential apartmentsม according to the latest report on the Bangkok Residential Leasing Market View published by CB Richard Ellis. Two new apartment buildings and two new condominium developments were completed [...]
