In Q1 2018, the overall condominium market continued to recover with the downtown area performing well due to healthy demand while growth in the midtown/suburban areas remains concentrated along both existing and under-construction mass transit lines.
CBRE saw the average asking price of off-plan condominium units in midtown/suburban Bangkok exceeding THB 100,000 per square metre for the first time, representing an increase of 5.6% Y-o-Y. The increase in average asking price was led by new condominium launches in the northern midtown/suburban parts of Bangkok.
A total of 950 units were launched in the downtown area this quarter compared to 4,674 units launched in Q4 2017, representing a decrease of 66% Y-o-Y. The total number of downtown units launched in the first quarter of 2018 represented only about 8% of the 12,544 units launched in the whole year of 2017. We believe that developers have slowed down their launches in the downtown area this quarter following a large number of units launched in Q4 2017.