The Bangkok condo market slowed in the third quarter of 2023, plunging to its lowest point for supply and demand since the third quarter of 2021, mainly attributed to rising interest rates.
Property consultant Knight Frank Thailand reported new condo supply launched in the third quarter of 2023 totalled 5,367 units, down 45% year-on-year.
The number of units sold during the period was 2,117, a 30% year-on-year decline. Both supply and demand hit their lowest points since the third quarter of 2021, when 2,312 units were launched and 879 units sold.
Vichai Viratkapan, acting director-general of the Real Estate Information Center, said condo developers reduced new launches, particularly in the lower-end price segments, as buyers in this segment were severely affected by adverse factors.
“Negative factors, particularly rising interest rates, marred the purchasing power of the mass market,” he said.
“Buyers in this segment also faced high rejection rates for mortgages, prompting developers to slow condo launches.” Source: Bangkok Post
