Knight Frank Releases Study on Condo Market in Sukhumvit-Prakanong and Petchaburi-Ratchada Areas

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Mr. Phanom Kanjanathiemthao, Managing Director, Knight Frank Chartered (Thailand) Co., Ltd., revealed the price levels for condominiums in the Petchaburi-Ratchada and Sukhumvit-Prakanong areas during the first half of 2015. Specifically, prices were still adjusting upwards while supply increased. InSukhumvit-Prakanong, average condo prices were up to 226,000 baht per square metre. In 2015, such prices have increased up to 50% over those of 2014. As for condos inPetchaburi-Ratchada, average condo prices were up to 111,000 baht per square metre, which reflect up to 28 percent increase over prices in 2014. Moreover, sales of newly launched condos remained brisk, without any decline.

 

Mr. Phanom also offered that in the Petchaburi-Ratchada area, from 2008 to 2015, there were 46,363 units launched for sale. In the first half of this year, there were 4,593 units launched, with an average selling price of 110,454 baht per square metre, reflecting an increase from that of last year by 28 percent (in 2014, the average selling price was 86,486 baht per square metre).

Figure 1

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Source: Knight Frank Chartered (Thailand) Co., Ltd.

 

The sales rate for condominiums that launched during 2015 (until the middle of the year) was 29.37 percent. Compared with the past three years, this rate is considered to be stable, without decline despite the general market downturn (the sales rate for newly launched condos each year since 2011 has been 52 to 62 percent of the newly launched units).

Figure 2

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Source: Knight Frank Chartered (Thailand) Co., Ltd.

 

The sales price for Grade A condominiums in the Petchaburi-Ratchada area was in the 116,667 to 159,173 baht per square metre range, with an average price of 137,365 baht per square metre. As for Grade B condominiums, the price was between 66,429 and 112,857 baht per square metre, with an average price of 92,135 baht per square metre.

 

Phanom added that there were 1,974 condo units launched in Sukhumvit, from Sukhumvit Soi 1 to Prakanong, in the first half of the year. This rate was the same as that of the past three years; however, prices have increased up to 50 percent, compared to the past selling prices. The average selling price in the first half of 2015 was around 226,344 baht per square metre (in 2014, new projects averaged 51,396 baht per square metre).

 

Figure 3

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Source: Knight Frank Chartered (Thailand) Co., Ltd.

There were 19,481 newly launched condominiums in Sukhumvit, from Sukhumvit Soi 1 to Prakanong, from 2008 to present. In the past three years, there were around 2,500 to 3,800 newly launched condos in this area each year. Average prices have increased each year; last year, there was up to 50 percent increase in prices. One reason might be because the newly launched projects tended to be Grade A premium level projects that commanded prices of over 250,000 baht per square metre.

Figure 4

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Source: Knight Frank Chartered (Thailand) Co., Ltd.

The sales price of luxury condominiums in the Sukhumvit area enjoyed an average price of 262,628 baht per square metre, with selling prices in the 211,765 to 324,950 baht per square metre range. Grade A condos were priced at an average of 161,870 baht per square metre.

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