Above:More high-rise condos go up in Bangkok, but overall the number of new housing units coming on the market this year is down slightly on 2014, although the value is up 30%. (Bangkok Post file photo).

The number of new housing units launched on the market in Bangkok this year is expected to be down 1% on last year, but with the value up 30%, according to survey firm Agency for Real Estate Affairs.

Company president Sopon Pornchokchai said in the first half of 2015 a total of 56,548 new units were launched, 66% of which were condominium units, 22% townhouses, 8% single houses and the balance other types of residential property.

Above: Sopon Pornchokchai (right) said in the first half of 2015 a total of 56,548 new units were launched

Based on a survey of units launched in the first half of 2015, the company estimated 112,776 new units will be offered this year, compared with 114,094 in 2014. But the estimated value for 2015 is 449 billion baht, well up on 334.5 billion baht in 2014.

Mr Sopon said the overall figure was somewhat misleading, as the analysis showed that the number of properties priced at over 10 million baht was forecast to grow by 161% in 2015 to 6,154 units, compared with 2,355 units the previous year. The total value of this segment was estimated at 140 billion baht in 2015, up 281% from 36.78 billion baht in 2014.

He said the projection indicated that the market for high-end housing units was still good and the sluggish economy had no affected this group of buyers.

Above:Another segment with high growth is condominium units priced below one million baht each.

Another segment with high growth is condominium units priced below one million baht each. The company projected that 18,876 units of this size will be put on the market in 2015, up 82% from 10,385 units in 2014.

Mr Sopon said the low-end condominium units would serve the needs of low-income earners and some speculators, but sold well only in particular locations.

He said there are a total of 178,641 property units available for purchase in Bangkok and vicinity, or around 3.7% of the total 4.8 million housing units. Though the percentage is quite high, it is still lower than the 5% experienced during the 1997 economic crisis.

Source: Bangkok Post