Thailand Facing Increase in Unsold Condos

• Proeksa Meas
• 19 March 2018
• Local News
• 2034 Views

45,000 unsold condominium units were recorded on the Thai property market in 2017 according to a report from analysts Colliers International and reported in the Bangkok Post.

Developers’ need to register gains each quarter has pushed their launches forward despite sluggish sales resulting in a glut of supply.

“[Developers] also tried to sell to foreign buyers and investors before selling to Thai buyers,” said Ratchaphum Jongpakdee. “Many condo projects launched in the past few months sold at above-average prices for their locations,” said Ratchaphum Jongpakdee, general manager of property consultancy Colliers International Thailand.

It is estimated that 55,000-65,000 units will be added to the market in 2018 and based on the 75-percent take up rate of 2017, a further 36,000 units will be left available this year.