The events in Bangkok in May 2010 have elevated issues concerning the recovery we were seeing in many fields of the Thai property market in the very first quarter of 2010.
Nevertheless, it will certainly take months to see what the effect will certainly be on sales as well as allowing volumes, prices as well as rents. We do not believe there will certainly be a sudden a remarkable descending activity in costs or rental fees.
The overall supply of expatriate standard apartments in midtown Bangkok raised 2.3% year on year. Occupancy was 88.2%. Rental fees rose in some places such as Central Lumpini yet dropped in other locations.
Despite the increase in the Bangkok resort supply, Bangkok tenancy prices and also REVPAR boosted but the Typical daily rate decreased in quarter 1. International Tourist Arrivals increased by 27.1% on Q1 2010. Clearly Q2 numbers will certainly be really bad as well as it remains to be seen how much time it will certainly consider organization as well as traveler arrivals to recoup.
The majority of brand-new condo launches in the first quarter were generally tiny one bedroom systems.
The workplace market stayed weak. There was no increase in supply. Use up grew by 17,481 square metres. Grade A CBD rental fees dropped by 3.8% year on year.
Retail Occupancy enhanced to 93.4%. Leas International schools stayed at similar degrees. A variety of mall were closed in Central Bangkok for much of April and May.
882 Rai (349 acres) of SILPs were marketed on industrial parks and also estates in Q1 2010. This was a rise 891% y-o-y.
There was 175% boost in townhouse completions on quarter on quarter yet designer built solitary removed residence completions fell by 74% quarter on quarter.
Condominium
The existing supply in midtown Bangkok reached 67,176 units, up from 65,067 units in Q1 2010. This was a rise of 3.2% Q-o-Q as well as 15.8% Y-o-Y. There were 2,109 systems finished in this quarter. An additional 5,220 devices are arranged to be finished by the end of 2010 which will elevate the total downtown condo stock dramatically to 72,396 devices, or by 11.3 % Y-o-Y.
In Q1 2010, the average asking price for an off-plan estate condo system (high-end as well as over) in downtown Bangkok was 156,460 THB/m2 an increase of 19.2% Q-o-Q or 3.0 Y-o-Y.
The total variety of units inhabited by owners or lessees lowered from 74.2 in Q4 2009 to 74.0% in this quarter.
