Land and condo prices to remain high

Bangkok property

Bangkok Real Estate

Thailand property broker and consultant Harrison continues to see positive prospects in the local market and believes that the prices will keep increasing in the near future.

The company’s chief executive officer Alan Lin said that property prices, especially for city condominiums could rise up to 20 per cent in a couple of years time due to increase in cost of land. However, he said, they are still priced at an affordable level, especially compared to many countries in the region such as Singapore and Indonesia.

“It’s not a surprise now to find a condo unit in downtown area that could cost up to THB 100,000-200,000 (US$ 3,080-6,160) per square metre. The city condo price has increased 5-10 per cent from last year and I’m sure that it could go up more in the years to come”.

Lin also had similar views towards land prices. “Since 2006-2008 land prices in popular locations in Bangkok like Silom, Sathorn, Ploenchit, and Sukhumvit have increased up to 50 per cent

Despite that fact, Lin is confident that demand for properties in prime locations will remain high.

In Q3, Lin said the company will be adding 10 new projects worth about THB 12 billion (US$ 370 million) into its portfolio, all of which are located in the prime area of Bangkok. It also plans to launch the sales of another 10 new projects, worth over THB 6 billion (US$ 185 million), during the remainder of 2010.

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