Real Estate sales at Ratchaprasong plunges 50% due to recent rally

BANGKOK, 16 June 2010 (NNT) – The real estate business in Ratchprasong area has slumped by over 50% in the past few months due to the recent political rally in the capital of Bangkok, according to the Real Estate Information Center (REIC)

REIC Director-General Samma Kitsin revealed that the condominiums situated within the one-kilometer radius of the commercial district of Ratchaprasong had been severely affected by the recent UDD rally since April. Many companies have to relocate their sale offices while others have to offer special discounts and promotion packages to customers in order to sell out the remaining units.

The sale figures in April in the downtown Bangkok district plunged more than 50%. Some projects had absolute zero sales during the period because no one could enter the area.

On the big picture, condos in Ratchaprasong are likely to face difficulty in development due to the political factor that hinders customers’ decision and the rising building cost. The price of the property in the area averages at 145,000 THB per square meter and can go up to 165,000 THB while the average sales stand at 7-9 units per month