Since the beginning of 2022, the Thai property market has continued its recovery after the crisis caused by the COVID-19 pandemic. As expected, the Capital Region outperforms the rest of the boroughs in terms of growth and recovery. Bangkok real estate statistics are currently available, which show the general situation in the market.
New projects
In Bangkok and nearby provinces, 38 new projects were put up for sale in March. This is 24 projects more than in February 2022. The total number of new properties (separate apartments in condominiums and houses) is 7,236 units. This is 1,036 units less than in the previous month (8,272 properties were sold in February 2022), as more private houses were built than apartment blocks. The total cost of new units amounted to 34,627 million baht.
Popular housing categories
The most popular options launched in March are townhouse projects - 40.2% of the total number of new objects. They are followed by condominiums - 35.7%. The third place is occupied by duplexes - 12.7%. Detached housing continues to be in high demand.
Total project value: 34,627 million baht
The total value of new development projects in March 2022 reached 34,627 million baht, which is about 53% more than the same figure in February 2022. The housing category with the highest value is condominiums with 12,849 million baht (37.1%). They are followed by townhouses with a total value of 9,082 million baht (26.2%).
Average property price
The average price of villas this month reached 10-20 million baht, the price of townhouses amounted to 3-5 million baht, condominiums were sold at the same price of 3-5 million baht.
Average sales speed
The sales rate of new properties in the first month after entering the market was 52%, which is more than in the previous month. In February 2022, the sales rate at the opening of projects was 18%. The March 2022 figure is the highest since the start of the pandemic in 2019. The type of property with the highest rate of sale is condominiums priced at 1-2 million baht. In total, 71% of units of this type were sold out of the total number of new condos. They were followed by townhouses at a price of 5-10 million baht (41% sold), and 3rd place went to townhouses priced 2-3 million baht (19% sold).
Location
Of the 38 new projects launched in March, 3 projects are located in the central part of Bangkok, 29 projects are located in the outskirts of the capital (for example, in the Bangna, Chengvattana, Chachapryk, Pinklao, etc.) and 6 projects have been launched close to large educational institutions, for example, in the areas of Rangsit, Nakhon Nayok, Samut Sakhon, etc.
Price rise
In March, there was a sharp increase in prices for construction materials: by 8.6% compared to March 2021. Prices increased by 5.3% compared to the 2021 average and by 3.9% compared to the fourth quarter of 2021. Due to the Russian-Ukrainian conflict, there was a rise in the price of energy. Prices for building materials and equipment also increased. For example, prices for wood products increased by 4.6%, concrete by 6.8%, sanitary wares by 12.7% , electrical and plumbing equipment by 6.6% compared to last year.