Condominium sales on mass transit routes slows in Q1

Sales of condominiums located along elevated and underground electric mass transit routes in metropolitan Bangkok slowed markedly in the first quarter of this year, according to a new survey by the Property Assessment and Research Information Center.

Vasant Kongchan, the centre’s managing director, said the total sales of condominiums in the city had dropped by 7 percent on average.

The sales of condominiums situated on Ratchadaphisek Road nosedived by 46 per cent, those on Silom and Rama III roads dropped by 43 percent and those on Onnuj Road fell by 14 percent.

Sales on the western bank of the Chao Phraya River, however, increased by 20 percent.

Mr. Vasant said the condominium sales decline resulted from higher costs of steel and other construction materials, surging oil prices, and criteria on environment that obstruct project development.

Additionally, the government’s approval for the construction of electric train projects in suburban areas encouraged some people to buy townhouses and single houses whose prices range from Bt1-2 million in the areas instead of city condominiums.

He advised that the government fix the cost of travel by electric trains so that the public use it as information for their decision to purchase houses.

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John Davids John Davids
John Davids is a freelance writer for Thailand Real Estate & Property Guide and Thailand Real Estate Magazine
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Website: http://www.thailand-property-guide.com

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