The occasions in Bangkok in May 2010 have raised worries concerning the recovery we were seeing in lots of fields of the Thai property market in the first quarter of 2010.
Nonetheless, it will certainly take months to see what the impact will certainly be on sales and also allowing quantities, rates as well as rents. We do not believe there will certainly be an unexpected a remarkable down activity in costs or rents.
The overall supply of expatriate typical homes in midtown Bangkok raised 2.3% year on year. Tenancy was 88.2%. Rental fees climbed in some places such as Central Lumpini however dropped in other locations.
Regardless of the boost in the Bangkok hotel Expat life in Thailand supply, Bangkok tenancy rates and REVPAR raised however the Typical everyday price lowered in quarter 1. International Vacationer Arrivals boosted by 27.1% on Q1 2010. Clearly Q2 numbers will certainly be very poor and it continues to be to be seen how much time it will consider business and traveler arrivals to recuperate.
Most of new condo launches in the initial quarter were generally tiny one bedroom devices.
The office market stayed weak. There was no increase in supply. Use up expanded by 17,481 square metres. Quality A CBD leas dropped by 3.8% year on year.
Retail Occupancy increased to 93.4%. Rental fees stayed at similar degrees. A number of mall were enclosed Central Bangkok for much of April as well as May.
882 Rai (349 acres) of SILPs were offered on commercial parks and also estates in Q1 2010. This was a rise 891% y-o-y.
There was 175% increase in townhouse completions on quarter on quarter but developer built single removed home conclusions fell by 74% quarter on quarter.
The existing supply in downtown Bangkok reached 67,176 units, up from 65,067 systems in Q1 2010. This was an increase of 3.2% Q-o-Q and 15.8% Y-o-Y. There were 2,109 units completed in this quarter. One more 5,220 units are scheduled to be finished by the end of 2010 which will certainly elevate the complete downtown condo supply substantially to 72,396 systems, or by 11.3 % Y-o-Y.
In Q1 2010, the average asking price for an off-plan freehold condo system (premium and also over) in midtown Bangkok was 156,460 THB/m2 a boost of 19.2% Q-o-Q or 3.0 Y-o-Y.
The complete variety of systems occupied by owners or renters decreased from 74.2 in Q4 2009 to 74.0% in this quarter.