CBRE Thailand just spent it's 25th anniversary on Jun 2013, during these years, Bangkok condominium market has grown from less than 10,000 units in 1988 to over 350,000 units today. CBRE Thailand managing director Aliwassa Pathnadabutr said the market will likely become even more competitive, as more supply is continuously added.
The Sukhumvit area has shown the largest price increase in recent years due to continued redevelopment of the skytrain and new major retail and office developments. CBRE Thailand said the completion in 1999 of the BTS skytrain and in 2004 of the MRT underground have completely changed land development patterns, cemented the position of the CBD and defined future development corridors.
The midtown market, defined by CBRE as secondary locations close to the CBD, is facing some challenges in terms of supply and distortions in the percentage of one-bedroom and studio properties, yet it remains the only purchase opportunity close to the CBD for young midlevel executives and their white collar employees. CBRE urged developers in this segment to be cautious about the potential for saturated demand in certain certain locations. “In our view, there is an imbalance in the midtown market that will need to be corrected."
About CBRE Thailand
As an affiliate of CBRE, CB Richard Ellis (Thailand) Co., Ltd. was the first international real estate consultant firm to be established in Bangkok. Since opening in June 1988, we have grown to be the market leader in real estate services in Thailand.With our continued expansion, we opened a Phuket office in 2004. We now have approx. 1,000 property professionals, enabling the firm to provide strategic advice and execution for sales and leasing for all types of property, property and facilities and tenancy management, valuation and advisory, and research and consulting.
CBRE was the first large international real estate services firm to expand to Thailand in 1988. Since then, Bangkok’s property market has experienced dramatic price increases from the THB35,000 (US$1,150) per sqm achieved at Somkid Gardens, one of the city’s first condominium developments, two decades ago to prices in excess of THB250,000 (US$2,815) per sqm today. Pathnadabutr said the company expects prices to continue to increase on the back of limited freehold supply and increased buyers’ affluence.
CBRE Thailand was awarded the “Best International Agent” by Property Report Thailand in 2007 - 2009, consecutively. In 2010, the Company was named and “Number One Real Estate Advisor in Thailand” by Euromoney Real Estate Awards. The Company also won the “Best Real Estate Agency Website in Asia Pacific” by Property Awards in association with Bloomberg TV in 2010 - 2011 consecutively.