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Thailand Condo Registrations Drop 32% in Q1 2013 Featured

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In the first 4 months of 2013, Thailand condominium registrations drop 32% possibly because of the labour shortage. Total registrations declined by 7%, despite the increase of 39% in low-rise residences - detached houses, townhouses and duplexes.

Issara Boonyoung, adviser to the Thailand Housing Business Association and chief executive officer of Kanda Property, said yesterday that new-home registrations decreased because of the decline in condo registrations to 13,705 units from 20,187 units last year. Low-rise registrations rose to 15,595 units from 11,200 units.

A difference in the number of condo projects reaching completion and delays in completion due to the tight labour market might be the cause for the downturn.

Deliveries of units increased by 13% between January and April. Low-rise residences were up by 3,000 units or 24% from 24,000 in 2012. Condos fell 3% to 18,000 units from 18,500 in the same period last year.

"In the first four months, horizontal residence registrations and deliveries increased in contrast with those of vertical residences. This reflects the recovery of the horizontal-residence market from the flood.

"However, these figures cannot point to a decline in purchasing power because sold condos will be delivered in two years while the delivery period for horizontal residences is one year," he said.

The Agency for Real Estate Affairs has reported that May had 25 real-estate projects, down by 14 projects from the previous month, with 7,143 units worth Bt21.26 billion.

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