41% fewer homes get under way
THERE WERE 27 new property projects launched in February, 41 per cent fewer than last year’s monthly average for new project launches, according to the Agency for real Estate Affairs, an independent property consulting firm.
The combined value of February’s new projects was Bt9.9 billion.
The number of units in February’s projects also fell by 20 per cent from last year’s average, to 4,017 units, the agency said.
Of the 27 new projects, 26 were residential and one was geared toward the home office market.
Condominium projects contribute the most units, accounting for 53 per cent of the total, while single detached homes accounted for 44 per cent of the total project value.
February’s new projects include 953 single-family homes worth Bt4.27 billion, 24 duplexes worth Bt38 million, 530 town-house units worth Bt924 million, 26 commercial units worth Bt112 million,2,194 condominium units worth bt3.1 billion, 290 developed land plots worth Bt740 million, and 28 others valued at Bt740 million.
The average price of individual properties in February’s projects was Bt2.3 million for residential and Bt2.5 million for commercial-both down by 27 per cent from last year’s average property prices.
This year the agency expects 324 property projects to break ground with 48,540 units worth an aggregate Bt11.9 billion.
Of these, 312 projects will be residential, comprising 48,204 units worth Bt110 billion.
Price ranges betweenBt501,000 and Bt1 million per unit are the most popular in the market today and account for 26 per cent of total projects. Most units in this price range are condominiums.
The second-most popular price range, representing 25 per cent of new units, is between Bt1 million and Bt2 million.
Only 10 per cent of new property units are priced at more than Bt5 million.