The occasions in Bangkok in May 2010 have increased problems about the healing we were seeing in many sectors of the Thai property market in the first quarter of 2010.
Nevertheless, it will certainly take months to see what the impact will be on sales and also allowing volumes, rates and rental fees. We do not think there will certainly be an abrupt a dramatic descending movement in prices or rents.
The overall supply of expatriate common articles houses in downtown Bangkok increased 2.3% year on year. Tenancy was 88.2%. Leas increased in some locations such as Central Lumpini however dropped in various other areas.
Regardless of the boost in the Bangkok hotel supply, Bangkok occupancy rates and also REVPAR raised however the Ordinary daily rate decreased in quarter 1. International Visitor Arrivals increased by 27.1% on Q1 2010. Obviously Q2 numbers will certainly be extremely bad as well as it stays to be seen the length of time it will certainly consider company and tourist arrivals to recoup.
The majority of new condominium launches in the first quarter were mostly little one bedroom systems.
The office market remained weak. There was no increase in supply. Occupy expanded by 17,481 square metres. Grade A CBD leas dropped by 3.8% year on year.
Retail Tenancy boosted to 93.4%. Leas continued to be at similar degrees. A number of mall were enclosed Central Bangkok for much of April and also May.
882 Rai (349 acres) of SILPs were offered on industrial parks as well as 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 constructed single detached home conclusions fell by 74% quarter on quarter.
The existing supply in downtown Bangkok got to 67,176 units, up from 65,067 units 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. Another 5,220 units are set up to be completed by the end of 2010 which will certainly raise the overall midtown condominium stock considerably to 72,396 systems, or by 11.3 % Y-o-Y.
In Q1 2010, the typical asking price for an off-plan estate condominium device (high-end and above) in downtown Bangkok was 156,460 THB/m2 an increase of 19.2% Q-o-Q or 3.0 Y-o-Y.
The complete variety of devices inhabited by proprietors or occupants reduced from 74.2 in Q4 2009 to 74.0% in this quarter.