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Condominium sales this year have been estimated at 70,000 units, a decline of 4-5 percent from 2008, according to a study by the property consultant Colliers International. The company said that around 60 new condominiums were launched this year, with approximately 22,000 units, an increase of 9.8 percent from last year. New launches of high-end condominiums have slowed, as developers have focused on projects aimed at the middle and upper-middle income segments.
The prices of new units has increased 5-10 percent in the third quarter compared with last year. However, some developers have reduced prices by 5-10 percent while also offering incentives to attract customers.Developers are focusing on smaller unit sizes priced at 1-3 million baht each, targeting the biggest buying segment with incomes of less than 50,000 baht a month.
The first half of 2010 is expected to be a buoyant period for the residential market due to a number of factors, Colliers said. They include the impact of the government’s economic stimulus measures, low interest rates, potential termination of tax breaks for buyers at the end of March, relaxation of Board of Investment regulations for low- and mid-income housing, more affordable units and increasing consumer confidence.
The second half of 2010 is likely to bring an upward trend in interest rates, which could temper activity, it added.
SOURCE: Bangkok Post
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