Condo Prices Rise 7.2% in Q1 in Areas of Nonthaburi and Samut Prakan
Healthy condo price growth in outskirts
Growth in selling prices for new condo units in Nonthaburi province outstripped growth in Bangkok for the first time in the first quarter of 2018, owing to a drop in condominium supply along the Purple Line.
The Real Estate Information Center (REIC) reported Tuesday that the new condo price index in Nonthaburi and Samut Prakan rose 7.2% year-on-year in the first quarter, while new condo prices in Bangkok increased 6.7% in the same period.
It's the first time that the selling price index for new condo units in other provinces has outpaced that of Bangkok since the REIC started the survey in 2012.
"This trend was indicated since the third quarter of 2016, when the Purple Line started running in August that year," said an REIC research analyst.
Due to a decrease in condo supply along the Purple Line last year, with many developers putting new launches on hold, the price of new supply launched in the first quarter ticked upward.
According to the REIC, selling prices for new condo units in Bangkok, Nonthaburi and Samut Prakan rose 6.6% year-on-year in the first quarter, the highest year-on-year increase since 2012.
The strong first-quarter showing followed 6.3% growth in the fourth quarter of 2017.
The selling price index for new condo units in the three provinces was 133.1 in the first quarter, with 2012 as the base year. Bangkok's was 133.4 and the other two were 130.6.
In the first quarter, more than half of new condo units used free items like furniture and electrical appliances as enticements. Some 32% used cash discounts, and 11.5% used waiver of transfer fees.
The REIC also surveyed selling prices of new single houses and townhouses launched in the first quarter in Bangkok, Nonthaburi, Pathum Thani and Samut Prakan.
Prices of new single houses and townhouses in the four provinces rose 3.8% year-on-year in the first quarter, the highest year-on-year rise since the second quarter of 2015.
New single houses and townhouses in Bangkok saw prices rise 3.3%, while those in the three provinces grew by 3.9%.
The selling price index of new single-house supply was up 3.9%, while townhouse prices rose 3.6%. The highest increase was in Nonthaburi, Pathum Thani and Samut Prakan, up 4.4%.
The most popular campaign for single houses and townhouses was free items (35%), followed by waiver of transfer and common-area fees (32%) and cash discounts (27%).