Landowners in prime Sukhumvit areas are offering land prices 30% lower than previous years as condo developers delay purchases, according to property consultant CBRE Thailand.
Kulwadee Sawangsri, executive director and head of capital markets for investment at CBRE, said the pandemic affected land transactions and prices last year.
“The pandemic acted as an accelerant,” Mrs Kulwadee said. “The property market became more tenant- and buyer-friendly, with occupiers gaining more bargaining power.”
There were more properties up for sale as landlords and property owners put their assets in the market to generate cash flow.
As a result, land prices will become more realistic as overall land prices in prime locations remain relatively flat.
Last month CBRE was approached by many land owners who offered their plots at lower prices than before.
They wanted to close sales…
