Fewer deals as land demand dips

Fewer deals as land demand dips

Prices kept rising despite economic woes

Slowing condo launches and extremely high land prices in inner city areas led to a year-on-year increase in land prices in Bangkok during the fourth quarter last year as it saw the lowest growth in a decade, according to property consultant CBRE Thailand.

Barnaby Swainson, head of investment and land at CBRE Thailand, said land demand, especially for high-rise condo development in the central business district (CBD), had fallen, resulting in fewer land transactions in the past few years.

“Last year there had been no new condo launch in CBD for almost three quarters in a row,” he said. “Prices for sale are currently at high levels, making them not viable for new development.”

According to the Real Estate Information Center (REIC), the price…