Compared to 2017, Bangkok property markets would fall in 2018 due to the slow recovery of the purchasing power of home buyers, according to the Agency for Real Estate Affairs.
Dr Sopon Pornchokchai, president of the agency, said a survey of newly launched housing projects in the Bangkok Metropolitan Region (BMR) reported 174 projects were found with 43,703 homes costing Bt173 billion in total.
The average price was around US$127,705, approximately 35 per cent of the average price.
"However, if the six-month figures were doubled, it was found that the total number of projects, apartments and value of 2018 would be minus 15 per cent, minus 24 per cent and minus 22 per cent of those in 2017, respectively," he said.
“This implies the sharp shrinkage of the economy of Thailand despite the effort of the government, which said the economy was growing.
"It was estimated that the figure in the first half of 2018 would be around 10-per-cent higher. In a quarterly survey, we always found more projects which were not reported in a monthly survey. In addition, it was forecast that in the second half of 2018, the situation could be 20-per-cent better than the performance in the first half,” Sophon added.