New condominium projects in Bangkok fell in the first quarter of 2009 by 36 percent from the same time a year ago according to the latest research from Thailand. The drop in condo developments, reported by property firm Century 21 Thailand, is in large part due to the worldwide financial crisis as well as home grown political instability.
For the first quarter of 2009 there were 1,671 new condominium units launched, with selling prices up by an average of 1.1 percent when compared to the first quarter of 2008. At the end of 2008, the condo supply in the city was just over 53,000 units. The company believes that 2009 will be a tough year for the condominium market. It expects that some 12,000 units will come on line for all of 2009, bringing the overall supply to approximately 65,000 units.
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