Bangkok luxury condo prices on the rise

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Prices of luxury condominiums in central Bangkok rose by 11.5 percent during 2011, according to the country’s Agency for Real Estate Affairs (AREA).

A survey last month noted average prices now stand at THB 145,000 per sq m (S$5,804 per sq m) at developments in the Ploenchit, Chidlom, Pathunwan and Ratchathewi prime areas of the Thai capital, with some 1,953 units currently on the market.

Sopon Pornchokchai, AREA's President, said he expects these unsold units will be absorbed within 10 months. Some 1,683 luxury units were sold during the first half of 2011, but that number dropped in the second half of the year.

Andrew Batt, Regional Group Editor for PropertyGuru, said, “Thai buyers have become increasingly important at the top end of the market in Bangkok over the past few years, and unlike buyers from overseas their interest has not substantially declined during the global financial crisis, or as a result of the 2010 civil unrest and the 2011 floods.”

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