Luxury Condo Market Defies Political Woe
Although the political turmoil and economic slowdown in late 2013 had an impact on the overall property sector, they had minimal impact on the high-end condominium market, especially luxury and well-located projects, says CBRE Thailand. Luxury Condo Market Defies Political Woe / Bangkok Post.
This was due to a fall in new luxury condo supply and continued strong demand as well as the high purchasing power of buyers.
“Key factors leading to the successful sales performance despite the overall market slowdown included the developers’ in-depth understanding of their target markets, which led them to create products that matched high-end buyers’ requirements,” said Aliwassa Pathnadabutr, managing director of CBRE Thailand.
“In today’s competitive market, developers creating a high-end or luxury product need to match customers’ requirements, especially in terms of unit size, layout, quality of specifications, architecture and decoration. I believe there is still room for innovation in new product development.”
“Most luxury condominium projects require a down payment as high as 30%, resulting in a limited number of speculators. Some buyers may sell their units for capital gains, while most buyers either are long-term investors or treat the units as assets for their children,” said Ms. Aliwassa.
*This Bangkok Post article can be found at: http://www.bangkokpost.com/property/news/412558/luxury-condo-market-defies-political-woe
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