We have begun to see more positive growth recently in the upper-tier condominium market in Bangkok, which is attracting both affluent Thais as well as a rising number of foreigners. The latter had been largely absent from the market for about three years following the start of the financial meltdown in the US.
However, as buyers become increasingly discriminating and competition at the high end intensifies, developers need to ensure that the quality of their condominium units is up to the market's expectations. They must offer superior architectural design, high-quality construction and specifications, as well as a complete package of services, facilities and quality management.
Knight Frank Thailand recently analysed activity between 2009 and 2012 in the Bangkok upper-tier condominium market, covering the Central Lumpini, Sathon-Silom, Sukhumvit, Rama III, Phetchaburi and Phahon Yothin areas. The cumulative supply of upper-tier condominiums as of the end of 2012 was 16,007 units from a total of 198 developments.
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