Sukhumvit road is always a significant location for property development. (Bangkok Post file photo)

Despite soaring land and housing prices and the sluggish economy, residential demand on Sukhumvit Road in the middle-market and high-end segments remains strong, say property consultants.

Phanom Kanjanathiemthao, managing director of Knight Frank Chartered (Thailand), said the property sector was affected by the country's economic slowdown, but high-end property in the inner city remained solid.

"Demand for high-priced condos remains good, and target buyers have purchasing power," he said. "Middle-market and low-end condos in outer-city locations such as Rattanathibet Road have slowed down."

Mr Phanom said newly launched condo prices in the inner city continued to rise this year, in line with increasing land prices.

In Sukhumvit sois 1-71, land was going for 1.5 to 2 million baht a square wah.

New condo prices average 226,344 baht per sq metre this year, up by 50% from last year.

Land prices near the Phetchaburi-Ratchadaphisek intersection were offered at 450,000 to 650,000 baht per sq w, while average condo prices were 110,000 baht per sq m, up by 28%.

CBRE Thailand managing director Aliwassa Pathnadabutr agreed housing demand remained in the luxury segment despite the sluggish economy, although it was dependent largely on price, location and a satisfactory product.

"Prices of plots near skytrain stations have soared so high that housing prices are sometimes not reasonable," she said. "In prime residential locations such as Sukhumvit sois 31-55, there was no new supply of low-rise houses launched in the market despite demand."

CBRE is the sole agent for three new low-rise housing projects of Narai Property Co subsidiaries Nye Estate and Koon Capital Partners. Under the brand Quarter, they will be located on Sukhumvit sois 31, 39 and 55 with a total of 48 units worth a combined 2.24 billion baht.

Meanwhile, Knight Frank is the sole agent for The Niche Pride Thonglor-Phetchaburi condo worth 2.23 billion baht with 667 units sized 30-65 sq m and priced from 2.59 million baht. That project will be launched this Saturday.