Chatuchak sees highest rise in home price index

A peripheral view of Chatuchak district, which saw residence prices increase by 10% in the third quarter, compared with the second quarter.

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Chatuchak and Phra Khanong districts had the highest quarter-on-quarter increases in residential prices in the third quarter, while areas on the west side of the Chao Phraya River in Nonthaburi saw the lowest rise.

Kamolpat Swaengkit, country manager of AllProperty Media Co, which owns property portal DDproperty.com, said the residential price index in Chatuchak district in the third quarter rose 10% from the second quarter, followed by Phra Khanong with an increase of 7%.

"The lowest growth in the index in Greater Bangkok was 1% in locations west of the Chao Phraya River in Nonthaburi, where no mass transit lines exist," she said.

To calculate the residential price index, since the first quarter of 2015 the company has used data from over 200,000 residential property listings on its website, including both ask and offer prices.

Of the 200,000 listings, half were resale and half were new units. More than half were condos, less than 10% were plots and the rest were the low-rise houses. Two-thirds were located in Bangkok and the rest in Bangkok's outskirts.

Of the residential property listing amount, 70% were units priced 3-8 million baht, 25% were priced lower than 3 million a unit and the rest were in the luxury segment.

Based on the price levels as of the first quarter of 2015, the index in the third quarter of 2017 was 199. The index rose by 5% from the second quarter of this year, 13% from the same period last year and 53% from two years ago.

"The growth that continued from early this year reflected positive signs for the property market, which is recovering from the economic slowdown and sluggish purchasing power among middle-to lower-end segments caused by rising household debt," she said.

The highest growth in residential prices was seen in condos, compared with single houses and townhouses. In the third quarter of this year, the condo price index was 219, up from 209 in the second quarter.

The index also suggested top three districts where the median asking prices of condos were the highest -- Pathumwan with 180,000 baht per square metre, followed by Ratchathewi with 170,000 and Klong Toey with 160,000.

There was a 3% drop in the residential price index for units priced lower than 3.5 million baht in the fourth quarter last year compared with the previous quarter, due to a steep cancellation rate and mortgage loan rejection rates.

The index for units priced between 8.5-15 million baht and those priced above 15 million soared from the second quarter of 2015 onwards in line with developer's shift to target the high-end segment since the economy had started slowing.

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