Bangkok is not Thailand, and Thailand is not Bangkok. However, when it comes to looking at condominium markets around the country, Bangkok is by far the largest. At least two-thirds of Thailand's condominium units are lumped together in our City of Angels.
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The capital boasts about 81,000 units from more than 200 projects at all phases being offered on developers' plans. About 58,000 units have been sold, leaving some 23,000 still available. However, because many of the projects are still unfinished, only one-third of the sold units have been transferred. The majority of Bangkok's condominium projects are situated in about a dozen innermost districts, particularly in Phya Thai, Huai Khwang, Pathum Wan, Watthana, Phra Khanong and Klong Toei.
The province of Chon Buri comes in second in terms of number of condominium units. Pattaya and Jomtien are the two main beach locations. About 80 such projects totalling some 16,000 units planned. Half of the units have been sold, but only about 30 per cent of those sold have been transferred.
Nonthaburi, a suburban province northeast of Bangkok, is the only other market with more than 10,000 condominium units. The number could be as high as 19,000 if some decade-old projects and units are included. Otherwise, the aggregate number should be more like 15,000 units. Nonthaburi has the best potential for condominiums and other types of housing markets in the coming years, since at least a few mass-transit lines are slated to run through the province when completed. Over half of the units have been sold and most of the condominium units sold in Nonthaburi have actually been transferred to owners.
The southern province of Phuket has blueprints for about 5,000 condominium units. Although a lot of projects are advertised, each project is rather small and offers an average of only 60 units. Not quite 60 per cent of the units have been sold and less than one-quarter have been transferred to buyers, as most projects are not yet completed.
Bangkok's southeastern suburb of Samut Prakan is a market with many low-cost condominiums, as the province is a factory hub that draws in many blue-collar workers. Samut Prakan has at least 3,000 condominium units in developers' plans. Note also that many of the government-sponsored low-cost-housing Ua Athorn projects are situated in Samut Prakan, especially in the Bang Phli area.
The province of Prachuap Kiri Khan, a couple of hundred kilometres south of Bangkok, claims the famous seaside resort of Hua Hin. Being close to the royal summer retreat, most condominium projects are upscale. The total number of units on blueprints is somewhere near 2,500. Again, about half have been sold. Transfers have been made on more than one-third of those sold.
Further south of Hua Hin, Pran Buri is another well-known seaside district of Prachuap Kiri Khan. The 400-plus condominium units in Pran Buri are mostly suitable for retirees or those seeking a truly quiet atmosphere, for public facilities are not as abundant as those found in Hua Hin.
Just north of Hua Hin, Cha-am is a district in a different province - Phetchaburi. Roughly 400 of the 700 condominium units on plans in that area have been purchased.
Samui island has close to 500 upscale condominium units on plans, but sales has been extremely slow in the past two years. The transfer rate is dismal, too.
The only province in northern Thailand with a meaningful condominium market is Chiang Mai, with blueprints for only about 2,000 units. Units have been selling pretty well and the transfer rate has been quite impressive due to the fact that the average price per square metre is only about Bt40,000. The price range is much lower than many other significant condominium markets in the country.
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