The rate of change in condominium prices in Bangkok after the Covid-19 epidemic

Abstract

The epidemic situation of the coronavirus disease 2019 (COVID-19) has a broad impact on all aspects worldwide. Including the real estate sector has been severely and continuously affected, especially the condominium market, which is the most significant proportion of the housing.  Due to the market slowdown from declining purchasing power, projects are trying to boost sales by reducing prices. It has caused fierce price competition in the past 1-2 years. However, condominium market, the diversification of products has made a difference in its impact. In contrast, many projects have slowed down, but there are still new projects being launched. This research aims to study the impact of COVID-19 on each type of condominium market. Therefore, the researcher collected and analyzed the selling price of condominiums in Bangkok before and after the epidemic of COVID-19. The study found that condominiums priced below 3 million baht had the most reducing rate in selling prices, especially high-rise buildings. The average selling price dropped by 14.38%. The Economy condominium segment had the most average selling price change rate, at 14.39% of the pre-COVID-19 sales price. At the same time, condominiums priced at 5-10 million baht and the Main class condominiums have the lowest average selling price reduction rates of 9.94% and 8.30 percent, respectively, indicating that this group has the most negligible impact on prices and may still have development opportunities.