In Q1 2020, the Bangkok condominium market continued to weaken along with the unprecedented impact of the COVID-19 pandemic. The market experienced a slow sales rate and drop in the number of newly launched condominium units which totaled 6,245 units, a drop of 64% Y-o-Y. This has been the lowest number of newly launched units since Q3 2011 or the lowest in almost a decade.
In Q1 2020, the number of tourist arrivals to Thailand had the biggest drop since 2014 as the tourism industry suffered from the impact of the COVID-19 outbreak across the globe. Chinese tourists, Thailand’s largest market feeder, have dropped 60.0% Y-o-Y from 3.1 million arrivals to 1.2 million arrivals after the Chinese government restricted its citizens from traveling abroad since January of this year.
Bangkok’s office supply totaled 9.093,528 sq. m. in Q1 2020, which increased by 1.6% Y-o-Y. The future office supply continued to rise with construction starting in five more projects. At the end of Q1 2020, there was around 1 million square metres of office space under construction which is scheduled to be completed between Q2 2020 and 2023.