Demand Increases for Bangkok Apartments
CB Richard Ellis reported that according to the latest figures from the Alien occupational Control Division, Department of Employment there were 65,337 expatriates based in Bangkok with work permits as at August 2006. This represents a 12.9% increase on the total in August 2005.
The growth in expatriates has increased demand for residential rental accommodation in Bangkok both for apartments and condominiums.
The work permit figures exclude diplomatic and United Nations staff and the 52,045 expatriates with work permits for locations outside of Bangkok. Some expatriates whose place of work is outside of Bangkok for example on an industrial estate will live in Bangkok and commute to their place of work.
Japanese nationals account for 22% of work permits in Bangkok followed by Indians (12%) Chinese (9%), and British (8%).
CB Richard Ellis forecasts that there will be limited new apartment supply in the Central Business Districts with only about 870 units under construction.
There are13,347 condominium units under construction and CB Richard Ellis estimates that 40-50% of these new condominium units could be available for rent.
Much of the existing supply of apartments and condominiums is now more than ten years old and CB Richard Ellis classifies many of these as being grade B in terms of quality.
Rents for grade A or luxury condominiums and apartments have been rising at a faster rate than grade B developments.
We see the gap between grade A and grade B rentals increasing,?said Mr. Theerathorn Prapunpong, Associate Director and head of Residential Leasing Services at CB Richard Ellis.
CB Richard Ellis is seeing strong demand for well designed new projects especially mid size three bedroom units of between 150-220 square metres which are achieving rentals of 70,000 - 85,000 baht per month.
Queens Park View Residence a 36 unit new development recently completed on Sukhumvit Soi 24 is already 83% occupied. Much of the demand for this development has come from Japanese tenants who have been paying average rents of between 60,000 - 80,000 baht per month for 2 and 3 bedroom units of 91-150 square metres.
CB Richard Ellis expects that demand from tenants will continue to be strong for well located, well designed apartment and condominium developments in Bangkoks prime locations.
Competition grows in Bangkoks Serviced Apartment Sector
The total supply of serviced apartment units in Bangkok grew by 11% on an annual basis and occupancy rates dropped by 8%, according to CB Richard Ellis.
Owners were able to increase rental rates for grade A serviced apartments but at a slower rate.
Future supply will continue to increase which could put downward pressure on both occupancy and achieved room rates.
The total supply of serviced apartments increased to 8,744 units a further 3,500 units are under construction and more projects are at the planning stage.
Most of the new supply will be grade A in terms of quality.
Occupancy increased slightly quarter on quarter but fell year on year from 88% to 81%.
Average rents increased by 2-3% for grade A developments on a year on year basis the growth rate in rentals has slowed due to the increase in supply.
CB Richard Ellis believes that based on the forecast increase in supply competition will increase. Much of the new supply is grade A in terms of quality and will be managed by international operators and this will put pressure on older developments.
The Sathorn area appears to be the most competitive location at the present time rental rates have fallen by about 2.7% year on year and occupancy by about 18% year on year.
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The growth in expatriates has increased demand for residential rental accommodation in Bangkok both for apartments and condominiums.
The work permit figures exclude diplomatic and United Nations staff and the 52,045 expatriates with work permits for locations outside of Bangkok. Some expatriates whose place of work is outside of Bangkok for example on an industrial estate will live in Bangkok and commute to their place of work.
Japanese nationals account for 22% of work permits in Bangkok followed by Indians (12%) Chinese (9%), and British (8%).
CB Richard Ellis forecasts that there will be limited new apartment supply in the Central Business Districts with only about 870 units under construction.
There are13,347 condominium units under construction and CB Richard Ellis estimates that 40-50% of these new condominium units could be available for rent.
Much of the existing supply of apartments and condominiums is now more than ten years old and CB Richard Ellis classifies many of these as being grade B in terms of quality.
Rents for grade A or luxury condominiums and apartments have been rising at a faster rate than grade B developments.
We see the gap between grade A and grade B rentals increasing,?said Mr. Theerathorn Prapunpong, Associate Director and head of Residential Leasing Services at CB Richard Ellis.
CB Richard Ellis is seeing strong demand for well designed new projects especially mid size three bedroom units of between 150-220 square metres which are achieving rentals of 70,000 - 85,000 baht per month.
Queens Park View Residence a 36 unit new development recently completed on Sukhumvit Soi 24 is already 83% occupied. Much of the demand for this development has come from Japanese tenants who have been paying average rents of between 60,000 - 80,000 baht per month for 2 and 3 bedroom units of 91-150 square metres.
CB Richard Ellis expects that demand from tenants will continue to be strong for well located, well designed apartment and condominium developments in Bangkoks prime locations.
Competition grows in Bangkoks Serviced Apartment Sector
The total supply of serviced apartment units in Bangkok grew by 11% on an annual basis and occupancy rates dropped by 8%, according to CB Richard Ellis.
Owners were able to increase rental rates for grade A serviced apartments but at a slower rate.
Future supply will continue to increase which could put downward pressure on both occupancy and achieved room rates.
The total supply of serviced apartments increased to 8,744 units a further 3,500 units are under construction and more projects are at the planning stage.
Most of the new supply will be grade A in terms of quality.
Occupancy increased slightly quarter on quarter but fell year on year from 88% to 81%.
Average rents increased by 2-3% for grade A developments on a year on year basis the growth rate in rentals has slowed due to the increase in supply.
CB Richard Ellis believes that based on the forecast increase in supply competition will increase. Much of the new supply is grade A in terms of quality and will be managed by international operators and this will put pressure on older developments.
The Sathorn area appears to be the most competitive location at the present time rental rates have fallen by about 2.7% year on year and occupancy by about 18% year on year.
CB Richard Ellis ThailandFree Blog Template Onlineblogger Com
Www Metlife Com
Group Wants Health Care Priority At Nv Caucuses Las Vegas
Loan Amortization
Email Marketing Campaign Software
Home Make Making Money Money Online Start
Richardson Wants Minimum Teacher Pay York Daily
Tax Cuts Won T Buy A Cup Of Coffee Toronto
best online casino
Universal American To Offer Medicare Advantage Hmo Plans In 6 Key Markets In 2008 Business Wire Via Yahoo
Best In Class The Student Loan People
Ontario Group Offers Smokeless Cigarettes Canada
Watson To Present At The 2007 Credit Suisse Healthcare Conference Marketwire Via Yahoo
Always Get Salvage Cars Checked The Arizona
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Healthy Living Seeking Help For A Mental Health Illness Marketwire Via Yahoo
online insurance
Car Make Money Online Selling
email marketing
Car Insurance
Cultivating A Better Credit Score El Paso Times
Make Easy Money Free
Filling Make Money Online Survey
Health Insurance Denver
Amazon Com Face To Face With X 35 The Power Of Anger Management A Comic Book And Activity Guidance Series
Insurance Quotes
How To Make Extra Money For Real
Credit Woes Hinting At Consumer Recession U S News World Report
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Lenders Deny It Is Harder To Get Credit Scotsman
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Editor 39 S Mailbag Mason City Globe Gazette
Need To Work From Home And Make Money
Insurance Fraud
Alberta Car Insurance Quote
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Health Auto Medical And Home Insurance Insureme Com
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Make Easy Money
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Spokeswoman Says Michael Jackson S Neverland Ranch Not In Jeopardy Singer Refinancing Loan The San Luis Obispo
Swat Those Pesky Fees The News Journal
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Make Money Survey Taking
Car Cheap Drivers Insurance New Peugeot Car Insurance
Home Based Business Opportunity To Make Money Online
The Best Benefit In The Travel Insurance Industry Just Got Better
Private Student Loan Vs Federal Student Loan
Business Business Business Home Internet Internet Make Make Money Money Money
Nellie Mae Undergraduate And Graduate Student Loans And
Bad Credit Credit Card
Compare Mortgage Rates Home Loans Cd Rates Auto Loans Credit
From Home Home Internet Make Money Online Work
Games 4 Money Play Free Multiplayer Online Dominoes
Cheap Car Insurance For First Time Driver Auto Ins Reference
Fast Kid Make Money Ways
online casino guide
Gmac Insurance Great Rates On Auto Insurance Rv Insurance Homeowners Insurance And
Travel Insurance
State Laws Only Require Proof Of Ownership To Register Vehicle
Student Loans Company Blogs Photos Videos And More On Technorati
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State Farm Wins Katrina Appeal
Bma Ni Welcomes Consultation To Raise Minimum Age For Purchase Of Tobacco Uk Medical News
General Insurance For Home Contents Car Landlord
Make Money On The Web
Insurance When To Stay Loyal And When Not To If You Want The Best Rates
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Student Loan Consolidation
Compare Quotes From Top Insurance Companies
Company Loan Payday Payday Loan Apply Online For Your Payday Loan Now 5580 Google Groups
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Colloquium On Ontario Student Loans And Fees Reform By Edwin G West Toronto October 14th 1993
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