Residential property prices at five locations - Klonglong-Bangkhan, Nimitmai, Samklog-Sena, Nawamin, and Aomnoi - dropped by between 7 per cent and 14 per cent in the last six months, according to a survey by the Agency for Real Estate Affairs (AREA).
The survey of 1,300 residential projects in Bangkok and its suburbs in the last month showed that single detached houses in Klonglong-Bangkhan saw their prices drop from Bt2.19 million last year to Bt1.87 million in June this year, down 14.4 per cent.
Shophouses on Nimitmai Road, which had a price of Bt4 million last year, now recorded Bt3.5 million, dropping 12.5 per cent.
Single detached houses priced at Bt3.4 million on Samklog-Sena last year now offered a price of Bt3 million, dropping 11.6 per cent.
Condominiums priced at Bt812,000 per unit in Aomnoi district last year now offered a price of Bt748,000, dropping 7.8 per cent.
Meanwhile, the residential prices at five locations - Srinakarin-Theparak, Eakchai-Bangbon, Ladkrabang, Chalong Krung and Theplela-Mahathai - saw residential prices rising between 7 and 14 per cent this year from last year. The survey showed that townhouses priced at Bt2.49 million on Srinakarin-Theparak last year recorded Bt2.85 million this year, up 14.5 per cent.
Twinhouses priced at Bt2.27 million per unit on Eakchai-Bangbon last year, now sold for Bt2.54 million this year, up 12.1 per cent.
Townhouses priced at Bt1.69 million on Ladkrabang last year saw prices rising 11.8 per cent to Bt1.89 million.
Single detached houses priced at Bt3.3 million on Chalong Krung last year, now offered Bt3.69 million per unit, up 11.8 per cent. Condominiums priced at Bt700,000 per unit on Theplela-Mahathai last year went up to Bt770,000 per unit this year, up 10 per cent from last year.
AREA's president, Dr Sopon Pornchokchai, said that this showed that some locations are oversupplied in some categories. This will help property firms to reconsider which are the locations that still see demand and move their investment to those areas.