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Bangkok 'could have glut of serviced apartments'
05 Jul 2009
A study by Colliers International Thailand found that despite the oversupply of serviced apartments, real estate developers are still looking to construct 21 new apartments in the capital.
This would create an extra 3,671 units, which would be on the market in 2011, according to Property Report Asia.
Despite this, Colliers asserted that construction of serviced apartments scheduled for completion this year and during 2010 is starting to slow.
It attributed this to developers rethinking their strategies during the economic crisis.
With an oversupply of properties in Bangkok, the next two years could be a good time for investors to acquire apartments in the country while developers are competing for customers.
Despite an oversupply of some residential property, the head of research at Jones Lang LaSalle Dan Tantisunthorn told the Nation that those with retail units are reportedly holding firm on rental prices.
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