At the beginning of Q2 2020, the condominium market in Bangkok had experienced more negative impact from the COVID-19 pandemic after the government announced the state of emergency nationwide and the city lockdown started in early of April. The market experienced a significant drop in the number of newly launched condominium units which totalled 3,451 units, decreasing by 74% Y-o-Y. This has been the lowest number of newly launched units since 2009 or the lowest in more than a decade.
However, activities in the market recovered slightly in June 2020 after lockdown measures were eased while developers have been focusing on clearing their built-but-unsold inventories instead of launching new projects in this market condition.
The situation demanded developers to become very cautious when launching new projects as the overall condominium market remain weak with uncertainties looming in the air. The most common characteristic among the newly launched projects in this quarter is their affordable unit price in the location where there is clear demand for end-user buyers.