BANGKOK, THAILAND - THE luxury condominium market will dive next year as the global economic downturn continues to dry up the much-needed pool of cash-rich foreign investors, local property analysts said.
They predict that luxury condominium prices would drop by 10-20 per cent in the first half of 2009. Current high prices will stifle local demand, as the domestic political turmoil undermines investor sentiment, they said.
Despite Bangkok's luxury condominiums being relatively cheap - at around 100,000-150,000 baht (S$4,300-6,500) per square metre (psm), 8-12 times less than a similar property in Singapore or Hong Kong, according to Jones Lang LaSalle Research - demand has dropped off, analysts said.
