BANGKOK, 16 February 2012 – President of the Housing Business Association Issara Boonyoung has announced that house prices will be adjusted upwards during the middle of the year thanks to the higher cost of material and labor.
Mr. Issara revealed that during the transition period between the second and the third quarter of 2012, prices of detached houses, town houses and condominiums will see a gradual increase of 5-10%, as a result of the rising costs of construction materials and labor. In addition, the installment of a more efficient flood prevention system in new housing projects also contributes to price hike.
Mr. Issara claimed that condominiums prices might be raised higher than that of detached houses given that the construction of the latter requires more material and workforce, leading to a higher initial cost.
However, despite an upward adjustment in prices, Mr. Issara speculates that the sales figures of 2012 would be similar to that of the previous year.
