In Q3 2019, the weakening condominium market continued, as many developers made their adjustment to their strategies by delaying their launch of new projects to the last quarter of 2019 and onwards to 2020. Majority of listed-developers have shown the drop in their presale value comparing to the previous quarter as well as the same period of the previous year. Price discounts and special promotions were being offered from non-listed and listed developers throughout downtown and midtown area of Bangkok. Developers were facing more difficulty on clearing their built-but-unsold inventory as new projects with promotional campaign keeps launching.
In order to address the problem regarding the increasing amount of built-but-unsold inventory, the government announced stimulant measures to support the market. Residential properties priced below THB 3 million will benefit from the reduction of transferring fee and mortgage fee to 0.01% which will be effective until December 2020. The Bank of Thailand also announced a further reduction of the interest rate to 1.25% from 1.5%.