Last year's flood and a desire for shorter work commutes were key factors pushing condominium demand in the first quarter of the year, says property consultant Colliers International Thailand.

Senior manager for research Surachet Kongcheep said the crisis encouraged people to buy second homes so they have somewhere to go in case it floods again.
At the same time, many people bought condominium units to reduce their travel time to work.

Another significant market trend is increased condominium development activity on the northern edge of the cap-ital, towards Ratchadaphisek and New Phetchaburi roads, he said.

According to the Bangkok Condominium Market Report issued by Colliers,the Bangkok condominium market in the first quarter of 2012 showed signs of recovery.

More than 14,170 new units were offered for sale in the first quarter while only 5,160 units were offered in the fourth quarter last year.

Some 60% of the condominium units coming to market in the first quarter were located along current mass transit lines, especially on Ratchadapisek and Rama IX roads. Approximately 27%, or more than 3,760 units, were located within 200 metres of BTS or MRT stations.

About 42% were about one kilometre from mass transit lines and were priced under 51,500 baht per square metre, or under about 3 million baht a unit.

The average take-up rate of units offered in the first quarter of 2012 was approximately 65%, the highest in the past few quarters.

"This was because many new projects from well-known developers were launched this year and many buyers had delayed purchasing last year," Mr Surachet added.

Nearly 3,000 new condominium units were completed and registered in the first quarter of 2012, bringing Bangkok's condominium total to approximately 326,700 units.

Although most condominium developers have been focusing on new projects along current or future mass transit lines,more than 207,800 condominiums in Bangkok are located on the outskirts of the city or in the suburbs and are not close to MRT or BTS stations.

Listed companies are still the main players in the Bangkok condo market.Around 56% of the newly offered projects,or more than 8,100 units, were developed by listed companies or their subsidiaries.