CBRE Thailand has released the latest Bangkok Residential Sales Market View for Q2 2009. In the analysis, I can summarize that the significant change in Q2 of 2009 is that majority of property buying comes from Thais (80%) not foreigners as the last year. Thai people buy property as an alternative option for investment and they strongly believe that prices are not going to fall.
CBRE also sees that the real buyers are not speculators but end users and buy-to-rent investors. The company also says that the prices of the high end sector are not rising in the near future.
From my view, we can see, in the near future, the rental price will be decreased significantly due to oversupply of property in prime locations of Bangkok and decreasing of foreigners. There are thousand of units to be completed in a few years but foreigners are moving away from Thailand due to worldwide economic slump. So we can see the price war in the rental market soon. The bubble is nearly burst.