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BANGKOK 20 June 2019 06:38
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Want to Buy a Home in Thailand? You Have More Than 450,000 to Choose From

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Want to Buy a Home in Thailand? You Have More Than 450,000 to Choose From

By Natnicha Chuwiruch

 

screenshot_9270.jpg

Photographer: Brent Lewis/Bloomberg

 

>> A supply glut will see developers look to clear excess stock

>> Chinese investors are pulling back amid local capital controls

 

A glut of condominiums as Thailand’s economy waversand stricter mortgage-lending rules kick in is creating a buyer’s market in Bangkok.

 

Some 65,000 new apartments were added to the city last year, an 11% increase over 2017 and the most since 2009. Demand, however, is tepid with developers reporting take-up rates of just 55% and average asking prices decreasing 6% year-on-year, a Knight Frank report shows.

 

It’s a chance to get into the market as home builders look to clear excess stock at lower prices, according to Aliwassa Pathnadabutr, a managing director of CBRE Group Inc. in Thailand.

 

Full story: https://www.bloomberg.com/news/articles/2019-05-15/bangkok-s-empty-condos-create-buyer-s-market-as-foreigners-flee

 

-- Bloomberg 2019-05-16

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But they said the chinese will not stop and buy everything

😒🙏 

 

 

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55 minutes ago, 4MyEgo said:

Not a good time to enter the market as it hasn't bottomed out yet, give it another year or two says I.

if things are so slow why I see new construction sites (mostly condo/apartments/high rise buildings) starting up on a weekly/month basis, is the money easy and cheap to borrow in Thailand?

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The 450,000 units "only" include unsold inventory from developers, as far as I read it. If the secondary market is included, this actually is starting to look dicey.

My guess it that the 300-400,000 baht/m2 market will take a haircut and the 50-100,000 baht/m2 segment will remain stagnant for the next 5 years.

 

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"Still, some developers remain sanguine. Sansiri Pcl says it continues to see "real demand" from foreign purchasers despite recent challenges, adding they account for as much as 30% of the firm’s sales.

Knight Frank believes the glut and falling prices may be short lived, citing Bangkok’s resilience and planned infrastructure projects that will renew the city.

Ask anyone who’s been in property how many times they’ve heard the bubble will burst?,” the firm’s Bangkok-based head of residential, Frank Khan, said. “I’ve heard this more than 10 times, but in my last 15 years, it’s never burst.”"

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When agents  post on FB that they have just done a years rental at 15k a month as like its some massive sale of commission....things must be dire.

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