Jump to content
BANGKOK
webfact

Fears that the condo bubble is about to burst in Bangkok - especially if foreigners pull out

Recommended Posts

Off topic post about the USA also reply removed

Share this post


Link to post
Share on other sites
27 minutes ago, userabcd said:

Don't know who is buying into all these condos or where the money is coming from but one day something will give.

The money is coming from big washing machines...

Building is one of the best ways to launder dirty money.

 

  • Like 1

Share this post


Link to post
Share on other sites

I thought Japan and Netherlands were Thailand's biggest investors, yet it is always about the Chinese.
Also, tons of real estate in hands of Thai people that directly or indirectly depends on farangs financial support, in order to keep up with the mortgage payments.

Have seen many Thais leave their house, stripping it entirely / bank taking over in various villages this year.
It is also pretty obvious that business owners are dying and coming high season will be the relief of killer

(at the end they are renting those expensive properties too).

Yet, Thais have no idea to appreciate real estate when selling or buying it. I still see new Thai people buying, at insane prices, feel sorry for them. 
It is like they buy a 1M baht house that is actually only worth 600K, just 2 years old and problems already,
then the big interest on top + coming crash to kill them entirely.

Edited by tabarin

Share this post


Link to post
Share on other sites

Correction / crash....Zero interested buyers and over priced over built market

Edited by mok199

Share this post


Link to post
Share on other sites
1 hour ago, Mikisteel said:

Who was about in 97?

 

What kind of bargains we talking about? If that property crash happened in bok does it spread nationwide?

It was more than Thailand most of Southeast Asia was affected. The exchange rate for the Thai Bhat was as high as 50 bhat to dollar. When I came in 1998 it was down to 43bhat to dollar. The Thais allowed there bhat to float which caused part of the problem.

Share this post


Link to post
Share on other sites
2 hours ago, webfact said:

Fears that the condo bubble is about to burst in Bangkok - especially if foreigners pull out

The Chinese government has dollars to no longer know what to do ..
For the moment, they are canibalising Laos and Cambodia plus a good part of Africa.
They are no longer waiting for the high-speed rail line to be completed on the Thai side to also put the grapple on this country which will become like Laos and Cambodia a new Chinese province.

  • Like 1
  • Thanks 1

Share this post


Link to post
Share on other sites
45 minutes ago, thirdleg said:

jesus wept, China are manipulating down to make their exports cheaper, Thailand are making them more expensive

Thailand is manipulating them up to lose money.  You right Jesus wept as well as Somchai.  Lemme put it to you this way.  Somchai is in London now and if he succeeds in getting another Brexit referendum and Brexit loses then the baht will fall re the pound.  Somchai's brother is also a friend of Trump and is asking him to raise interest rates.  If he succeeds the baht will fall re the USD.    

  • Like 1

Share this post


Link to post
Share on other sites
51 minutes ago, thirdleg said:

Yeh because there are no controls from the Chinese government are there!!?? They are scared to death of capital flight and just keep hammering the restrictions on their citizens

China has 3 trillion and they are worried, not a poxy 2 billion

There are controls against Chinese capital flight.  Or.  Maybe you were making a joke.  

  • Like 1

Share this post


Link to post
Share on other sites
31 minutes ago, ThomasThBKK said:

 

Most expensive Condos are non-chinese owned, same as in NYC and co.

Chinese mostly buy lower class condos, they can't get enough money out of china for penthouses and co.

They can't get loans either, they have to buy with savings/cash.

Most of these penthouses and expensive condos in BKK are Western, Japanse, Korean and Thai owned.

 

There's a huge flood tho of chickenboxes that they won't be able to sell, that doesn't mean the higher end condo market is unhealthy - tho.

After all higher end condos are the better value for money with better prices per sqm.

 

Chinese buy there stuff unseen online on webportals, without even getting a proper chanote in many cases, circumventing most real estate laws here like having a proper FET form.

It's only a matter of time till the chinese government cracks down on this practice. Or some Thai Hiso wants to own their condos in stead.

They are the definition of dumb money, and dumb money always ends up in a marketcrash.

 

 

https://www.thaiexaminer.com/thai-news-foreigners/2019/03/09/young-chinese-millennials-driving-bangkoks-condo-sales-with-online-buying-as-they-flee-chinese-market/

 

 

 

Everyone who thinks this is healthy and will go on forever is nuts.

 

In fact it's even illegal for them to do this: https://www.ft.com/content/5dca923a-1895-11e8-9c33-02f893d608c2

 

and It's already plummeting since years: https://www.scmp.com/business/companies/article/2187482/chinese-overseas-property-buying-plummets-63-cent-2018-hitting

 

 

 

Greed skrews your brain, every thai real estate developer who laid all their eggs in the china basket will have a nightmare sooner or later.

 

 

Chinese buyers most often want a one-bedroom condo in Bangkok. Of all buying inquiries, 40% are for one-bedroom apartments, 24% for three-bedroom apartments, and 14% for two-bedroom apartments.

 

She said 85% of Chinese buyer inquiries in Thailand are for properties priced at about 8 million baht or below.

 

  • Like 1

Share this post


Link to post
Share on other sites
1 hour ago, marcusarelus said:

I don't think Chinese tourism and Chinese condo buying have anything to do with one another.

Of course they are connected. Chinese tourism is declining because Thailand's image in China has been tarnished. Poorer image = less buyers, guaranteed. There are other reasons too, but this has to be a main one.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

×
×
  • Create New...