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Up to 17.5% of condos in Bangkok and surrounding areas are empty - good time for buyers


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Up to 17.5% of condos in Bangkok and surrounding areas are empty - good time for buyers

 

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Picture: Daily News

 

The head of the Appraisal and Estate Agents Foundation has revealed figures for empty properties in Bangkok and surrounding areas. 

 

In some districts 14% of all properties are vacant. With developers instigating price wars with inducements to purchase this represents a buyers' market, he said. 

 

Dr Sophon Pornchokchai was speaking at a news conference yesterday. 

 

He was referring to all manner of property in the city and outskirts. The figures related to condos, single houses, townhouses and other dwellings where less than 15 units of electricity were being used deeming them to be unoccupied. 

 

In total there were 525,889 such vacant properties. 

 

The top three areas for vacancies were Nonthaburi (north west of the central area) with 335,421 available properties with 45,848 unoccupied or 14%. This percentage was also true of Bang Na (south east of Bangkok) with 231,192 properties, 31,289 unoccupied.

 

Bang Yai - to the far north west of the capital - has 221,492 with 28,016 unoccupied or 13%. 

 

Places with the lowest unoccupied dwellings are Bang Plee (south east) with 8% unoccupied, Minburi (north) 9% and Lat Krabang (south east) 9%. 

 

Dr Sophon said that when it comes to condominiums in Bangkok and the surrounding areas between 13.5% and 17.5% are unoccupied. 

 

This glut has prompted a selling war with discounts and deals, he said. 

 

Enticing deals such as free furniture and air-conditioning and "cashback" have become common on billboards throughout the city, notes Thaivisa. 

 

Source: Daily News

 

 
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-- © Copyright Thai Visa News 2019-09-11
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and the madness continues...

 

I counted 15 new condo sites between Bang Wa and Talat Phlu on the BTS line. And Im sure I missed some. And those are usually bigger buildings than in the center corridors....

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Numbers are probably way higher, given downpayments have been made and will not be serviced as we have seen all the time before. The banks own it all anyways. Not a good time to invest at all.

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1 hour ago, webfact said:

Enticing deals such as free furniture and air-conditioning and "cashback" have become common on billboards throughout the city

 

Upcoming deals include TM30-exempt for one year for foreigners who buy one unit, and five-year exempt for foreigners who buy two units at the same time.

 

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2 days ago i read in the 'other' paper's business section an article by a property assiciation saying the take up of new properties 2019 is at 15% an all time low, the previous low was 34% in 2010, these are depression not recession times now in thailand

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Not the right time to buy yet. Still overpriced. I’m renting for 16k on my condo yet average price is 22k and the sell price is 5.5m. Why would I pay 5.5m when rent so Cheap 😂. Average price is 22k but most of these condos are empty. I haven’t seen anyone in my floor yet despite like 20 condos. 

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Please edumicate me as to why Bangkok property is a great deal.  My prejudices:

 

1. Rule of thumb being is to make 10% back a year on renting out a flat.  Can you get that in Bangkok?  Full recuperation on investment in 10 years.

 

2. If you die, the building owner can take your condo, unless you take provisions otherwise.

 

3. The public areas look terrible after a few years, making your condo hard to sell or rent (from personal experience). 

 

 

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