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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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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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Enticing deals such as free furniture and air-conditioning and "cashback"

 

Nah in China when I buy a condo they throw in a free BMW car.

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4 hours ago, mok199 said:

Spin Dr...try ,''Bad time for sellers'' and Thailand

True, but I'm waiting for development groups like this to ask for a government bailout.

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