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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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2 hours ago, yellowboat said:

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). 

 

 

3.a   public areas get slummed up by the traffic generated from those who turn their condos into a hotel rooms through airbnb rentals. Who in their right mind would buy a room in a hotel, and if they're doing it in the building where you now live don't expect to ever sell it..

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no surprise here, many expats are leaving, tired of the immigration circus...

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3 hours ago, legend49 said:

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.

They will need to be more creative. Free BMW does not excite me.

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1 hour ago, Chrisswe said:

17.5 % OF WHAT ????

Condos, google it, they are residences in large buildings 5555

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42 minutes ago, mlmcleod said:

That number is probably half the real number of empty condos in Bangkok.  I suspect that the number in the Pattaya area is close to 35% empty.  A crash is on the way for the bloated real estate market in Thailand.  You can't keep building and then make it almost impossible for expats to stay here.

Only 35% ? Just have a look at all those new buildings along Jomtiens 2nd road, (the one that runs parallel to the beach road), I'm sure that there are more than 35% of them empty & they keep on building 55555 Sheer lunacy. 

Edited by Golden Triangle
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50 minutes ago, mlmcleod said:

That number is probably half the real number of empty condos in Bangkok.  

It will soon be like big cities in China: city full of high-rise condo- and apartment buildings, but half of the (completed) buildings unlit after 8 p.m., i.e. empty!

Edited by StayinThailand2much

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it is high, but many may be second or third homes, or pure speculation...Gee, I can't imagine why someone would NOT want to deal with renters.  Money talks, but there are few reports of anyone stealing one.  A friend was offered a condo at Takiab for about a third off, what the guy had paid three years ago, but he had paid way too much.  He had just sold his house for about 9 million and was ready to buy a smaller condo in the 3-5 range..he didn't make a single offer, and had a few agents out looking.  He did mention a tennis ball size piece of concrete that he found on  a damaged pool umbrella that had fallen off a five story condo he was staying at, and would have missed his head by two feet, had he not left to go buy beers.

Edited by moontang

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1 hour ago, from the home of CC said:

3.a   public areas get slummed up by the traffic generated from those who turn their condos into a hotel rooms through airbnb rentals. Who in their right mind would buy a room in a hotel, and if they're doing it in the building where you now live don't expect to ever sell it..

    Sometimes true, but not always.  I just sold my 19th condo in Thailand--at a profit.  #19 was a condo in a building in Pattaya with a substantial percentage of airbnb rentals but the project has a fairly high condo fee and the building is being maintained.   I didn't want to live in a 'hotel' so I moved out.  

     The condo project is in a good location without a lot of competition from other condos.  The unit I sold was on a high floor with great sea views and city views.  It was also a 2 bedroom/2 bath at a reasonable price, especially compared to new construction.  Perhaps a little less competition with 2 bedrooms vs. 1 bedrooms.  The buyer was--wait for it--Chinese.  Which makes 5 sales in a row to Chinese buyers.

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3 hours ago, legend49 said:

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.

Here they throw in a wife.....u can go Baccara to select yours 😂

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3 hours ago, yellowboat said:

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.

 

 10% is a lot. And not only in Thailand. I am sure that even in Europe you will not get 10%. Half of that is more realistic.

 

And that is still not bad. If you have your investment back in 20 years and the value of your property also increased you still make a nice profit. After 20 years all rent you will get is 100% profit.

 

Interest rates at banks are 0% now, and they even expect a negative interest rate which means that you will have to pay to keep money at a bank. 

 

But I have my doubts about the build quality of condo's in Thailand.  I don't believe that the average condo will survive much more than 20 years.

 

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