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SoonOh

2020 Thailand - Renters and Buyers Market

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Haven’t been following any indices , but just from looking what’s on rent now I think asking rents have gone down. I think sales is more complex as Westerners might take a lower offer to move the place ( whether it be a condo, house in Thai partners name or bought through a company arrangement) but Thais from what I have seen will fix a price and stick to it barring any sensible negotiations etc. They appear to be happy to let a property sit empty and deteriorate rather than sell it below what they consider to be market value. Clearly there are some bargains to be had but it’s being in the know, plus you have little or no knowledge of how the house has been maintained.( if at all).

 

I think supply and demand figures in there somewhere ( bearing in mind in the Pattaya area they are still throwing up condos like they are going out of style)

Happy to hear any other views on this, as this is just my view.

 

P.S. Our first house purchase was from an owner that bought off of the plan. Never lived in the house and subsequently we found out the bathtub was not tied into any drainage. Had to breakout all the granite surrounding it pull it out and do it properly. ( I know we should have checked , but who does that ? )

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There isnt a lot of data available to give a market status or opinion.

Asking prices dont mean much, unless you are the buyer or seller the real sales price or volume is often unknown.

The number of listings doesnt mean much as properties get listed by multiple sellers, sold properties are not taken off the listings, bait properties and prices that never existed. 

 

I watch condo sales in my block, now and then (identical) condos will sell for 1M baht, most sell for around 1.5M baht, every now and then one sells for 2M baht. 

 

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If you go by Thai visa posts its never been a sellers market. In fact every single buyer will lose money , Thats right eventually that penthouse in Bangkok will have a negative value given enough time 😂

 

I had no trouble renting may place on lower sukhumvit for 45k 2 weeks ago as I prepare for an extended stay in OZ for a hip replacement LOCATION LOCATION LOCATION !!. The super baht and the <deleted> OZ DOLLAR will work out beautifully 🤗

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In Pattaya condo and house prices are extremely quiet and retail rents are extremely low – it is definitely a renters market as I rent out several condos at the market price which is decidedly lower in the last couple years😳🤷‍♂️🙏🇹🇭

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