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pomozki

How long will Bangkok's rental market suffer?

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Hi, my current lease expires at the end of July and I've started checking out other places in downtown Bangkok to see if there are good deals around.

Yes, there are brilliant deals (30-40%, even 50% off some places). Even the Thais have started discounting heavily to get tenants.
Sure, Pattaya's rental market will be shot for ages because it depends so much on foreigners and bars/nightclubs will be the last allowed to reopen -

but what about Bangkok?
Some foreigners will start arriving after July 1 if they comply with stringent conditions, including having work permits.

But I suspect most people arriving here are tourists, who quickly get out of town and visit the tourist spots.

Does anyone know if long-term stayers in Bangkok make up a big slice of arrivals in Thailand?
If they're only a small minority, this will only be a tiny window of opportunity and you have to act fast - like now!
On the other hand, if this market is also likely to be depressed for some time, I'd much prefer to wait until 1-2 weeks before moving.
Right now the people I'm meeting aren't too excited when I say I can't move for 6-7 weeks.
Hope that all makes sense, cheers!

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3 hours ago, Airalee said:

If you find the right place at the right deal, I think it’s worth paying rent at two places for the last month of your lease just to be able to secure a good spot.  There may be lots of deals, but there are only a limited number of prime units offered at discount prices.  It makes moving much easier too.

ha! I was thinking of doubling up for one week - a month is certainly bold 🙂
cheers

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I don't think it's foreigners who will be snapping up the majority of the units.  I think it's the Thais who went back home to live up country with family when they were no longer required to show up at work in BKK. 

 

When and if (and it's a big if) the economy opens up, the unemployed are re-hired and the work-from-home people need to start showing up at the office, some of the slack will disappear.  Along with a lot of the super deals.

 

But I've been wrong...  It happens.

 

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Airalee is right.

Prime units are not discounted.

Only some ordinary 'run if the mill' units.

Your comments seem to assume it's foreigners that will govern whether it is discounted or not.

Foreigners are in the minority.

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9 minutes ago, DaRoadrunner said:

To which I would add;- I read there were 4500 empty rooms in Bkk alone, so it is a buyers market, negotiate a discount. Of course, it pays to have a Thai friend negotiate for you as we filthy farang are often charged more.

Filthy RICH farangs 😉 

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On 6/6/2020 at 10:04 PM, pomozki said:

I can't move for 6-7 weeks

buyers market - you are the boss.. nothing is going to change that quickly... do it at your own pace.. maybe places will get cheaper.

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11 minutes ago, DaRoadrunner said:

To which I would add;- I read there were 4500 empty rooms in Bkk alone, so it is a buyers market, negotiate a discount. Of course, it pays to have a Thai friend negotiate for you as we filthy farang are often charged more.

I would expect that there are many more than 4500 in Bkk.  Almost every residence or housing estate you go by in Phuket has a for rent sign, and they are still building more right now.

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22 minutes ago, DaRoadrunner said:

To which I would add;- I read there were 4500 empty rooms in Bkk alone, so it is a buyers market, negotiate a discount. Of course, it pays to have a Thai friend negotiate for you as we filthy farang are often charged more.

Wrong.

image.jpeg

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I think the economy still has a long way to go (down), while new condos keep hitting an already deteriorating market. I'd guess we haven't seen the lows yet!

 

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3 hours ago, timendres said:

The best deals are not likely to be online. Some years ago, a friend was pushed out of his townhouse, and he hired a Thai person to ride around finding places that met his criteria, and they built a spreadsheet of those places with their prices. He found a fantastic place at a price that was quite amazing. Cost him 2,000 baht for the work, but that paid off many times over.

many interesting comments here - Ron Jeremy's post about 100,000 vacant condos tells quite a story

this one by Timendres also raises an excellent point. I've seen heaps of places the last few weeks, mostly because I couldn't make up my mind exactly where I wanted to be. One day it clicked. i knew exactly where I wanted to be and I focused on a handful of sois in 2 different districts. I walked into every place that interested me and was blown away by some of the rents some people were still demanding. BUT then, after walking for about half an hour or more, I came across 2 fantastic places and dealt directly with the owners/managers and after a brief face to face chat they both offered me big discounts on the spot.

so you're absolutely right - the legwork pays off 🙂
(I haven't taken either place yet cos these 2 fantastic places are still above the budget I've set myself but I might budge if they don't in the next few days!)

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