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Is now a good time to buy a condo in Bangkok?


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Tell that to all the foreign guys that bought, and can't get back into the country. 10MBht as a gift for a Thai chick  ..... you'd have to be bonkers.

OP, it really comes down to personal circumstances. Is your 10m baht currently getting a return, what is the current exchange rate for your home currency, how much rent would you save over the 5-10 ye

YES! Now is the time to buy. The economy stands in front of total devastation, probable upcoming revolution in the near future and many people leaving Thailand.   So, if you want to pay as m

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8 minutes ago, onekoolguy said:

I bought new 4 years ago 4 million baht. Never used and sold a couple of months ago for 2.4 million. That's how Thai Condo appreciation works! Very few buyers now so it will get much lower in the next year or so?

Buy from foreigners  that have left and are not returning. Look at my figures and make low offers!

Since you already sold, do you mind sharing where in Thailand and maybe even size and building?

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8 hours ago, smutcakes said:

Maybe you could inform them that they are trying to achieve a level of voting which is not necessary. Its irrelevant whats in their bye laws as individual condo bye laws cannot supersede the level set by the Condominium Act.

 

The "law" says not less than half, 75% is not less than half so they are abiding the law. 

 

The law is likely in place to prevent a small percentage of owners from having a meeting and changing the rules. 

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Have been looking at Bank repossessed properties on the BAM & SAM websites and one thing I've noticed is the properties (especially houses, but also a fair number of the Condos) look like they're in a pretty poor state, is that true of all property in Thailand if left empty for a while? 

 

FWIW I'm thinking next year might be a good time to buy a property in Thailand, just not sure you'll see the same discounts in Bangkok as you might see in (say) Pattaya as it's not as reliant on tourists here.

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3 hours ago, scubascuba3 said:

I looked at 10 condos in an older condo block and many empty ones needed a total refurb, may have been empty for many years, balcony doors wouldn't open, pigeon plop all over balcony, dead cockroaches everywhere, even the condos which looked more lived in had deteriorated fast

They deteriorate fast because many are built from not much more than duct tape, toad s##t and plasterboard.

I know a big house outside Chiang Mai which can sleep 20 people, on about 2 acres. Doors and windows jamming, pipes leaking, electrical shorts and faults. Heaven knows what it is like now, it was 15 years old when I saw it.

Or take the 5-story apartment block  I saw under construction in Chiang Mai, off Huay Kaew road. Foundations are only 1 metre deep. It'll be a fun experience when an earthquake comes along.

That's not to say there are no good builders or well-built condos in Thailand, just that it can be difficult to find the wheat among the chaff.

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2 minutes ago, Lacessit said:

They deteriorate fast because many are built from not much more than duct tape, toad s##t and plasterboard.

I know a big house outside Chiang Mai which can sleep 20 people, on about 2 acres. Doors and windows jamming, pipes leaking, electrical shorts and faults. Heaven knows what it is like now, it was 15 years old when I saw it.

Or take the 5-story apartment block  I saw under construction in Chiang Mai, off Huay Kaew road. Foundations are only 1 metre deep. It'll be a fun experience when an earthquake comes along.

That's not to say there are no good builders or well-built condos in Thailand, just that it can be difficult to find the wheat among the chaff.

The ones I looked at were in a good quality well maintained older Condo, but condos that are left empty for years will look shiiite with old furniture and the mandatory pigeon plop and cockroaches

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7 hours ago, smutcakes said:

You may be right in terms of prices going down but i think a 50% drop is unlikely. There are many deals around even now, but it all depends where you want to live.

 

If you want to live in popular areas in nice condo block i believe the prices have hardly dropped at all, especially in Bangkok where upwards of 90% of the condos are Thai owned.

 

If you moved to the Bangkok suburbs i am sure you could also get some big discounts, but then again its all demand and supply.

 

And from everything I have been seeing and hearing, there is tremendous supply, and very limited demand. 

 

However, there is always going to be demand for certain buildings, by sought after developers, in great locations. Ikon Siam is a good example. Managed by the Mandarin Oriental, a 52 story building on the river, adjacent to Bangkok's newest and most spectacular mall, the demand from gazillionaires worldwide, is likely high. Good marketing and a high degree of exclusivity, will attract the 150,000,000 baht, and up market. 

 

However, the vast majority of the buildings being constructed consist of tiny condos, for under 3 million baht. I would consider one of those, at this time, to be a questionable investment. And time is on your side. The prices can only soften in this Covid economy, with the current issues Thailand is facing, combined with the economic devastation. 

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spend money in multi unit investment property if real estate investing is your gig.  Not single family housing.  Especially where you can never own it.

FYI, about $35,000 usd can buy you online ecom stores generating $2500/mn profits.  I'd put my money there.

 

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