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Bangkok housing glut: Nearly a trillion baht of empty properties - govt urged to extend stimulus measures


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Bangkok housing glut: Nearly a trillion baht of empty properties - govt urged to extend stimulus measures

 

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Picture: Daily News

 

Daily News quoted a banking and real estate analyst as saying that the value of empty properties in Bangkok and surrounding provinces would soon approach a staggering ONE TRILLION baht. 

 

Wichai Wirat urged the government to extend transfer and stamp duty charges for a further year in an effort to arrest the slump.

 

He said that current figures show there are 185,993 empty condos and houses worth 937,707 million baht. 

 

Unless there is government help this will expand to 193,415 properties worth 956,086 million within the next six months. 

 

Easing of transfer and stamp duty charges - currently at 0.01% of the assessed value of properties - is set to end in December. 

 

Wichai said this should be extended for a further year and should be expanded to include people buying second hand properties in the 3 - 5 million baht range as this makes up 20% of the empty supply.

 

The media reported that the places with the highest proportion of the glut are Pathum Thani (a province north of Bangkok) with 40.4%, Nakhon Pathom to the west of the capital with 9% and Samut Prakan (south east) with 5.7%.

 

Bangkok itself continues to outperform the surrounding properties in shifting the glut with Nonthaburi and Samut Sakhon some way behind. 

 

Source: Daily News

 

 

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-- © Copyright Thai Visa News 2020-10-22
 
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Unless somebody is wiling to buy them they are not worth anything, many will sell at a price people are willing to pay.

That's the way, subsidize the greedy hiso speculators! Nevermind supply and demand! 

Next week Breaking News!!!!!   The 39 Chinese tourist which arrived yesterday purchased 165000 apartments and soon, the remaining 20000 or so will also be soon the new home of our billionair

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3 hours ago, NCC1701A said:

do you mean unsold new properties?

what happened to a trillion baht in the headline?

Trillion, nationwide but the article was referring to bkk and its surroundings when stated 185993 empty properties. 

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Doesn't look like good news for anyone.....including the banks that have financed the building of them. Memo to self: split all bank accounts that have more than 1 million  in them.

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8 minutes ago, thaibestlover said:

Make affordable prices masses can pay (max 10000 THB/month) and people flood those empty buildings.

 

No wonder they are empty with moon prices not many can afford. 

 

so essentially you want a government bail out for property developers/banks? how about that government money being spent on education, the health service instead of making the rich richer?!

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