PROPERTY EVENT
Today is the start of The Thaiger Property Flash Sale. It’s only for 24 hours (starting at midday today). The Thaiger has teamed up with fazwaz.com for this first-of-a-kind event.
When in a buyer’s market, that demand should be catered for, with discount offerings a key driver of success. The level of discount will depend on the developers’ willingness to accept lower profit margins, along with the supply available in the market. Bangkok, for example, has a large volume of property units available with many high-density development projects. In light of this market reality, a good ballpark figure to start discounting at is 15%-20%.
Since the beginning of April 2020, developers have begun launching their own e-commerce stores with incentive schemes to draw in clients. Although a good initiative in response to the current situation, around 90% of such offerings are only available in Thai, missing the opportunity to engage with international buyers.
Brennan Campbell, CEO at FazWaz, says that over the past 2 months, traffic to their property portal has increased exponentially.
“A huge proportion of our inquiries are explicitly looking to secure a deal.”
What is the potential for discount rates? Generally, discounts are uniform over an entire project and dependent on the saleable area, which can vary slightly. A recent survey of property developers, undertaken by FazWaz, showed that 31% of those questioned are willing to offer discounts of more than 10%.
Demand in the market is down and market sentiment is depressed; a clear indicator that developers need to be offering higher levels of discount to maintain a reasonable transaction volume. 69% of the developers surveyed haven’t implemented additional discounts during the current crisis – other than those that were already in place. The prediction is that this sentiment will change over time.
Flash Thursday will directly link potential property buyers with developers and sellers in one of Thailand’s largest online sales events. Developers from all regions and sectors in Thailand will be represented to bring enticing discounts to real estate investors.
Register now, it’s free. Runs from midday today (Thursday) to midday Friday.
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Discounts? It’s this a joke? All 100k/meter and up. Some units have the same price on other platforms without the “discount”…
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Prices way too expensive and it was quite easy to get a 10% discount in normal days.
With so many buyers not completing on their off plan purchases and forfeiting their deposits, the developers should be able to discount at least +20% in these times.
I look at price per square meter and location and the prices are still too high.
Long term cities, including Bangkok, will have less and less people as they move out as the middle management jobs disappear. that will result in less and less demand for condos in Bangkok.
There are more and more Capital controls in China so it will be harder and harder for Chinese to buy outside China. On top of that, there is a recession in china due to lack of demand from the west.
Leave a Reply
You must be logged in to post a comment.
Discounts? It’s this a joke? All 100k/meter and up. Some units have the same price on other platforms without the “discount”…
Prices way too expensive and it was quite easy to get a 10% discount in normal days.
With so many buyers not completing on their off plan purchases and forfeiting their deposits, the developers should be able to discount at least +20% in these times.
I look at price per square meter and location and the prices are still too high.
Long term cities, including Bangkok, will have less and less people as they move out as the middle management jobs disappear. that will result in less and less demand for condos in Bangkok.
There are more and more Capital controls in China so it will be harder and harder for Chinese to buy outside China. On top of that, there is a recession in china due to lack of demand from the west.