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A drop in demand leaves Bangkok with a glut of completed new condos

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A drop in demand leaves Bangkok with a glut of completed new condos | The Thaiger

A parliament of owls? A murder of crows? A flock of geese? But what’s the collective noun for a lot of available new condo developments in Bangkok? A glut of Condos?

As Thailand’s economy is hit by the double whammy of fallout from US-China trade wars and lingering political instability, stricter mortgage-lending rules are also kicking in creating a buyer’s market in the capital.

Some basic statistics… 65,000 new apartments became available last year. That’s 11% more than 2017 and the most since 2009. But a Knight Frank reports indicates that demand is down and asking prices have decreased 6% year-on-year. Rental prices have also softened as recent investors remain keen to find tenants.

Aliwassa Pathnadabutr, a managing director of CBRE Group in Thailand, says that it’s a great time to get into the BKK market with prices down a bit and the selection better than ever.

“The overall condominium market will be slower this year but there are still opportunities in some locations with the right product at the right price. We believe the market is entering an equilibrium stage where prices will be adjusted to a more realistic level.”

Revised mortgage-lending rules that came into effect from April 1 are also dampening enthusiasm for property because lenders will now restrict the amount of money some buyers can borrow.

Meanwhile Brennan Campbell from FazWaz.com says the biggest developers are wanting to cash in their stock so they move on to the next projects.

“Some of the country’s largest developers are holding a huge inventory of completed or soon-to-be completed stock where they have seen demand soften through the first two quarters of 2019. The motivation to sell these units is growing as this capital is required to fund future projects. The result? A supply of incredible units in some of the best areas of Bangkok where buyers can be more creative in their negotiation strategies in order to secure the best overall value.”

Part of the softening in sales may also be linked to a drop in Chinese visitors to the capital. Whilst not a huge drop it is measurable considering that Chinese investors have historically been the principal foreign property buyers in Thailand. The lack of Chinese visitors is mostly a domestic problem with China’s economy softening as the US-China trade war bites.

CBRE reported recently that Thailand’s real estate market had a high reliance on foreigners.

“Most of the recent foreign buyers are investors and CBRE doubts they will live in the units they have bought. Foreign sales are highly sensitive to economic conditions of the buyer’s home country.”

Sopon Pornchokchai, president of the Agency for Real Estate Affairs, reports that a total of 454,814 residential units across the country were unsold in 2018.

To find Thailand’s largest selection of condos and property go HERE.

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1 Comment

1 Comment

  1. Avatar

    Biker

    July 4, 2019 at 4:30 pm

    Wonder why visa so hard to get and messy there asking to much and expats leaving for Cambodia and Philippines take a look in 2 years time if they don’t go back to the old visa requirements it’s bye bye Thailand

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Bangkok

Royal Barge Procession on Bangkok’s Chao Phraya postponed to December 12

The Thaiger

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Royal Barge Procession on Bangkok’s Chao Phraya postponed to December 12 | The Thaiger

PHOTOS: AFP

His Majesty the King has ordered the Royal Barge Procession to be postponed to December 12, originally scheduled for October 24, as recommended by the organising committee chaired by PM Prayut Chan-o-cha. Deputy PM Wissanu Krea-ngarm told Parliament yesterday about the official postponement.

After ten rehearsals and one dress rehearsal, he said the organising committee agreed that, if the procession were to proceed on October 24, the water conditions in the Chao Phraya River, currents and weather conditions would not be optimal. The committee then reported its concerns to HM the King, who subsequently agreed that the event be postponed until December 12, the beginning of the winter in Bangkok and the most settled weather of the year, according to Thai PBS World.

The committee will meet again on October 21 and a formal announcement will be made about the new schedule, said Wissanu, adding that December would be perfect timing for the event as there will be little chance of rain.

The Royal Barge Procession is the official finale of the King’s Coronation ceremony held in May this year. Their Majesties the King and Queen will ride on one of the 52 barges in the procession.

SOURCE: Thai PBS World

Here’s an example of what it will look like…

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Bangkok

BTS thief and credit card skimmers arrested in Bangkok

May Taylor

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BTS thief and credit card skimmers arrested in Bangkok | The Thaiger

Tourist police in Bangkok have arrested a thief accused of pick-pocketing tourists on the city’s BTS Skytrain, along with an Indonesian couple charged with credit card fraud and card skimming.

Kasem Masan Jantaro, a 44 year old food vendor in the Huay Kwang market, says he started pick-pocketing when business became too slow for him to adequately support his family. The Skytrain security team alerted the police after several reports of tourists being pick-pocketed on the trains. Victims described the thief as middle-aged, with pale skin.

Kasem was arrested while trying to flee the scene at the Asok BTS station on Wednesday and was found to have 4,600 baht in cash and four stolen credit cards in his possession. Thai Residents reports that Kasem was previously prosecuted for drugs offences in 2015 and for robbery in 2016.

In a separate arrest, Bangkok police detained 32 year old Alexander Eddilias and 33 year old Estie Rusdiana, an Indonesian couple charged with being in possession of fake credit cards, stolen credit cards, and skimming devices used to steal credit card information.

The arrest comes after several banks notified police of transactions made using fake cards and the couple were tracked to a room in the Pratunam area of Bangkok. Officers also seized a computer, a skimming device, twenty two fake credit cards, two stolen credit cards, and twenty four credit card receipts.

The suspects say they bought the information on the Dark Web. The information was then recorded in the magnetic strip of the fake cards, which were used to make purchases worth approximately 2 million baht.

SOURCE: Thai Residents

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ASEAN

Bangkok and Nonthaburi to get 2 extra holidays during ASEAN summit

May Taylor

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Bangkok and Nonthaburi to get 2 extra holidays during ASEAN summit | The Thaiger

November 4 and 5 have been approved as official holidays for Bangkok and Nonthaburi as a result of the 35th Asean Summit and Related Summits being held at Impact Arena Muang Thong Thani in Bangkok.

Deputy government spokeswoman Traisulee Traisoranakul confirmed yesterday that the measure was being taken in an effort to alleviate traffic problems in both areas during the summit, adding that other state enterprises and the Bank of Thailand could implement the holidays for their subsidiaries at their own discretion and on a case-by-case basis.

“Government agencies in Bangkok and Nonthaburi will stop working on these dates. Meanwhile, state enterprises and the Bank of Thailand will consider announcing November 4 and 5 as holidays for their subsidiaries on case-by-case basis.”

“However, government agencies which have a necessity to provide urgent or previously scheduled services to their clients that cannot be postponed may stay open on November 4 and 5, depending on the decision by the heads of these departments.”

Some other public or regional holidays coming up…

Bangkok and Nonthaburi to get 2 extra holidays during ASEAN summit | News by The Thaiger

SOURCE: The Nation

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