Bangkok
Bangkok condo prices expected to continue to fall this year
Condo prices in Bangkok are falling and are expected to continue to fall throughout the year. The real estate market isn’t anticipated to pick back up again until the Covid-19 pandemic eases.
The average prices of new condos in Bangkok are expected to fall by 5%, according to Nexus Property Marketing. The real estate marketing firm Juwai IQI Group says the average prices for new condos will decline by 3.9% while resale condos price will decline by 6.7%. Juwai IQI co-founder and chief executive Kashif Ansari says this year is an “excellent” time to invest.
“Prices have dropped, discounts are available and the market will likely take a sharp turn upwards after the pandemic is behind us.”
Nexus managing director, Nalinrat Chareonsuphong, says that with 33,000 unsold condo units being completed, adding to the unsold stock in Bangkok, the average prices of resale condo units will also decline due to the competition with newly-completed condos.
Bangkok condo prices dropped by 11% in the past year, going from an average of 141,800 baht per square metre in the fourth quarter of 2019 down to 126,909 baht per square metre in 2020, according to a report by Nexus.
Prices are expected to continue to drop, with the average price dropping to 120,564 baht per square metre this year. Prices are expected to go up to 122,975 baht per square metre in 2022.
The number of new condos in Bangkok dropped by 39% going from 43,051 units in 2019 to 20,100 units in 2020. The number is also a significant difference from the 5-year average of 51,568 units.
Many projects were impacted this year either by suspended sales activities or development plans that were delayed or changed.
“Last year condo buyers looked for ready-to-move units rather than off-plan units as prices are more attractive. This trend will continue this year.”
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SOURCE: Bangkok Post
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The birthday party of Techin Ploypetch, better known as “DJ Matoom”, is now considered a super-spreader source of Covid-19, with 19 people already found infected after attending the event. According the CCSA spokesperson during the daily briefing today, “Transmissions in Bangkok should be highlighted. They show the possibility of a person becoming a super-spreader”.
The birth of the super spreader birthday party started with a guest to the DJ’s party who had visited a well-known entertainment venue in Chiang Mai between January 1 and 4. He sought a Covid-19 test on January 5 following news that infected people had visited the pub, but tested negative. He should have self quarantined for 14 days, but he still flew to Bangkok and then attended the DJ celebrity’s birthday party on January 9.
DJ Matoom says he met the guest, one of his friend, on January 9, but that friend didn’t know he was infected until January 19 in which he told Matoom.
According to Dr Tanarak Plipat, now acting inspector-general of the Public Health Ministry, an infected person can transmit disease to two others on average, while a “super spreader” will transmit to multiple people.
DJ Matoom and the party’s guest were criticised of violating the disease control measures.
SOURCE: Thai PBS World
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Owners of cars and trucks emitting an excessive amount of black smoke face a fine up to 5,000 baht. The heavy fine is an attempt to reduce air pollution in Bangkok. Along with the fine, the Department of Land Transport will also order the vehicle be suspended from use until its emission system is fixed.
According to the department, from October last year until January, 689,333 vehicles in Bangkok areas have been inspected for black smoke emissions, while 8,762 of them have been suspended from usage. Those vehicles emitting a high volume of smoke, but are under the safety standard, will receive warnings and owners are urged to check vehicle conditions and keep proper maintenance.
Vehicles with exceeding black smoke are urged to check their vehicles at the department’s certified vehicle inspection centres located around Bangkok’s outskirts, including Phutthamonthon, Romklao, and Khlong Luang areas. Motorists are also encouraged to help reduce air pollution caused by black smoke and PM2.5 particles by having their vehicles regularly serviced or alternately switching to electric or NGV-powered vehicles.
People who witness vehicles emitting black smoke can also report the authorities by calling 1584, or contact Line: @1584DLT, or via DLT GPS mobile application.
SOURCE: Nation Thailand
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In the ongoing investigation into the ketamine-based drug cocktail linked to 11 deaths in Bangkok, police arrested a man who allegedly mixed large amounts of narcotics to make the drug cocktail known as “K powdered milk.” Police say the cocktail is ketamine mixed with methamphetamine, heroin and pharmaceutical pills for anxiety and sleeping.
38 year old Taiwan national Chou Yi Sen, aka “Lupin Taiwan,” was arrested yesterday after police raided his condominium in Bangkok’s Ratchathewi district. Chou allegedly admitted to mixing the drugs to make “K powdered milk” and police say the formulas for the drug mixture were found on his cell phone.
Earlier this month, 11 people died after taking the drug cocktail. The Bangkok Post says dozens more people are still in the hospital after taking the “K powdered milk.” Police have arrested numerous suspected drug dealers who ran small scale and large scale operations.
Chou allegedly ran the drug operation from various locations in Bangkok, selling the drugs overseas using the cryptocurrency Bitcoin as well as to buyers in Thailand. Police also searched Chou’s rooms at other condominium the Huai Khawang, Wang Thong Lang and Klong Toey districts, seizing a variety of illicit drugs and equipment as well as a pistol with 8 bullets.
Altogether, police seized 4 kilograms of ketamine, 376 ecstasy pills, 4 kilograms of crystal methamphetamine, 8 kilograms of heroin, 48 LSD tabs, 11.6 grams of cocaine, 2 bottles of Dormicum sleeping pills and 265 Five Five sleeping pills. Police say they also seized 2 plastic sealing machines, 2 mixers that appeared to have drug-like residue and 2 digital scales.
SOURCE: Bangkok Post
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EdwardV
Thursday, January 14, 2021 at 12:05 pm
Thailand has an inverted population pyramid, one of the few in SE Asia. Because of that, there will be downward pressure on the housing market for decades to come. Any rebound will be shallow and short lived, probably 2022 and maybe 2023 but that’s it. In my opinion it’s not a good long term investment.
Ted
Thursday, January 14, 2021 at 12:50 pm
True, I feel same.
C19 only helped start the repricing of the really inflated condo [and house] market prices.
Let’s just hope that Thailand, and Eastern Asia as a whole, will not have to go through yet another major financial crisis –other than, what is directly cased by C19. But the risk is there, for sure, be sure that the lenders wants its money back, from the developers who can’t sell their “dreams” to make a profit to continue being profitable customers to the big banks. Will the hamster collapse beside the wheel or just get sick of the momentum of nothing happening *smile*
Mr cynic
Thursday, January 14, 2021 at 8:47 pm
Be interesting to see how much the condo prices at the major holiday resort’s fall as they were way over priced due to never ending speculation pre crisis anyway.
Not be in the least bit surprised to see initial falls of 50 percent perhaps more.
J West
Thursday, January 14, 2021 at 12:16 pm
Prices will command what the local market supports. Right now there is no bottom in sight due to poor macro-economic conditions for locals. Ergo, prices must fall. Supply/Demand is Economics 101. There’s no escaping it.
Developers dreaming about a return to the hey-day of Chinese speculators are being unrealistic. Debt moratorium is not coming. Thailand’s Central Bank could never afford to bail out every developer with an outstanding and overdue loan. It would bankrupt the country…..again.
Deflation is an ugly thing for debtors, and some developers whose loans are due and remain unmet will have to fold. In the end, a reset of the market will be healthy overall. This is at the very heart of free market capitalism.
I have a suggestion. There would likely be an increase in the sales of high end Single Family Houses if foreigners with long term residency were allowed to own the land under which thier home sits and be afforded rights and long term security.
Many, who have been here ten and twenty years, would buy a SFH and resent being limited to condominium and leasehold restrictions. Fine, continue denying land ownership to short term foreign speculators but allow long term residents the right to own.
Otherwise, long term resident professionals and business persons will continue to avoid investing in the property market. The retrospective oversupply of condominiums was a disaster in the making, while macro economic conditions were blindsided by Covid. Black swans.
Maag
Thursday, January 14, 2021 at 2:36 pm
5% + 5% + 5% + 5% + 5% + 5%……
Should more realistic !
Toby Andrews
Thursday, January 14, 2021 at 2:53 pm
As members are using metaphors quoting hamsters and swans, I will contribute one.
The dying Thai property values will cause the Thai banks, property owners, and developers to look like Siamese cats chewing Birds eye peppers..
.
.
.lol
Icecream licker
Thursday, January 14, 2021 at 5:39 pm
5%.. that’s funny. Try 50%… then try another 50%… and maybe anther 50%… prices will bottom some where at 10% pf current prices. And, the real bonus, the recovery will be led by purchses made in precious metals and crypto currency as fiat money dies this decade.
J West
Thursday, January 14, 2021 at 7:01 pm
When property prices start falling, they can continue to fall for …years….it’s entirely cyclical. ” The death of a thousand cuts”, it’s sometimes referred to as. Paying a mortgage for a decade or three on a property which has lost half its value in an environment where taxes and maintenance costs on an ageing building increase constantly to fund inflation indexed status quo social services is painful….ex : Japan.
Matk
Thursday, January 14, 2021 at 8:04 pm
Hilarious to see developers with their offices on Rama 4 and Sukhumvit trying to sell their junk quality condos that haven’t been built yet for millions of baht.. surely Thais aren’t stupid enough to fall for it.. even with a offer iPhone thrown in.
Ben
Thursday, January 14, 2021 at 10:02 pm
I can’t think of anything more illiquid than a Bangkok condo. Buy one if you’re going to live there for a long long long time. Otherwise rent and invest in something else.
My brother talked about buying one for years and retiring there. I asked him:
-What happens if you need to sell and can’t?
-What happens if you meet a new woman and need to move?
-What happens if you have serious health problems and need to go back to the USA?
A local Thai told me land is a much better investment since supply is finite. I understand Thai’s don’t want to open up land sales to foreigners because they’re afraid they’ll buy up all the choice plots and it’ll skyrocket real estate prices putting it out of reach for local Thai’s. That’s cool. But I won’t be investing there.
Mel Burn
Thursday, January 14, 2021 at 11:34 pm
What happens if you just cannot get a visa? Like during this pandemic
Don jones
Saturday, January 16, 2021 at 3:31 pm
Plus the mighty baht is at least 20% overvalued
Mel Burn
Thursday, January 14, 2021 at 11:32 pm
Unless Thailand will start giving residentship for real estate and other investments like many other countries – it’s pretty dumb to buy condos in Thailand – you can be refused entry and kicked out anytime.
J West
Friday, January 15, 2021 at 10:50 am
Aren’t thousands of retired Farang still waiting to return to thier condos after failing to get a visa renewal when the Sept 26 deadline booted so many? There’s a saying…” Not with a ten foot pole” , make that fifty for me.
Thai say “ easy to buy, hard to sell”.
Mr cynic
Friday, January 15, 2021 at 11:28 am
Nothing to stop them cancelling permanent residence at an instant either.
Unless you are a citizen of the country the risk will always be present.
Leo Z
Friday, January 15, 2021 at 12:21 am
To people here who predict the demise of the BKK real estate market, the article itself is a hint to the opposite. Juwai is a Chinese company, it literally means “live abroad”. Guess who they market to.
Now, combine that previous guess with the fact that these same people want to get their money out of China ASAP, due to more restrictive/dictatorial conditions at home. Also combine all of the above with the fact that these same people only know and trust real estate investing.
norbert BUFFARD
Friday, January 15, 2021 at 3:45 am
Thailand real estate price has been over inflated for so many years. The cost of a condominium or house is totally disengage from the average wages. The price in Thailand have been manipulated by overseas investors such as CHINA, Singapore,Japan who regulate the real estate price in BKK. Therefore for a price fall to benefit the average Thai, the average price need to fall by 35-40%
Don jones
Saturday, January 16, 2021 at 3:33 pm
Plus the baht being fiddled with by the BOT