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Chinese continue to soak up Thailand’s condo glut

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Chinese continue to soak up Thailand’s condo glut | Thaiger

There are man reasons why Thailand is a favourite location for property buyers from Hong Kong and mainland China – the street food and great weather are just a part of the allure.

Chinese nationals spent a record 40 billion baht (US$1.25 billion) on Thai properties in 2018, according to the Bank of Thailand.

So who is buying Thailand’s condominiums? Chinese, but buyers from the US, Singapore, Taiwan, the UK and Japan were also big spenders on condominiums looking at last year’s stats.

Meanwhile the Russians, up to recently being up big in the Phuket and Pattaya condo markets, has now dwindled due to the weak rouble, according to property analyst Phattarachai Taweewong from Colliers International.

“The rising popularity of Thai properties in China was such that units of condos marketed in the mainland were often sold out before the domestic sales.”

Thailand is experiencing a glut in the property market, Phattarachai said.

About 58,000 new condominium units were developed in the country in 2017, and 66,000 were built last year – compared to the usual 40,000 to 50,000 units developed annually.

Carrie Law, CEO and director of China’s biggest property website, Juwai.com, says that low prices and taxes were important factors that appealed to Chinese buyers in Thailand.

“Both Canada and Australia have declining property markets and new foreign buyer taxes. This helps drive investment away from those countries. Thailand does not impose extra taxes on foreign buyers.”

Carries says that Juwai.com received a record number of inquiries on Thai properties last year, with total sales in Thailand topping its 2018 charts for the first time. Australia and Canada have been pushed down to second and fourth place, respectively.

Foreigners are allowed to own 49 per cent of apartments in any Thai condominium project but are not permitted to own land.

In order to prevent a real estate bubble, the Bank of Thailand tightened lending policies which have made it more difficult for Thai people to buy homes, causing a slowdown in local property sales. But observers say interest from foreign buyers and Chinese investors will sustain the sector for years to come.

Read The Thaiger’s tips on buying a condo in Thailand HERE.

To check out more than 35,000 properties for sale in Thailand click HERE.

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Coronavirus (Covid-19)

At-risk Social Security members can get free Covid tests from tomorrow in Bangkok

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At-risk Social Security members can get free Covid tests from tomorrow in Bangkok | Thaiger
Stock photo via Wikipedia
At-risk members of Thailand’s Social Security scheme can get free Covid-19 tests in Bangkok starting tomorrow. The Ministry of Labour will provide the tests, covering members under Sections 33, 39, and 40 of the Social Security Act. The programme will be held at the Bangkok Youth Centre (Thai-Japan) in Bangkok’s Din Daeng district.
The ministry expects to test up to 300 people per hour, with results to be received in 1 to 2 days. If anyone is found to be infected, they will be sent to hospitals under the Social Security scheme for free treatment. Currently, 81 hospitals are registered with the ministry, offering a total of over 1,000 beds.
At-risk Social Security members can get free Covid tests from tomorrow in Bangkok | News by Thaiger

Meanwhile, Thailand’s army is getting ready to deal with the influx of Covid-19 infections as its deputy spokeswoman says 2 more field hospitals are now in place. The hospitals are in Bangkok and Prachuap Khiri Khan to help ease the burden of hospitals.

Already, an army field hospital has been set up at the Thanarat military camp, in conjunction with the Fort Thanarat Hospital, to accommodate 69 Covid-19 patients from the Hua Hin Hospital and Rajamangala University of Technology’s field hospital in Prachuap Khiri Khan province.

The Army Welfare Department and Phramongkutklao Hospital have also set up a field hospital in Bangkok’s Dusit district to help treat 86 additional Covid patients. And, in Songkhla province, the Rattanapol military camp is preparing to set up a 100 bed field hospital. Soldiers in PPE suits were also instructed to disinfect the Hat Yai International Airport.

Today, the CCSA announced 1,582 new Covid infections across Thailand in the past 24 hours. The small increase on yesterdays total will provide the CCSA with the information they need for this afternoon’s scheduled meeting, chaired by the Thai PM. It is expected that they will announce new restrictions but are unlikely to go for total lockdowns of provinces or ‘at risk’ districts. The Thaiger will bring this information to you ASAP after it is announced.

Here is the list of the current 18 red zone provinces which could have their restrictions raised at this afternoon’s meeting of the CCSA. Read more HERE.

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Coronavirus (Covid-19)

Thai army sets up 2 more field hospitals to help with Covid influx

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Thai army sets up 2 more field hospitals to help with Covid influx | Thaiger
Stock photo via Wikimedia

Thailand’s army is getting ready to deal with the influx of Covid-19 infections as its deputy spokeswoman says 2 more field hospitals are now in place. The hospitals are in Bangkok and Prachuap Khiri Khan to help ease the burden of hospitals in 2 of the hardest hit areas.

Already, an army field hospital has been set up at the Thanarat military camp, in conjunction with the Fort Thanarat Hospital, to accommodate 69 Covid patients from the Hua Hin Hospital and Rajamangala University of Technology’s field hospital in Prachuap Khiri Khan province.

The Army Welfare Department and Phramongkutklao Hospital have also set up a field hospital in Bangkok’s Dusit district to help treat 86 additional Covid patients. And, in Songkhla province, the Rattanapol military camp is preparing to set up a 100 bed field hospital. Soldiers in PPE suits were also instructed to disinfect the Hat Yai International Airport.

The move to help accommodate hospitals was due to the army chief’s concerns over the recent 3rd wave, which has seen daily infections increase to the thousands. The chief instructed each army unit to provide extra beds and facilities to patients in each hospital after teaming with public health agencies.

Today, the CCSA announced 1,582 new Covid infections across Thailand in the past 24 hours. The small increase on yesterdays total will provide the CCSA with the information they need for this afternoon’s scheduled meeting, chaired by the Thai PM. It is expected that they will announce new restrictions but are unlikely to go for total lockdowns of provinces or ‘at risk’ districts. The Thaiger will bring this information to you ASAP after it is announced.

Here is the list of the current 18 red zone provinces which could have their restrictions raised at this afternoon’s meeting of the CCSA. Read more HERE.

Since April 1 there has been a steady growth of new infections, described as the third wave in Thai media – much higher than the number of daily infections in the first and second waves.

SOURCE: Bangkok Post

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Songkran

Bangkok sees 7.87 million vehicles over Songkran holiday

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Bangkok sees 7.87 million vehicles over Songkran holiday | Thaiger
FILE PHOTO: Millions traveled for Songkran, but not nearly as many as usual, like this 2013 Songkran photo.

Covid-19 and its third wave be damned, close to 8 million vehicles travelled in and out of Bangkok so far during this year’s Songkran festival holiday period. Thailand’s Ministry of Transport released figures yesterday on the yearly holiday and revealed that more than 7.87 million cars, trucks, buses and motorbikes hit the roads and travelled into and out of Bangkok during the festival period, despite almost all official celebrations, events and gatherings being cancelled nationwide again this year.

The figures, calculating incoming and outgoing traffic between April 10 – 14, show that travel is much lower than originally predicted but massively higher than last year’s travel. The drop makes sense as many predictions may have been made before the last minute closures of entertainment venues and cancellation of Songkran events due to the recent third wave outbreak of the B117 strain of Covid-19.

The 7.87 million vehicles figure is about 30% lower than predicted. There were also an estimated 4.52 million people using public transportation such as buses over the holiday period, again lower than predicted, this time by about 36 per cent.

On the other hand, in what may be a bad sign for Thailand’s health, at a time when new daily records are being set for Covid-19 infections, many more people are ignoring the pandemic and travelling anyway.

The nearly 8 million vehicles on the roads to Bangkok during Songkran represent a nearly 35% increase over last years Coronavirus-muted figures. And when social distancing is of utmost importance, the 4 and a half million people travelling by public transport is a startling 74% increase over the nearly completely locked-down figures of 2020’s Songkran holiday period.

One final note for the “if Covid-19 doesn’t get you, climate change will” crowd: Of the 7.87 million cars, buses, trucks, and motorbikes on the road, a very non-eco-friendly 7.4 million of them were private vehicles.

SOURCE: The Pattaya News

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