Connect with us

Property

Condo developers allow transfer delays for Chinese buyers, due to slowing sales

Thaiger

Published 

 on 

Thai property developers are sharpening their pencils on sales and allowing variations to contracts on some deals to accommodate some of the challenges posed by the coronavirus outbreak. Now some developers in Thailand have started to extend the transfer period from 3 months to 9-12 months for Chinese clients, according to Angel Real Estate Consultancy.

Chinese buyers have paid 30% down payment for off-plan projects a few years ago, but are unable to complete the transfer process due to problems related to coronavirus.

Co-founder and president Simon Lee told Thai media Thansettakij that this move by developers aims to avoid seizing the booked units and down payments amid slowing sales.

Developers have seen sales slow down since 2019 due to the strong Baht, stricter mortgage regulations (loan-to-value ratio), the US-China trade war, and oversupply. Angel estimates that the country is saturated with at least 200,000 unsold condominium units, which will take about 2 years to clear out. For Bangkok, The Thaiger reported yesterday that there are 100,000 vacant completed condominiums in and around the city, as estimated by Sapon Pornchokchai. However, other estimates the number to be about 60,000 units.

But the brokerage firm also expects increased housing sales from overseas after the outbreak. Buyers from China may want a second home in either Thailand or Japan, which do not close their borders to the Chinese, Lee said.

He said they may be interested in purchasing houses, including single detached homes, detached homes, and townhomes, with a 30 year lease agreement. Foreigners cannot purchase landed property freehold in Thailand. They can however lease the land for renewable, 30 year terms.

Popular areas are Bang Na, Salaya, and Krungthep Kreetha in Bangkok, as well as Chiang Mai and Pattaya. For condominiums, projects close to the MRT in Rama 9 and the BTS along Sukhumvit are most popular.
Despite the positive speculation, Thailand expects to see 50% of Chinese condo transfers to disappear in the first 2 quarters of 2020.

 

Want more from the Thaiger family?

📱 Download our app on Android or iOS for instant updates on your mobile
📧 Subscribe to our daily email newsletter
👍 Like/Follow us on Facebook
🔔 Subscribe to or Join our YouTube channel for daily video updates

Leave a comment below or join the discussion on Thaiger Talk Forums.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *



Interested in more property news or buying property in Thailand - check out FazWaz today!

If you have story ideas, a restaurant to review, an event to cover or an issue to discuss, contact The Thaiger editorial staff.

Follow Thaiger by email:

Tourism6 mins ago

Pattaya October reopening hampered by obstacles

Coronavirus (Covid-19)33 mins ago

Thong Lor again: 31 arrested in club violating Covid-19 rules

Coronavirus (Covid-19)2 hours ago

Pfizer vaccine application received, review process begun

Phuket Sandbox July 1st

days
hours
minutes
seconds

Thaiger is getting behind local businesses for the restart of tourism in July - up to 50% discounts across all advertising packages in June!

Sponsored by image

Visa5 hours ago

Covid-19 prevention leads to 14 arrests of longterm overstays

Coronavirus (Covid-19)6 hours ago

Covid UPDATE: 3,277 new infections and 29 deaths, provincial totals

Thailand6 hours ago

Red tape and restrictions suggest a slow Phuket reopening

Phuket6 hours ago

UPDATE: Tourism Minister reportedly says July 1 ‘sandbox’ won’t happen

Tourism7 hours ago

Koh Samui eyes August 1 reopening, “Samui Sealed Route”

Weather8 hours ago

Village need rain? Have you considered a giant penis?

Coronavirus (Covid-19)11 hours ago

Covid UPDATE Saturday: 3,277 new infections and 29 deaths

Coronavirus (Covid-19)22 hours ago

8.3% of Thailand’s 50 million vaccine target reached so far

Coronavirus (Covid-19)23 hours ago

Site launched for June 14 vaccine signup for all foreigners

Coronavirus (Covid-19)1 day ago

Free quarantine accommodation for arriving Thais to be cancelled

Thailand1 day ago

Thailand News Today | Sandbox – bar, clubs closed? Local AZ problems, Sex toy arrest | June 11

Drugs1 day ago

UN report: Changes in Southeast Asia drug trafficking during the pandemic

Thailand3 months ago

Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

Tourism3 months ago

Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

Phuket3 months ago

Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

Tourism4 months ago

Phuket Thai food treats you need to try | VIDEO

Thailand4 months ago

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

Tourism4 months ago

In search of Cat & Dog Cafés in Phuket Town | VIDEO

Thailand5 months ago

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

Thailand5 months ago

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

Thailand5 months ago

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

Thailand5 months ago

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

Thailand5 months ago

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

Thailand5 months ago

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

Thailand5 months ago

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

Thailand5 months ago

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11

Thailand5 months ago

Thailand News Today | Southern floods, Face mask fines, Thai Air Asia woes | January 8

Trending