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Stricter controls and paperwork putting brakes on residential property market

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Stricter controls and paperwork putting brakes on residential property market | The Thaiger
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The honorary president of the Thai Housing Business Association, Atip Bijanonda, is tipping the local residential market may fall by up to 10% this year starved of economic confidence, the global economic slowdown and the loan-to-value limits.

But he also believes the situation is far from the situation leading up to the 1997 economic collapse.

The Greater Bangkok residential market is now valued at 372 billion baht (in 2018). That’s a rise of 29% compared to the year earlier. So the drop this year is off the back of a very successful 2017.

For this year the market has fallen by 5%, according to the Thai Housing Business Association, with the largest declines in Q2, in retaliation to the LTV limits taking on April 1.

Some of Thailand’s major developers are now shelving some projects as the market soaks up a glut of properties constructed over the past two years.

Three property associations – the Housing Business Association, the Thai Condominium Association and the Thai Real Estate Association – are having meetings with the finance minister discussing the current property market.

Topics for discussion are the improvement in property regulation, construction permits, licences and stricter controls over developers and lending. The associations also want to discuss the current delays on Environmental impact assessments (EIAs). They say that since the responsibility for EIAs was handed over to the Bangkok Metropolitan Administration from the Office of Natural Resources and Environmental Policy and Planning in 2016, the process is now taking much longer.

Speaking to the Bangkok Post, Kobsak Pootrakool, deputy secretary-general to the PM for political affairs says that stricter lending criteria and the LTV rules are the main factors obstructing mortgage approvals for homebuyers

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Bangkok condo prices expected to continue to fall this year

Caitlin Ashworth

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Bangkok condo prices expected to continue to fall this year | The Thaiger
Stock photo by Andreas Brücker for UnSplash

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.”

Looking for a condo in Bangkok? Visit FazWaz.com.

SOURCE: Bangkok Post

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DDC eases concerns about cool weather affecting the spread of Covid-19

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DDC eases concerns about cool weather affecting the spread of Covid-19 | The Thaiger
PHOTO: sentangsedtee.com

The Department of Disease Control is easing people’s worries about the spread of Covid-19, saying that low temperature won’t make the virus more transmissible. They say disinfectants and sunlight are still effective to kill the virus.

With cool weather in Central and Northern Thailand in recent days, some have been concerned that the low temperatures could impact the spread of Covid-19.

While the virus can live on surfaces for a longer time in low temperature, it can die fast if wiped clean or if it is under sunlight, according to Taweesap Siraprapasiri from the DDC.

He advises people to continue to abide by coronavirus prevention practice, like social distancing and avoiding crowded areas.

SOURCE: Nation Thailand

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Bangkok Covid-19 Update: 3 month old infected; market closes after vendor tests positive

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Bangkok Covid-19 Update: 3 month old infected; market closes after vendor tests positive | The Thaiger
PHOTO: BMA PR

A 3 month old baby in Bangkok tested positive for Covid-19 yesterday, the youngest case in the new wave of infections, according to the Centre for Covid-19 Situation Administration. Spokesperson Taweesilp Visanuyothin says local health officials are investigating to determine how the baby was infected.

A major wet market in Bangkok, Klong Toey Market, has closed for cleaning after a vendor tested positive for Covid-19. The market will reopen on Saturday.

The vendor, who is asymptomatic, was tested in a proactive testing campaign by the Bangkok Metropolitan Administration where health officials tested more than 3,000 vendors and migrant workers in the area around the market.

The vendor is now in quarantine. Health officials say she came in close contact with 10 people. Those people have been isolated, Klong Toey district director Piyada Niyom.

The CCSA recorded 32 Covid-19 cases in Bangkok yesterday and 24 cases in Bangkok today.

SOURCE: Bangkok Post

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