The_King Posted February 25, 2020 Share Posted February 25, 2020 Bangkok’s condominium market, once a favourite of Chinese investors, faces a bleak year as the novel coronavirus outbreak keeps buyers away. Foreigners are set to account for as little as 10% of purchases in 2020, down from a fifth two years ago, consultancy Agency for Real Estate Affairs estimates. Chinese buyers used to provide the bulk of overseas interest, but are now hampered by the travel curbs and economic havoc sparked by the disease. “The demand from foreigners may disappear in the first half following the outbreak, ” said Sopon Pornchokchai, the consultancy’s president, adding that there are 100,000 vacant condominiums in and around Bangkok. “We’ll need to rely on local buyers, but that won’t be easy.” The Bank of Thailand has loosened mortgage-lending rules to encourage domestic purchasers, but developers remain wary. For instance, Naporn Sunthornchitcharoen, the chief executive of major Thai developer Land & Houses Pcl, last month said the firm is “afraid” of the condominium segment. Even before the coronavirus spread from China, foreign interest was flagging as the outlook for an economy reliant on trade and tourism deteriorated amid currency strength in 2019 and the US-China trade war. Land & Houses doesn’t plan to open any new condominium projects this year. Another developer, Singha Estate Pcl, is “very cautious” about buying land for residential offerings because of concerns about an oversupply of property in certain locations, head of investor relations Maysenee Ratnavijarn said. The real estate sector slowdown is among the many challenges ahead for the Thai economy. Gross domestic product growth may weaken to as little as 1.5% this year, a six-year low, a government agency forecast last week. While the first half would be slow because of travel restrictions caused by the virus, the property sector would eventually recover quickly, said Aliwassa Pathnadabutr, managing director of CBRE Group Inc in Thailand. Thailand’s 55-member Property Development Index has tumbled about 24% in the past 12 months, worse than the 13% slide in the overall Thai stock market. Developers are expected to bring about 6,000 new condominium units to the market in Bangkok in the first quarter of 2020, down 40% from a year earlier, according to Phattarachai Taweewong, associate director of Colliers International Group’s Thai unit. “It’s a tough situation in 2020, ” Phattarachai said. “Hopefully, the market can go back to a balanced supply and demand again in the next three years.” Time to move to Bangkok? How much for a condo in the city? https://www.bloomberg.com/news/articles/2020-02-23/bangkok-has-100-000-empty-apartments-it-could-soon-have-more Link to comment Share on other sites More sharing options...
socrates469bc Posted February 25, 2020 Share Posted February 25, 2020 huat ah, @Yamato kor kor!!!!! now can buy cheap cheap penthouse for his harem of siambus. past 2 yrs got many thai property agencies come here looking for kgk buyers but price still very sexpensive on valuation. now with tiong buyrers almost out of the market, time to look for cheap bargains. wahahahahaha 3 1 Link to comment Share on other sites More sharing options...
Bigbird Posted February 25, 2020 Share Posted February 25, 2020 Sawadeekap Khun @Yamato Did u see any good & affordable ones? 1 Link to comment Share on other sites More sharing options...
XianGe Posted February 25, 2020 Share Posted February 25, 2020 3 hours ago, socrates469bc said: huat ah, @Yamato kor kor!!!!! now can buy cheap cheap penthouse for his harem of siambus. past 2 yrs got many thai property agencies come here looking for kgk buyers but price still very sexpensive on valuation. now with tiong buyrers almost out of the market, time to look for cheap bargains. wahahahahaha Tiongland still got $$$ so likely price will shoot back after virus... 2 Link to comment Share on other sites More sharing options...
socrates469bc Posted February 25, 2020 Share Posted February 25, 2020 8 minutes ago, Bigbird said: Sawadeekap Khun @Yamato Did u see any good & affordable ones? this one is quite good for holiday home and i have been thinking for sometime. but nb, the price is ard sgd300k in bkk's overpriced market. what says u, @Yamato kor kor???? 1 Link to comment Share on other sites More sharing options...
socrates469bc Posted February 25, 2020 Share Posted February 25, 2020 9 minutes ago, XianGe said: Tiongland still got $$$ so likely price will shoot back after virus... then even better, the higher the property market goes, the harder it falls. wahahahahahah 2 Link to comment Share on other sites More sharing options...
Yamato Posted February 26, 2020 Share Posted February 26, 2020 1. I’m just a screw salesman cannot afford to buy any property here because cannot use CPF. Even my place now is rented. 2. Can wait some more, still too early to find any bargains. 2 Link to comment Share on other sites More sharing options...
meng.huat Posted February 26, 2020 Share Posted February 26, 2020 19 minutes ago, Yamato said: 1. I’m just a screw salesman cannot afford to buy any property here because cannot use CPF. Even my place now is rented. 2. Can wait some more, still too early to find any bargains. thank you for advice. cheers to more awesome horfun ahead. Link to comment Share on other sites More sharing options...
Bigbird Posted March 1, 2020 Share Posted March 1, 2020 On 2/26/2020 at 9:59 AM, Yamato said: 1. I’m just a screw salesman cannot afford to buy any property here because cannot use CPF. Even my place now is rented. 2. Can wait some more, still too early to find any bargains. On 2/25/2020 at 11:22 PM, socrates469bc said: this one is quite good for holiday home and i have been thinking for sometime. but nb, the price is ard sgd300k in bkk's overpriced market. what says u, @Yamato kor kor???? Wah... You high SES leh! Ploenchit area is near Hyatt, like staying at Tanglin! + Ploenchit is Nana complex like SG Mega huge Orchard Towers! Too messy leh! I have much smaller budget! When holiday i stayed Air BnB apartments around On Nut (BTS) & Mochit (MRT) quite cheap. Need Boss Yamato san to advise! On 2/26/2020 at 9:59 AM, Yamato said: 1. I’m just a screw salesman cannot afford to buy any property here because cannot use CPF. Even my place now is rented. 2. Can wait some more, still too early to find any bargains. Boss Yamato, Your Screw is ultra high end grade one for NASA! Your rental is covered by company leh! You mai "Gor-hock"! Share share with us some good & affordable apartment tips leh! Kapunkap! 3 Link to comment Share on other sites More sharing options...
Yamato Posted March 1, 2020 Share Posted March 1, 2020 Seriously I have no idea on property in Bangkok. Really not into this. Link to comment Share on other sites More sharing options...
socrates469bc Posted March 2, 2020 Share Posted March 2, 2020 13 hours ago, Yamato said: Seriously I have no idea on property in Bangkok. Really not into this. yes, we know u going to set up something in bkk like emmanuelle when u retire. remember to count me in as investor. 1 Link to comment Share on other sites More sharing options...
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