nothing to do with hatred you dolt
paywalled Bloomberg article:
A condominium glut in Bangkok is set to worsen after a deadly earthquake in neighboring Myanmar damaged thousands of skyscrapers in the Thai capital, spooking prospective buyers.
The 7.7 magnitude earthquake, which killed more than 2,700 people in Myanmar, led to the collapse of an under-construction office tower in Bangkok. Authorities have also reported varying degrees of damages to about 13,000 buildings, leading to mass evacuations and safety checks.
The quake, the strongest to hit Myanmar in a century, has shaken the confidence of prospective home buyers, especially those weighing condominiums, according to real estate consultants including Colliers Thailand. That will hurt condo sales in the short term, exacerbating an oversupply in the segment in Bangkok and its suburbs, they said.
“The earthquake presents a serious challenge to Bangkok’s condominium sector, particularly as the market is already burdened by high unsold inventory,” said Phattarachai Taweewong, the Research and Communication Director at Colliers Thailand.
Property developers in the greater Bangkok area were saddled with about 235,000 unsold residential units at the end of last year, the most since data dating back to 2018. Sales slumped 37% to about 53,000 units in 2024, according to the Thai Condominium Association.
“We’ve seen some condo buyers temporarily pause their search,” said Pierre Leung, sales director at real estate platform PropertyScout. “A number of buyers are now more hesitant when it comes to high-rise buildings, especially new projects.”
Thailand’s real estate sector was hit hard during the Covid pandemic, and a raft of government incentives and tax breaks to support the sector in Southeast Asia’s second-biggest economy have failed to revive its fortunes. Bank of Thailand last month relaxed the loan-to-value ratio for mortgages to allow banks to lend more to the buyers, who are battling one of the highest household debt levels in Asia.