Chinese continue to soak up Thailand’s condo glut

[webfact]

Chinese continue to soak up Thailand’s condo glut

By The 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.

 

Full story: https://thethaiger.com/thai-life/property/chinese-continue-to-soak-up-thailands-condo-glut

 

 

-- © Copyright The Thaiger 2019-05-03

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[zydeco]

Just think, Chinese living above you, below you, and beside you. And you are stuck there because you own it.

[Bert Jones]

It's dead money...the condo prices will rise very very slowly. You can't beat the flexibility of renting...and at some point, buyers will try and flip.

[DrTuner]

Sure, as long as there's money to launder. Until other countries have had enough of it and slap on sanctions, then it's just the wind blowing in the remnants.

[petedk]

Then they rent the condos out through Airbnb.
I know of a condo that is rented out like this and often there can be 8 or 10 guests staying in the small 2 bedroom condo.
I have no idea how much they pay.

Sent from my SM-C710F using Thailand Forum - Thaivisa mobile app

[ThaiBunny]

I understood that overseas real estate purchases by the Chinese are a form of money laundering - China as you know is such a wonderfully safe place for their money the Chinese are all trying to get their money out as quickly as possible

[madmen]

15 minutes ago, Bert Jones said:

It's dead money...the condo prices will rise very very slowly. You can't beat the flexibility of renting...and at some point, buyers will try and flip.

Slow my ASS !!! Lower sukhumvit prices jumping in multiples 

Q Sukhumvit  @ nana bts   https://www.qcondosukhumvit.com/project     selling $1 to $5 million USA dollars...in a red light district!  All new developments are out of the reach of poor expats so now its the rich Chinese taking them out.

 

By the way I agree with you. Everybody should rent it certainly helps create wealth for us landlords ????

 

[david555]

Another promoting advert to crank up condo market 

[DrTuner]

2 minutes ago, david555 said:

Another promoting advert to crank up condo market 

Yup,

Quote

Find more property for sale and rent across Thailand at Thaiger Property, powered by FazWaz. You can even list your property for free.

 

[moe666]

They have so much confidence in their government they will buy anything to get their money out.

[dcnx]

1 hour ago, ThaiBunny said:

I understood that overseas real estate purchases by the Chinese are a form of money laundering - China as you know is such a wonderfully safe place for their money the Chinese are all trying to get their money out as quickly as possible

You heard wrong. They do it because they love Thai street food and the great weather. Didn’t you read the first paragraph? China has neither of those.

[Peterhua]

1 hour ago, Bert Jones said:

It's dead money...the condo prices will rise very very slowly. You can't beat the flexibility of renting...and at some point, buyers will try and flip.

And paying rent is what money? 

Would you buy a condo if you could afford one?

[Pravda]

1 hour ago, madmen said:

Slow my ASS !!! Lower sukhumvit prices jumping in multiples 

Q Sukhumvit  @ nana bts   https://www.qcondosukhumvit.com/project     selling $1 to $5 million USA dollars...in a red light district!  All new developments are out of the reach of poor expats so now its the rich Chinese taking them out.

 

By the way I agree with you. Everybody should rent it certainly helps create wealth for us landlords ????

 

 

You are cherry picking projects.

 

The mid class condos in Thailand (something that you probably own) has indeed been a dead money. The ghetto Farang housing such as the base, ideo, aspire, rhythm, midst and other numerous Airbnb brothels has indeed been a dead money for years.

 

 

 

[ThaiBunny]

1 minute ago, Pravda said:

The mid class condos in Thailand (something that you probably own) has indeed been a dead money. The ghetto Farang housing such as the base, ideo, aspire, rhythm, midst and other numerous Airbnb brothels has indeed been a dead money for years.

Poor Thai building standards and the refusal of many Thais to pay their annual maintenance fees means means many buildings will simply collapse over time

[madmen]

Just now, Pravda said:

 

You are cherry picking projects.

 

The mid class condos in Thailand (something that you probably own) has indeed been a dead money. The ghetto Farang housing such as the base, ideo, aspire, rhythm, midst and other numerous Airbnb brothels has indeed been a dead money for years.

 

 

 

Nope. EVERY single development is off the charts in lower sukhimvit. Your quoting Pattaya and the Chinese are buying mostly in Bangkok as the article says it was the Russians that were fueling The Pattaya mini boom but thats over now. 

 

"Meanwhile the Russians, up to recently being up big in the Phuket and Pattaya condo"

 

I would never buy in Pattaya. Seasonal resort towns rarely do well

[Traubert]

Awful lot of Sinophobia on here.

 

As a lot of people have learned, buying to rent in Thai condos is a dead market. I looked at it myself and walked away. Not the case in the Chinese market. A lot of Chinese people are making a killing buying to rent. but advertised on Chinese only websites/apps.

 

Here you go, happy to help.

 

欢迎来到泰国 huān yíng lái dào tài guó

 

Welcome to Thailand. ????????

[LomSak27]

54 minutes ago, david555 said:

Another promoting advert to crank up condo market

Right send a few over to our condo, the owners would love you to death. If they really exist, and this is not a promo piece. Heh. The one that I do know, who owns a couple units rents them out ... or trys to. Isn't that arbnb ???? wait can't be because that is illegal  

 

What was I thinking. 

 

[Katipo]

1 hour ago, petedk said:

Then they rent the condos out through Airbnb.
I know of a condo that is rented out like this and often there can be 8 or 10 guests staying in the small 2 bedroom condo.
I have no idea how much they pay.

Sent from my SM-C710F using Thailand Forum - Thaivisa mobile app
 

And sometimes one agent will be renting out multiple units in one building. I know one example near Bitec BAng Na where there were 11 available.

[Pravda]

11 minutes ago, madmen said:

Nope. EVERY single development is off the charts in lower sukhimvit. Your quoting Pattaya and the Chinese are buying mostly in Bangkok as the article says it was the Russians that were fueling The Pattaya mini boom but thats over now. 

 

"Meanwhile the Russians, up to recently being up big in the Phuket and Pattaya condo"

 

I would never buy in Pattaya. Seasonal resort towns rarely do well

 

No. I'm talking about Bangkok.

[CLW]

Every time I see those shiny CGI videos and advertisements about new condo projects and then the reality with it's desolate and defunct state of existing condos should be a warning for every buyer.

Sent from my SM-G900F using Tapatalk

[yellowboat]

Isn't Bangkok rather pass`e these days?  Its nightlife shackled.  Its street vendors hassled.  The only charm I am aware of is near Chinatown.  

 

It always seemed to me it was cheaper to rent than to buy in Bangkok for quite some time.  Now, it would seem buying is even less interesting.  

 

We all know many condos are not kept up with dingy and other common areas and the occasional elevator going unfixed due to residents not paying maintenance.  The Chinese will learn the hard way as we all have. 

[mok199]

1 hour ago, zydeco said:

Just think, Chinese living above you, below you, and beside you. And you are stuck there because you own it.

That is coming ,with areas once prone to western living, now indian and chinese weekly rentals but,better Chinese than an empty condo above below and across,not paying maintance as the pool gets stinky and slowly the place falls apart....chances are some Chinese hotties will show up eventually ''can I borrow a cup of sugar'' ....NEE HOW !

[Orton Rd]

1 hour ago, petedk said:

Then they rent the condos out through Airbnb.
I know of a condo that is rented out like this and often there can be 8 or 10 guests staying in the small 2 bedroom condo.
I have no idea how much they pay.

Sent from my SM-C710F using Thailand Forum - Thaivisa mobile app
 

Illegal of course for less than one month let

[Orton Rd]

11 minutes ago, Katipo said:

And sometimes one agent will be renting out multiple units in one building. I know one example near Bitec BAng Na where there were 11 available.

Parkland?

[Hanaguma]

24 minutes ago, ThaiBunny said:

Poor Thai building standards and the refusal of many Thais to pay their annual maintenance fees means means many buildings will simply collapse over time

This seems true from my experience. I have rented "The Base" units in Bangkok and Udon Thani, plus a mid level unit in Hua Hin, all via AirBNB. All were new buildings (less than 4 years old), and all were already showing signs of wear and tear, plus poor construction standards. Cracks in the walls, peeling paint, evidence of mold/damp rot, and worst of all were the doors! Can't Thais install good solid doors with hinges and proper pistons that don't slam shut?  And that aren't made of cardboard?

[madmen]

10 minutes ago, Pravda said:

 

No. I'm talking about Bangkok.

Doesn't matter. Only thing that matters is the explosion in real estate pricing in BKK. 

 

 

[GinBoy2]

10 minutes ago, CLW said:

Every time I see those shiny CGI videos and advertisements about new condo projects and then the reality with it's desolate and defunct state of existing condos should be a warning for every buyer.

Sent from my SM-G900F using Tapatalk
 

Now I owned several condos in Noble Remix, and did OK in terms of rentals, it's a favorite of Japanese expats.

 

But the folks that claim property equity is rising are pulling the wool over their eyes aggressively.

 

Yes new build price per sqm may well be going up, but that doesn't mean that the same is true for older build.

 

In 7 years, I got a nice chunk of rental income, but with all the new build around me the equity was flat when I sold.

 

So do the math based on what you expect to get from rentals, but don't think you are going to flip that condo in a few years and increase your equity by 20%, just isn't going to happen

[madmen]

1 minute ago, GinBoy2 said:

Now I owned several condos in Noble Remix, and did OK in terms of rentals, it's a favorite of Japanese expats.

 

But the folks that claim property equity is rising are pulling the wool over their eyes aggressively.

 

Yes new build price per sqm may well be going up, but that doesn't mean that the same is true for older build.

 

In 7 years, I got a nice chunk of rental income, but with all the new build around me the equity was flat when I sold.

 

So do the math based on what you expect to get from rentals, but don't think you are going to flip that condo in a few years and increase your equity by 20%, just isn't going to happen

Wrong. The gap between new and used is not sustainable. Thais can no longer afford new condos in their preferred areas so the only option is to buy used so not equity rocket science

https://property.bangkokpost.com/news/1615950/resale-condo-market-growing

[utalkin2me]

I do not see what is so scary about a Chinese buyer. Most likely a unit would be rented out to a Thai on a long term lease. Or, you have an empty unit next to you 90% of the year. The downsides are much less of a %, unless you are a Pattaya dweller or sumthin, that i am sure does not have to be pleasant (and yet it is probably what 95% of the opinions in these parts are made up by).

 

I gotta say, read some stuff around these parts and there is a whole lot to do about nothing. 

[Katipo]

31 minutes ago, Orton Rd said:

Parkland?

No, close to BTS Bang Na. Prefer not to name names.