Bangkok Rental Market Collapse?

[richard_smith237]

Is there a rental Market Collapse?

 

I'm not so sure - I'm having difficulty finding a half decent house (3BR+) near Bang Na for decent money. Anything which looks reasonable is charging over 100,000 baht per month which seems insane. 

 

It seems there is nothing even remotely decent available for 50,000 baht per month.

 

Someone must be renting these properties if they can keep their prices so high.

[Peterw42]

20 minutes ago, utalkin2me said:

Ironically, I actually agree that asking price means nothing. But, in the Thai environment where there is very little to go on, I think those asking price graphs are actually very important.

 

If we correlated asking price to selling price in say the USA, I think the correlation would be fairly tight. Asking goes up, selling prices are probably going up. 

 

Those graphs on hipflat are not useless. 

I looked up the hipflat data for my condo block and they show literally 30-40% higher than actual sales prices. You only need a couple of people to list for a stupid price, there goes the average list price and thats the new asking price.

Edited May 23, 2019 by Peterw42

[geoffbezoz]

21 minutes ago, sunnyboy2018 said:

Bangkok is not fun anymore. That is one reason why people do not want to live there.  That is why I stopped living there. it back me a depressing dump created by the junta where the wealth gap is horryfying. 

But in 60 years many areas will be waterside properties. Well silly me, how many Thai buildings will actually be still standing in 60 years ?

[Orton Rd]

10 minutes ago, richard_smith237 said:

Is there a rental Market Collapse?

 

I'm not so sure - I'm having difficulty finding a half decent house (3BR+) near Bang Na for decent money. Anything which looks reasonable is charging over 100,000 baht per month which seems insane. 

 

It seems there is nothing even remotely decent available for 50,000 baht per month.

 

Someone must be renting these properties if they can keep their prices so high.

5th and 6th one on here might do, one is 350k a month, in Bang Na! Used to live there it aint that good

 

https://www.thailand-property.com/houses-for-rent/bangkok/bang-na

[Rod the Sod]

1 minute ago, Orton Rd said:

5th and 6th one on here might do, one is 350k a month, in Bang Na! Used to live there it aint that good

 

https://www.thailand-property.com/houses-for-rent/bangkok/bang-na

He could always nip into his local IKEA for a hotdog and chips, thereby saving loads of money towards the rent!

[andytime]

On ‎5‎/‎6‎/‎2019 at 3:40 PM, seancbk said:

 

Tell you nothing except that some units are not being lived in.   

 

It tells you that not normal, nor healthy, nor sustainable long term.  Either the developer, bank or speculator needs a return on their money.  Maybe anomalies caused by Thai/foreign ownership rules but eventually reality catches up.  Bangkok has enough rooms to stage every major sporting and cultural event simultaneously and gung ho building more -  that will not work long term for imaginary or other capital gains.  I bought at 20.5k per sq m 100m away from Samitivej hospital.. if they are selling (trying to sell for 8 or 9 times that on the other side of the road 12 years later - then either my price was ridiculous, they are grossly overpriced or somewhere in between). With oil workers out, Chevron concession over and a generally overpriced expensive market.. maybe some are making rental and investment choices elsewhere.  One suspects a few fish flapping on the shore shortly. The renters are few and far between and most want a better deal as we have surplus supply.  Totally understandable.  I can remember when Japan peaked an the effect on the Gold Coast et al and maybe China's investment in Thailand  (increased because of changes in Oz/Canada and NZ) may also come to an abrupt end.

[Orton Rd]

2 hours ago, Rod the Sod said:

He could always nip into his local IKEA for a hotdog and chips, thereby saving loads of money towards the rent!

Chips are rubbish there, the Ikea and Bang Yai have really good ones!

Edited May 23, 2019 by Orton Rd

[HeyHeyHey]

5 hours ago, Orton Rd said:

5th and 6th one on here might do, one is 350k a month, in Bang Na! Used to live there it aint that good

 

https://www.thailand-property.com/houses-for-rent/bangkok/bang-na

I think the real estate agent comes with it full-time.

[madmen]

One dude posts he has trouble renting his condo..Calls the thread BKK condo collapse and the fools line up driving it to 100 posts. You can not make this s+++ up!!  ????

Edited May 23, 2019 by madmen

[richard_smith237]

11 minutes ago, madmen said:

One dude posts he has trouble renting his condo..Calls the thread BKK condo collapse and the fools line up driving it to 100 posts. You can not make this s+++ up!!  ????

Its one thing to think a thread useless and not comment on it... its a whole other level to think it useless, be critical of the post count and then add your own useless comment to that count !!!... 

 

But we don't need to make this stuff up... you'll not let us down with your golden droplets of banality....

[madmen]

41 minutes ago, richard_smith237 said:

Its one thing to think a thread useless and not comment on it... its a whole other level to think it useless, be critical of the post count and then add your own useless comment to that count !!!... 

 

But we don't need to make this stuff up... you'll not let us down with your golden droplets of banality....

What are you blabbering on about? It ain't rocket science. Does his condo non rental = the collapse of the entire bangkok rental sector or not? 

 

[ExpatOilWorker]

13 hours ago, Orton Rd said:

5th and 6th one on here might do, one is 350k a month, in Bang Na! Used to live there it aint that good

 

https://www.thailand-property.com/houses-for-rent/bangkok/bang-na

Darn, this actually look like a very reasonable price. Amazing pool.

 

https://www.thailand-property.com/4-bedroom-house-for-rent-in-bang-na-bangkok_887826

[ExpatOilWorker]

13 hours ago, utalkin2me said:

Ironically, I actually agree that asking price means nothing. But, in the Thai environment where there is very little to go on, I think those asking price graphs are actually very important.

 

If we correlated asking price to selling price in say the USA, I think the correlation would be fairly tight. Asking goes up, selling prices are probably going up. 

 

Those graphs on hipflat are not useless. 

I agree. Multiplying hipflat average prices with 0.7-0.8 usually give a good indication of actually selling prices, but always keep in mind the average price is a mix of both larger and smaller units, low and high floor, etc.

[Lazy Sod]

16 minutes ago, ExpatOilWorker said:

Darn, this actually look like a very reasonable price. Amazing pool.

 

https://www.thailand-property.com/4-bedroom-house-for-rent-in-bang-na-bangkok_887826

I thought the same at first look, but the vast majority of the photos are of the clubhouse and its pool, and the house land area is actually quite small (60 sq wah) for that location (ring road), I think you could probably get this for 60K a month, or less. Depends on the owner of course.

[iBike]

16 hours ago, Peterw42 said:

Condo offices dont do rentals how would they know if I have a condo for rent with an agent up the street. The developer may own and rent condos but still nothing to do with the condo office. Its not like rental condos have a big R painted on the door.

My wife manages 8 rental properties, advertises on websites, signs a lease, gives the tenant a key, all without the condo office knowing anything about it. All the condo office knows is the condo is occupied, it could be the owner, the owners friend or a tenant found on a website.

 

I am sure there are condo blocks with unsold developer condos but unless you work for the developer, you wouldn't have a clue the percentage.

 

 

Are you new here?

 

Many of the larger condo's have offices which are set up solely to manage their unsold inventory via sales or rentals, either directly by the developer or by one of the real estate agents who are subcontracted to work onsite.

 

Plus, you're missing the point of my post. My post is referring to unsold inventory in the building where rentals are being managed by the developer/developers partner. Not rooms in the building which are for rental by landlords. Many of them freely give up the information. I know, because I viewed a condo yesterday with an agent. The lady working in the condo office was happy to share that roughly 80 of a 440 room building is unsold to co-owners. 

[BobbyL]

The sheer number of rooms nowadays is unbelievable. One bedrooms at 32sqm being listed at nearly 1000b / sqm is madness.

 

Any short journey around central Bangkok and you can see new condos. From our 2 bed place balcony on Phetchaburi Road (Asoke end) I can see a number of places being built. 

 

These condos are being marketed for foreigners, or at a lower percentage of the local population as most Thais could never even dream of buying a condo. Our relatively newer building can't be more than 1/2 full. I have no idea how this market can sustain itself. 

[Peterw42]

14 minutes ago, iBike said:

Are you new here?

 

Many of the larger condo's have offices which are set up solely to manage their unsold inventory via sales or rentals, either directly by the developer or by one of the real estate agents who are subcontracted to work onsite.

 

Plus, you're missing the point of my post. My post is referring to unsold inventory in the building where rentals are being managed by the developer/developers partner. Not rooms in the building which are for rental by landlords. Many of them freely give up the information. I know, because I viewed a condo yesterday with an agent. The lady working in the condo office was happy to share that roughly 80 of a 440 room building is unsold to co-owners. 

I think you are confusing developer sales offices with juristic person condo offices.

 

A condo office does neither sales or rentals.

Its actually against the condo act for a condo office to run any sort of business, including sales or rentals.

A condo office works for the co-owners and deals with the co-owners. They have minimal dealing with the public.

If there is an office onsite doing sales and rentals thats the developer. The condo office may be close by but its not doing sales and rentals.

Edited May 24, 2019 by Peterw42

[iBike]

1 minute ago, Peterw42 said:

I think you are confusing developer sales offices with juristic person condo offices.

 

A condo office does neither sales or rentals.

Its actually against the condo act for a condo office to run any sort of business, including sales or rentals.

A condo office works for the co-owners and deals with the co-owners. 

If there is an office onsite doing sales and rentals thats the developer. The condo office may be close by but its not doing sales and rentals.

No confusion my end. I understand the difference, and you're very naive to think that condo office doesn't know the number of unsold inventory in a building, as stated in your previous post.

 

It seems you are just here to be argumentative, and incorrect at the same time. Good day to you sir.

[richard_smith237]

[deleted]

Edited May 24, 2019 by richard_smith237

[richard_smith237]

15 hours ago, Orton Rd said:

5th and 6th one on here might do, one is 350k a month, in Bang Na! Used to live there it aint that good

 

https://www.thailand-property.com/houses-for-rent/bangkok/bang-na

Most sites (such the link above) have out of date inventory, the agents don't even bother to reply to request for details on specific properties... 

[iBike]

Agree. I think 8/10 times since I've been looking, I also receive the 'it's sold' reply to the adverts that have been placed online within 1-2 days, and 'Can I give you some other options'. I think this is standard agency trick worldwide to be honest ????

[Lazy Sod]

I didn't know this practice was so rife. I'd always assumed the more recent adverts were real, but I've never purchased via any of the websites here. Interesting.

Edited May 24, 2019 by Lazy Sod

[ThomasThBKK]

13 minutes ago, Lazy Sod said:

I didn't know this practice was so rife. I'd always assumed the more recent adverts were real, but I've never purchased via any of the websites here. Interesting.

I have only bad experiences with agents.

They don't know anything, most condos are not even available, their rental contracts are legal rubbish.

 

I check hipflat and then i use my own 2 legs and walk into the buildings to find out whats going on myself, only way to go there..

[Lazy Sod]

Update from OP: a Japanese tenant just moved in paying 45,000 per month. Then another agent called saying that one of our previous tenants wants to move back to our condo after trying another building. So perhaps things are not so bad after all.

Edited August 1, 2019 by Lazy Sod

[middletoenail]

Update from OP: a Japanese tenant just moved in paying 45,000 per month. Then another agent called saying that one of our previous tenants wants to move back to our condo after trying another building. So perhaps things are not so bad after all.

Would you be so kind as to sharing your agent?

Thanks

[Lazy Sod]

19 hours ago, middletoenail said:

Would you be so kind as to sharing your agent?

Thanks

PM sent