Good time to buy a home – if you’ve got the dough

[webfact]

Good time to buy a home – if you’ve got the dough

By Somluck Srimalee
The Nation

 

Perspective of Baan Lumpini Rangsit-Klong by LPN Development Plc that offers discount price up to Bt300,000 for boost its sale in the second half of this year.--Photo by LPN Development Plc

 

To boost sales in the second half of the year, most property firms have launched promotional campaigns and collaborations with strategic partners to offer purchasers more for their money.

 

A Nation survey uncovered aggressive marketing campaigns aimed at hiking third-quarter sales following slow growth in the first half, blamed on the Bank of Thailand’s reduction of loans-to-value (LTV) starting on April 1 and weak economic growth in all sectors, hampering people’s purchasing power.

 

The SC Asset Corp Plc marketing campaign “Luxury from the Inside” offers units in its 32 luxury residential projects at prices between Bt3 million and Bt100 million on August 24-25.

 

Thanasiri Group Plc has discounts and gifts worth up to Bt2 million for homebuyers who book through the campaign “Forever Mom” from August 10-12.

Up to 100 firms will offer promotions at the Home & Condo Show taking place from September 12-15 at Siam Paragon’s Royal Paragon Hall. The event is run by the Thai Real Estate Association, Thai Condominium Association and Business Housing Association.

 

Up to 1,000 residential projects will have promotional offers attached, such as discounted prices and free transfer fees, said Churat Chakarakul, deputy secretary of the Business Housing Association.

 

Commercial banks also will offer financial packages at the event, he said.

 

“We expect over 100,000 visitors and sales over Bt2 billion.”

 

AP (Thailand) Plc is spending Bt80 million on AP World, which is continuing through August 7 at Parq Paragon. It features technology and designs under the concept “Grow, joy, flow”. 

 

“We expect sales above Bt800 million from this event,” chief of corporate strategy and creation Vittakarn Chandavimol said.

 

LPN Development Plc is offering discounts of up to Bt300,000 for its new townhome project, Baan Lumpini Rangsit-Klong 2, where unit prices start at Bt1.17 million.

 

A survey by Collier International Thailand found that new condominium launches in Bangkok dropped by 18,075 units (19.9 per cent) from the same period last year.

 

The Kasikorn Research Centre forecasts that the residential inventory will hit 201,000 units by year-end after demand dropped in the first half and growth has remained slow since then.

 

Source: https://www.nationthailand.com/property/30374263

 

-- © Copyright The Nation Thailand 2019-08-06

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[worgeordie]

Not yet,prices are too high,over priced,and will fall more.especially Condos

regards worgeordie

[Justgrazing]

16 minutes ago, webfact said:

 

To boost sales in the second half of the year, most property firms have launched promotional campaigns and collaborations with strategic partners to offer purchasers more for their money

Also known as big discount to try and get some off our hands before the market drops anymore .. 

[geoffbezoz]

Anybody who believes this load of sales rubbish surely is a tool loose of a full toolbox.  With the Slump now happening , yet all  government sources issuing propaganda disputing it, the market can not and will not resist market forces ( or the "experts"  on TV for that matter ).    But by all means buy now if you have money to lose but wait 1 year until 3 Q 2020 onwards if you really want a bargain.

Edited August 6, 2019 by geoffbezoz

[sammieuk1]

Wonder if a bowl of noddle soup 70% off a box of paper clips would tempt more buyers to purchase sub standard concreate boxes ????

 

[Vacuum]

46 minutes ago, webfact said:

Good time to buy a home – if you’ve got the dough

What home, looks like a garage to me.

 

[RotBenz8888]

16 minutes ago, Vacuum said:

What home, looks like a garage to me.

 

That's all you get now days for 100 million Baht, a luxury garage.

[geoffbezoz]

2 minutes ago, RotBenz8888 said:

That's all you get now days for 100 million Baht, a luxury garage.

Please provide the link to illustrate your claim you can only get a garage like this for 100 million Baht in BKK.  Or else just refrain from whatever it is you are drinking until reality kicks back in

[hkt83100]

Be reminded that the picture shows at least 2 and a half of these concrete boxes. Who would buy such a junk?

[wwest5829]

Thanks for the news but not for me. You see, Thailand does not allow me to buy land and Thailand banks will not loan to foreigners. My housing budget is in the 10 - 15,000 range monthly. I can pay rent or buy a house, preferably in my Thai love’s name to leave her some security but... Up to Thailand!

[observer90210]

Still overpriced and as a rule of a thumb, only put in the money in Thailand property, what you are prepared to loose.

 

You will never own the land as a farang and putting it in the name of your Thai girlfriend will just be suicidal.

 

Not to forget all the immigration Police harassment requiring the house owner to report any person comming over to stay, reporting when you arrive...etc etc...

 

Don't be a fool....rent and never buy in Thailand. And ignore all the propaganda of the "i never had a problem" sayers.

Edited August 6, 2019 by observer90210

[spidermike007]

No, no, no, no. Definitely not a good time to buy a home. Just wait. Whether you are here, or overseas, there will come a time in the relatively near future that the bottom of the market will fall out, with a vengeance. That will be a good time to buy a home, or some land. Not now. Absolutely not now. Do not listen to the nonsense. It is industry sponsored drivel, encouraged by a slowing economy, a lack of consumer confidence and slow sales. That trend is going to accelerate for years to come. 

 

Do not like being a prophet of doom, but I do see the Dow at 4,000, and Nasdaq, at 1500, and property prices in the US dropping 60%, or more. Cannot give you a time frame, or I would be retired. Not sure about here. They will drop. How much is anyone's guess. The markets are overinflated like the Hindenburg. Borrowing policies are designed to keep the markets thriving. How long will that, and how long can that go on? Forever? Nothing is forever. The economy is always cyclical. We are nearing another major downturn. The next time it could be ugly. Real ugly. 

Edited August 6, 2019 by spidermike007

[RichardColeman]

I'm no financial genius, but with my £ at 25% less than it was a few years ago, I can't quite see that this is true. Thai baht is killing foreigners buying property, not making it BOOM ! 

 

And if perchance the market IS booming - it's foreigners selling to get out whilst the baht is mad high and get the profit 

 

 

 

 

[Jonah Tenner]

Saw a condo, nice two bedrooms and 84 sqm the other day for two million B, priced to sell they said. Other condos in the same block, identical with only small variations in furnishings are listed from 2.9 millions to 3.5 millons.

I will rent for a long time...

[Isaan sailor]

Right now, many good locations in America (Kentucky, Tennessee, Florida, Texas, Idaho, etc.)—have a lower cost of living.  Someday, the Baht will fall back to normal—so we remain in a holding pattern...

[Joe Mcseismic]

2 hours ago, observer90210 said:

You will never own the land as a farang and putting it in the name of your Thai girlfriend will just be suicidal.

Why oh why does this fairy-tale keep coming up?

There's a very easy solution, you get her to give you a 30 year lease. Nobody will touch the paper as collateral for a loan and if she dies, this does not annul the lease. When you want to sell, just end the lease at the land office (20 minutes) and sell the property. Of course, if you're not with a lady that you can trust, then there are other ways, but, I've been fortunate.

 

My own personal view, is that the only good reason to buy a house, or, condo is to live in it, not for investment.

Have been on the property ladder since 1990. Always doubled my money when I sold and haven't paid a single Baht in rent since then.

[rumak]

5 hours ago, geoffbezoz said:

Please provide the link to illustrate your claim you can only get a garage like this for 100 million Baht in BKK.  Or else just refrain from whatever it is you are drinking until reality kicks back in

take a deep breath.    relax .   ommmmmmmm

[MartinKal]

Anyone who moved their money to Thailand bought property with it say 5 years ago would be sitting very pretty, particularly in their original currency.

 

I dont know as a property analyst would know, but I think the main variable factor influencing house prices over the medium term is interest rates.

 

If you consider that a household has a fixed monthly budget to spend on accomodation, then as interest rates go down, that family can borrow more money, and that extra money will just materialize in higher house prices.

 

Conversely, if interest rates go up, the family can borrow less and so there will be a lower wall of money chasing property and thus house prices should come down.

 

Next in Supply on demand, comes Supply. We are told that bang cock and Thailand in general is swamped out with new condo blocks. Many of excellent quality, incidentally. But according to this article new condos coming onto the market have dropped by 20% yoy. To me, with all these marketing campaigns, it sounds like developers looking to clear an overhang.

[gamesgplayemail]

12 hours ago, worgeordie said:

Not yet,prices are too high,over priced,and will fall more.especially Condos

regards worgeordie

we are so lucky to have such an expert here !

 

 

[RocketDog]

On 8/6/2019 at 1:32 PM, Vacuum said:

What home, looks like a garage to me.

 

Works out great for those living in their cars. You could house 3 families in this mansion.

 

The wave of the future laddies !

[RocketDog]

It's a garage with benefits.

????

[blowin]

On 8/6/2019 at 1:35 PM, MartinKal said:

Anyone who moved their money to Thailand bought property with it say 5 years ago would be sitting very pretty, particularly in their original currency.

 

I dont know as a property analyst would know, but I think the main variable factor influencing house prices over the medium term is interest rates.

 

If you consider that a household has a fixed monthly budget to spend on accomodation, then as interest rates go down, that family can borrow more money, and that extra money will just materialize in higher house prices.

 

Conversely, if interest rates go up, the family can borrow less and so there will be a lower wall of money chasing property and thus house prices should come down.

 

Next in Supply on demand, comes Supply. We are told that bang cock and Thailand in general is swamped out with new condo blocks. Many of excellent quality, incidentally. But according to this article new condos coming onto the market have dropped by 20% yoy. To me, with all these marketing campaigns, it sounds like developers looking to clear an overhang.

A 100% correct Martin.

[tabarin]

Casual discounts so far, black friday will come later!