Now may be the best time to buy a condo

By THE NATION

 

 

Large real-estate developers have decided to get rid of their unsold units by holding special promotions now that the sale of property has dropped sharply over the past two months owing to the Covid-19 crisis and the government’s lockdown measures.

 

Thansettakij newspaper said there are more than 100,000 unsold units nationwide worth Bt300 billion, based on a selling price of Bt3 million per unit.

 

In a bid to attract buyers, these companies have launched several promotions. For instance, Major Development is allowing people to book their units via @MajorDevelopment Line account from April 15 for a special discount.

 

All Inspire Development is letting buyers pay just Bt22 for 24 months for their promoted condominiums, while Pruksa Real Estate is offering a 10-per-cent discount on certain projects.

 

Meanwhile, the Plum condominiums near Rangsit University and Bangkok University’s Rangsit Campus is looking for buyers who want to rent out their new property to students.

 

Wanchak Buranasiri, Sansiri’s chief financial officer, said demand for Sansiri developments has not dropped, and thanks to the company’s successful campaigns, its first quarter sales for this year stood at Bt11 billion.

 

For the second quarter, Sansiri is running the “Sansiri pays up to 24 months” for specific projects nationwide.

 

Vichai Viratkapan, inspector at the Government Housing Bank’s real-estate information centre, however said that there were about 300,000 unsold housing units, including 69,000 that were ready to move in, 30,000 condominiums and 39,000 standalone residences.

 

Source: https://www.nationthailand.com/news/30386426

 

-- © Copyright The Nation Thailand 2020-04-20

 

- Whatever you're going through, the Samaritans are here for you

- Follow Thaivisa on LINE for breaking COVID-19 updates

" I'm not buying it! "   ????

I can see the queue's of buyers already

How many people can afford 3 millions? I believe the prices would be much lower without the Chinese, Chinese people are boosting Thai real estate Prices. What a pity.

3 minutes ago, kevin612 said:

How many people can afford 3 millions? I believe the prices would be much lower without the Chinese, Chinese people are boosting Thai real estate Prices. What a pity.

 

Perhaps. But if you look at most major capital cities across the world, real estate is severely over-priced. Bangkok is no exception.

 

I would not recommend anybody to buy any condo in Thailand, particularly now.  The government has shown how anti Farang they are and has tried to publically blame Farangs for any virus infection.

Who know what it will be like to live in Thailand post Covid-19.  Immigration might well put in new barriers to stay here.

too much unknown.

anybody want to buy a nice condo?

The fragrance of a bygone era still lingers in the air.

 

Once the smoke clears...Pattaya is a most undesirable and inhospitable place to live...

 

Many more quality cities in Thailand offering same services as Pattaya...without the filth and corruption...????

They call these offers? LOL Give them a few months and then we’re gonna see the closer to reality “offers”

Don't buy anything that you cannot afford

to walk away from.

Times are a changing here, and not for the

benefit of the farang. Renting is safer.

This is China’s plan. Create covid 19.  Destroy global economy. Buy all properties and land when everyone is desperate, lol.

I'm currently living in a condo that I bought in 2010 - so I'm not an investor or landlord, I just bought to live in, and I'd strongly advise anyone against buying a condo - this Nation article is probably a paid-for 'advertorial' written by a property agent. 
If anyone's tempted by the prices now, just wait a few months - even then it won't be a good idea. 

1 minute ago, lust said:

This is China’s plan. Create covid 19.  Destroy global economy. Buy all properties and land when everyone is desperate, lol.

I was thinking about this, too. The CCP seems to have been able to use draconian measures (abuses of human rights) to recover from the pandemic faster and begin to recover sooner. However, if they were smart enough to intentionally create and release the bat coronavirus, they would have done it in South China (where bats live) to make it look accidental - not right on the doorstep of the only level 4 bio-lab (Wuhan Institute of Virology) that had coronavirus samples. If it were me, I would have infected the Hong Kong protesters while in custody and made it look like a natural bat-human transmission. 

Why buy today when you can buy tomorrow for less?

4 minutes ago, jadee said:

I'm currently living in a condo that I bought in 2010 - so I'm not an investor or landlord, I just bought to live in, and I'd strongly advise anyone against buying a condo - this Nation article is probably a paid-for 'advertorial' written by a property agent. 
If anyone's tempted by the prices now, just wait a few months - even then it won't be a good idea. 

I suspect too that the article is a obscured "advertorial" or at least the developers or agents trying to offload stock are regular paying advertisers 

55 minutes ago, alexth said:

They call these offers? LOL Give them a few months and then we’re gonna see the closer to reality “offers”

Don't hold your breath...

3 hours ago, snoop1130 said:

Wanchak Buranasiri, Sansiri’s chief financial officer, said demand for Sansiri developments has not dropped, and thanks to the company’s successful campaigns, its first quarter sales for this year stood at Bt11 billion.

Clearly sellers are still feeling confident... the slow roll to normal is going to dictate how badly sellers will want to off load at cheaper prices. I would look to the last quarter of this year. If prices have not significantly fallen, then they likely won't. Now... as we watch the condo market, there could be yet unknown knock on effect. The point is, it seems it is still early to tell if some serious deals are pending. 

A fool and his money are soon parted. Locals are definitely more gullible , but now cash poor and borrowing like before has ceased. As for farangs and the baht , it’s Complete head banging nonsense (Bar the usd).  Esp in these times when tourism and exports are on its knees. 

How about building condos people can actually live in instead of just sleeping in ? The vast majority of condos being built in Thailand are tiny sweatboxes, extremely overpriced for size and amenities. I rented a 35 Sq Meter for 1 year and it was fine as it was walk to BTS and shopping...and left early morning and home shortly before bedtime. But would not stay there more than 1 year...Kitchen was separate small area enclosed by sliding glass doors but 6 months a year too hot to actually be inside when the seasons shifted. Balcony was barely big enough to stand on ..only suitable for storing mop and hanging laundry. Bedroom was nice...but turn the wrong way and you'll bang into the wall. Not liveable long term....great for a temp stay and convenient but outrageous price for purchase.

39 minutes ago, tonray said:

How about building condos people can actually live in instead of just sleeping in ? The vast majority of condos being built in Thailand are tiny sweatboxes, extremely overpriced for size and amenities. I rented a 35 Sq Meter for 1 year and it was fine as it was walk to BTS and shopping...and left early morning and home shortly before bedtime. But would not stay there more than 1 year...Kitchen was separate small area enclosed by sliding glass doors but 6 months a year too hot to actually be inside when the seasons shifted. Balcony was barely big enough to stand on ..only suitable for storing mop and hanging laundry. Bedroom was nice...but turn the wrong way and you'll bang into the wall. Not liveable long term....great for a temp stay and convenient but outrageous price for purchase.

     The trend in Bangkok and Pattaya is small condos in projects with lots of amenities.  In Bangkok the small condos are geared to young professionals, many of whom go to work early and come back late.  They are hardly in their condos during the week except to relax a bit in the evening and then sleep.  They don't cook and mostly eat take-out or eat out so the kitchen appliance that gets used the most is the microwave.  The Lumpini Bangkok condo my partner and I bought didn't even have a cooktop--and, forget an oven.   

    To offset the small condo, the new projects have lots of amenities--lavish swimming pools and gyms, of course, but also usually two or more 'co-living' spaces.  Sky lounges with kitchens, other rooms more dedicated to meetings, studying, and working from home.  In addition, there are theater rooms, putting greens, yoga rooms, kids pay rooms, sky gardens, walking paths, rock-climbing walls, and about anything else you can think of.  One new project I saw has a boxing ring--something I would not have thought of!  They all seem to be trying to outdo each other with amenities.  

    The same is true for Pattaya.  But, instead of targeting young, professional workers, the new projects are geared to short-term tourists, with most of the units small.  The idea being that tourists can tolerate a condo the size of a hotel room since they only using it for a short period--and the projects are also packed with amenities.  The Riviera projects in Pattaya are good examples--mostly small units but outstanding amenities.  

15 hours ago, snoop1130 said:

pay just Bt22 for 24 months

Is the condo also 22 sqm

Yeah right....buy a financial disaster, a Thai condo.

14 hours ago, kevin612 said:

How many people can afford 3 millions? I believe the prices would be much lower without the Chinese, Chinese people are boosting Thai real estate Prices. What a pity.

Most of the people in Bangkok can.

14 hours ago, Puchaiyank said:

The fragrance of a bygone era still lingers in the air.

 

Once the smoke clears...Pattaya is a most undesirable and inhospitable place to live...

 

Many more quality cities in Thailand offering same services as Pattaya...without the filth and corruption...????

Love it here. What City are you talking about? Tell me not somewhere like Chiang Mai full to the brim with Chinese and beg packers looking for something "spiritual". Months on end of disgusting air whilst they burn the crops and way too hot to enjoy in Summer.

12 hours ago, jadee said:

I'm currently living in a condo that I bought in 2010 - so I'm not an investor or landlord, I just bought to live in, and I'd strongly advise anyone against buying a condo - this Nation article is probably a paid-for 'advertorial' written by a property agent. 
If anyone's tempted by the prices now, just wait a few months - even then it won't be a good idea. 

So you haven't paid any rent for 10 years. You earn nothing on deposits. Love to know why it hasn't been a good idea.

18 hours ago, Susco said:

I can see the queue's of buyers already

Yes, Chinese business men who will let them out to Chinese tourists via AirBnB (or similar)

6 hours ago, GlassWayOverHalfFull said:

Love it here. What City are you talking about? Tell me not somewhere like Chiang Mai full to the brim with Chinese and beg packers looking for something "spiritual". Months on end of disgusting air whilst they burn the crops and way too hot to enjoy in Summer.

Of course not Chiang Mai...

23 hours ago, Chelseafan said:

 

Perhaps. But if you look at most major capital cities across the world, real estate is severely over-priced. Bangkok is no exception.

 

its not just Bangkok, coastal and even northern cities such as Udon are way overpriced now. Its crazy that the farang wants to buy a piece of land with his tilac in pattaya for £100k UK then build a house for her and her thai husband of which the land & house will very rarely be worth what its cost to build. Yes you can visit for a week or 2 every 6 odd months when her husband is kicked out of your bed.

 

The best advice is to stay sober in your home country and stay away from Thai dating sites where your tilac awaits you everyday with a different problem she needs help with each day, remember your tilac who youve never met but you love so much has 23 hours and 50 minutes each day to think of the next issue that you can help her with by sending your money to her after shes spent the quality 10 minutes with you before her thai husband of bf gets back from the 7-11 with the whisky that youve indirectly paid for.

If the government starts providing guaranteed visa-free residency for foreigners who own a condo, for as long as they own the condo, then we can start negotiations(with bigger discounts of course).

 

24 minutes ago, ChasingTheSun said:

If the government starts providing guaranteed visa-free residency for foreigners who own a condo, for as long as they own the condo, then we can start negotiations(with bigger discounts of course).

 

And, relax the foreign quota on condos like they did once before.

Get in quick to avoid disappointment,if you snooze,you loose.