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Bangkok: New condo and house prices continue to fall in third quarter


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Bangkok: New condo and house prices continue to fall in third quarter
 
5pm.jpg
Graphic: Daily News
 
Daily News reported that the price of new condos, town houses and stand alone houses in Bangkok and it's surrounding areas continued to fall in the third quarter. 
 
Indices continued to show falls in prices from highs experienced at the end of 2019. 
 
Compared to the last quarter new condos were now 0.1% cheaper.
 
Houses were 0.2% cheaper. 
 
This information came from Wichai Wiratkaphan, a real estate expert at the Government Housing Bank.
 
The media said that developers were engaging in price cutting promotions to try and offload their stock.
 
Source: Daily News
 
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7 minutes ago, AlfHuy said:

Sorry mates, I have to go.

 

Opportunity of a lifetime.

 

0,1% down. Can't miss this opportunity.

I have to hurry before the Ch.... come in the Trillions to buy all those bargain, luxury condos and houses.

 

Over the phone, I just secured a whole building with 378 apartments.

All with tenants on 12 month contracts?

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13 hours ago, NCC1701A said:

five year visa for anyone buying a condo one million baht or above. problem solved. 

 

 

That price would compete too much with price for Thai Elite visa, so unlikely to happen. Especially since I heard that the cheapest Thai Elite visa will go up in price next year from 500.000 THB to 600.000 THB.

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several problems,the biggest is few buyers hence a buyers mkt.the buyers are not here theyre outside waiting to come in,theres a big pent up demand from hk china and russia other places too.many have paid their deposits and cant close the deals.as soon as it opens up the buyers will come in,the 2nd problem is the amount of building going on,its insane and the prices they want just dont fit the bill,where i live theres 3 new condos going up .the prices are 200-250k sqm[of course you can get that down 20 % plus].nuts theres older condos close by that have more space, better facilities and are better built for70-80k sq m.easy math that one  even the thais are figuring that one out at long last.the new builds have cramped facilities ,boxy rooms, small balconies , poor finishes and high maintenance fees.these companies are looking at massive losses,theyd be better to sit on their land banks but they wont due to the perceived igh taxes on the sitting land,better off to pay that than build a condo u cant sell but that seems to be a kind of forward thinking thats rarely apparent.

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The quoted price falls are silly. Very few transactions are taking place, so there is little information on actual prices at which buyers would be attracted.

 

Corps loaded up on debt over the last decade, averaging +14% per year when GDP was barely rising overall. Also, construction loans are short term, and since buyers aren't buying, firms face repayment issues.

 

One major BKK condo developer has signs up in all the BTS stations noting a 50% reduction in a current project where sales have been weak. That's 50%, not .1%.

 

Weak hands will set the price.

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just like 97 when everything collapsed and the hulks of half built condos littered the capital for years,,but this time it will be worse as we know what course the downturn will take .spain is in a  similar situation with crumbling property prices going thru the floor

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