Real estate: Foreigners told that 2021 is a Golden Year for investment in condos

[newnative]

5 hours ago, Peterw42 said:

 

Sorry you took it so literally. I wasn't actually asking what unsold means, I was more asking the guy how does he know what's unsold. (what does he mean by unsold, can he elaborate, how does he know etc)

As I said, developers dont often disclose that information. I know guys that sell real estate here and even they dont know how much of a building is sold.

     He likely doesn't know and is just taking a guess.  There's no doubt that some projects have lots of unsold units--especially the very large, very over-built 'theme park' low-rise projects that in most cases offer no view and are often far from the beach.  Many of these projects have over 1000 mostly identical units offering nothing special whatsoever.  Do you want a 25sqm 1 bedroom or a 50 sqm 2 bedroom?  And fries with that?   How many buyers are going to want that?  Not me.  I don't want to live in a theme park--especially one with no view.

      Contrast that with some of the highrise projects built in recent years in good locations that do offer ocean views.  Centric Sea and The Base I doubt have much left for sale from the developer.  Ditto for Zire, Northpoint, The Palm, Reflection, Baan Plai Haad, Unixx, The Cove,  Wongamat Tower, Lumpini Park Beach, Cetus, and others.  Riviera Wongamat and Riviera Jomtien are both newer so will likely still have more unsold units than the others but the majority have been sold--especially for the older Wongamat project.  In many cases the units that are left for sale in these projects are the super expensive large penthouses  or the low floor no view units.  

      

     

[whaleboneman]

14 hours ago, kingofthemountain said:

In fact it's more than the double of this amount

In a recent declaration, Phattarachai Taweewong,the associate director at

property consultant Colliers international Thailand said about the Pattaya market:

''the amount of unsold inventory in the market remained high at more than 20,000 units....''

Pilotman counted floors and you're talking about units.

[kingofthemountain]

8 minutes ago, whaleboneman said:

Pilotman counted floors and you're talking about units.

My bad

[whaleboneman]

14 minutes ago, kingofthemountain said:

My bad

I think it's my mistake actually.  8000 floors would be a lot of buildings. Maybe Pilotman can answer.

[Soikhaonoiken]

There is a glut of unsold properties all over Thailand due to over building, but they are not going to entice new foreigners to buy when the Baht is still strong, makes houses/condos  poor value for money. 

I purchased my house (in a Company name) in 2005 when the Baht was 75B to £, the property hasn't increased much in price, but if I did sell, and return to the UK, I would make a profit at an exchange rate of 43B,

So not a good time to buy properties in Thailand. 

[Fex Bluse]

9 hours ago, Artisi said:

Why, Thailand won't be any better for real estate owernship

 

 

You don't think a world War will have an impact on real estate prices? 

[kiwikeith]

18 hours ago, Surelynot said:

Well I guess they would say that wouldn't they?..........got to be desperate times........14 rooms on our floor.....condo, central Bangkok.......... and I think we are the only occupants.

Overseas buyers are weary of the Thai property market as we all know. Until the rules change that will prevail. 

There are hundreds of thousands of empty new and second hand condos at present. 

Ever tried to buy a mortgagee house from a bank? They want twice as much as the lovely house next door sold for, and their houses have been gutted and overgrown. 

There are thousands of new condos for sale on the coastal stretch between Cha Amm and Huahin, they are all the same color and expats have said if you owned one that you'd go crazy looking out the window. 

The BK post once commented that these empty condos being built all over the country are drug money laundering 

As such the owners will sit on them and hope that one day when the high speed Rail between China and Los opens that Chinese buyers will be flocking in to buy their holiday dream homes. 

I hope the infrastructure will be up to it by then or the Cha Amm ones will be called t. Urd City. 

[Sydneydave]

Why would foreigners want to buy in Thailand? We haven't been allowed to travel there for over a year and I can't see us being allowed anytime in the future, except for brief windows of travel opportunity.

There will be new strains of the virus developing each year, made worse by everyone being vaccinated en masse, which causes the virus to mutate, as happens with the flu virus. The Thai government has already said we can't go there if our home country has a new strain. So, lockdowns and flight restrictions are seemingly here to stay. It's better for us to invest in holiday accommodation in our own countries and with far less financial risk.

[SmartyMarty]

Condos are not a good investment. They can always build more.

[SoilSpoil]

Lot of good deals on Phuket at present. Prices are going south, just wait it out a bit more. We are looking for land, and land only. So called fire sales everywhere. A house or condo, we can rent. Dirt cheap, and when noisy neighbours move in, you can move on.

[eggers]

Think it's a Property seller's 'beat up'

Counted some 100 plus building cranes between Bangna Trad Rd/ Sukhumvit Rd down to Soi 26, all new buildings going up, whilst vacancy rate in existing Condos is close to 50%. Where's the 'Golden Bubble'? Just developer's Hype!!

[renaissanc]

I have a friend in HKG who wants to buy a condo here. But he would have to come here, go into quarantine, then look around and choose a condo. Then go back to HKG, go into quarantine, transfer the money, come to Thailand again and hand over the money for the condo. Even when the quarantine is over, why can't foreigners transfer the money while in Thailand? Why the need to go back to their home country to transfer the money? This has to be a pre-internet law.

[mikebell]

'many speakers who were upbeat about the property market in Thailand in 2021.'  From the TAT school of Maths.

[Henryford]

Great idea, buy a condo then be refused entry to Thailand to use it.

[AlfHuy]

23 hours ago, Surelynot said:

Well I guess they would say that wouldn't they?..........got to be desperate times........14 rooms on our floor.....condo, central Bangkok.......... and I think we are the only occupants.

Are you so noisy?

[Artisi]

5 hours ago, Fex Bluse said:

 

You don't think a world War will have an impact on real estate prices? 

World war, wow - the OP was about over supply in Thailand and what ever happens it will still suffer over supply to which foreigners will have very limited access to anyway. 

[Artisi]

40 minutes ago, renaissanc said:

I have a friend in HKG who wants to buy a condo here. But he would have to come here, go into quarantine, then look around and choose a condo. Then go back to HKG, go into quarantine, transfer the money, come to Thailand again and hand over the money for the condo. Even when the quarantine is over, why can't foreigners transfer the money while in Thailand? Why the need to go back to their home country to transfer the money? This has to be a pre-internet law.

I transfer plenty of money into Thailand, as and when I need it. 

[soi3eddie]

23 hours ago, Surelynot said:

I think is true for advertised prices.......but get into serious negotiations and I think there are some good deals to be had.

 

Maybe. If buying from a motivated seller, especially if it's a resale unit owned by a foreigner then yes. If from a developer then you'll get minimal discount if any. I had some spare time this week while in Hua Hin. An Aussie friend asked me to look at resale condo he was interested in. The unit was 1.6 mil. Developer was still trying to sell unsold new units for 2.4 mil. Buy a new at that price and get an instant loss of 800K. No thanks.

 

[AlfHuy]

17 hours ago, barney42bb said:

With FREEHOLD ????

 

Yeeeeaaahhh .... I thought NOT.

No, free sex for 1 year.

[AlfHuy]

14 hours ago, MasterBaker said:

cannot wait to invest in 250,000 baht/m2 studio at Bangna

That's only 7,5 Million Baht for a 30m2 penthouse ????

[spidermike007]

A friend of mine recently offered a homeowner 15% less than she was asking, and in exchange offrerd to pay a years rent in advance. She refused. Now, the home has been vacant for four or five months already, as it is an extremely soft rental market. 

 

I am not a math professor. But the 15% would have represented less than two months rent. So, unless her phone was ringing off the hook, with potential renters, his offer was a good one. 

 

Pride? Lack of common sense and reason? She just does not need the money, and is not sincere about renting the house? One can often rack the mind trying to figure out the reasoning here. Or lack thereof. 

[spidermike007]

19 hours ago, condobrit001 said:

The recent and continuing crash of the Thai baht when combined with the covid effect on condo prices supports the Golden Year forecast. I would wait a little longer before buying though until the baht falls another 10% to the dollar, which will probably be around September this year.

That drop in the value of the currency, combined with a discounted price of 40-50% of the asking price would likely make it a sound, long term investment.

 

The condo market here is severely over built. Only top buildings in top locations are getting close to what they are asking. 

[LoudHailer]

My 200 square meter freehold condo in central Bangkok has been empty since March 2020. Belts, shoes and clothes have mildewed there because of neglect through no air conditioning. A six week vacation abroad has left me stranded abroad due to merciless, onerous and erratic bureaucratic demands by the Thai government. I have lived in Bangkok for more than thirty years, have large deposits in my Thai bank accounts, and spend tens of thousands of baht monthly.

 

It is sickening to read of the government’s pursuit of Chinese and other tourists while a fully Covid-19-vaccinated faring Bangkok resident of 30+ years owning an expensive condo in Bangkok is discouraged to return by demands for US$100,000 medical insurance policy and mandatory hotel quarantine when ‘isolation at home’ should be an option. 

[Fex Bluse]

1 hour ago, Artisi said:

World war, wow - the OP was about over supply in Thailand and what ever happens it will still suffer over supply to which foreigners will have very limited access to anyway. 

 

Do you invest in a vacuum, ignoring world events? 

[Surelynot]

1 hour ago, AlfHuy said:

Are you so noisy?

Ha......my bete noire......we live like church mice........the red mist descends as soon as I hear anyone's music.

[Nanaplaza666]

17 hours ago, Peterw42 said:

 

Sorry you took it so literally. I wasn't actually asking what unsold means, I was more asking the guy how does he know what's unsold. (what does he mean by unsold, can he elaborate, how does he know etc)

As I said, developers dont often disclose that information. I know guys that sell real estate here and even they dont know how much of a building is sold.

Ok that's more clear , you should have started with that i didn't finish my highschool . The guys that sell real estate are agents they sell for the developer , the developer knows how much of the building is sold .  

[Artisi]

1 hour ago, Fex Bluse said:

 

Do you invest in a vacuum, ignoring world events? 

Do you invest in Thailand - -  that could quite easily be classed as a vacuum? 

[Fex Bluse]

1 hour ago, Artisi said:

Do you invest in Thailand - -  that could quite easily be classed as a vacuum? 

 

???? That is kind of true 

[Artisi]

4 hours ago, spidermike007 said:

A friend of mine recently offered a homeowner 15% less than she was asking, and in exchange offrerd to pay a years rent in advance. She refused. Now, the home has been vacant for four or five months already, as it is an extremely soft rental market. 

 

I am not a math professor. But the 15% would have represented less than two months rent. So, unless her phone was ringing off the hook, with potential renters, his offer was a good one. 

 

Pride? Lack of common sense and reason? She just does not need the money, and is not sincere about renting the house? One can often rack the mind trying to figure out the reasoning here. Or lack thereof. 

Lack thereof is sufficient for full understandin????

[kiwikeith]

18 hours ago, spidermike007 said:

A friend of mine recently offered a homeowner 15% less than she was asking, and in exchange offrerd to pay a years rent in advance. She refused. Now, the home has been vacant for four or five months already, as it is an extremely soft rental market. 

 

I am not a math professor. But the 15% would have represented less than two months rent. So, unless her phone was ringing off the hook, with potential renters, his offer was a good one. 

 

Pride? Lack of common sense and reason? She just does not need the money, and is not sincere about renting the house? One can often rack the mind trying to figure out the reasoning here. Or lack thereof. 

I have come up against this many times, there are thousands of homes like this, the owners would rather leave them empty than reduce the rent, I always say they have to much money. 

Many of them are Chinese Thai with established business in the area. 

 

What surprises me from your post is that they are still holding out for stupid rents during the pandemic. 

They are probably doing quite well from the rents they collect from Thais at markets, and the shops they own. 

 

I think that save face and stuborness has been bread into Thai by the Chinese.