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When is the right time to buy property in Bangkok?


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I've lived and worked in Bangkok for around three years and always rented in that time. At this point I'm not ready for settling down with a house and family but starting to think more about getting an apartment in the city. 

 

What's the average length of time expats live in Bangkok before thinking about buying?

 

Prices don't seem to have fallen much during the current pandemic downturn, so that seems to be irrelevant to getting a good deal.

 

Does anybody have thoughts on buying condos / apartments in Bangkok? Risks and benefits. How long does the paperwork processing take for a cash buyer?

 

Rising sea levels seems a possible issue, too. Also losing visa residency is a risk. 

 

 

 

 

 

 

 

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If I were you I would wait a while for two reasons. Firstly the economy will shortly be heading for freefall I suspect so hence many foreigners will be having fire sales. Secondly when this happens bu

for now, just worry about crossing the street. 

I bought a new condo in Bangkok 3 years ago. There were 20 of this configuration (3 bed/2 bath) in the building and the developer wanted 16m baht for the apartment, as that was supposedly what the oth

Maybe when they find out their last reel in the rich foreigners visa scheme yet again falls flat and dead is when condo builders will have to start to think about brining the pricing down when they cannot clear the glut. There won't be a continual safety net for these builders under the government protective banking system forever.

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1 hour ago, NCC1701A said:

if you are buying a condo in Thailand, Bangkok is the best place to do it. 

 

if you are buying place to live, then just buy the best deal. if you are trying to invest in real estate your time frame before you sell may be at least a decade or more.  Fire sale crash and burn all over Thailand now but good luck getting anyone to admit it. 

 

if you are reading a for sale ad in English you are paying to much already. Get a Thai friend to search for fire sales. it can be done. 

 

 

 

Good point. Thai language ads are the way to go then. Same rule probably applies to renting, too. 

 

It would be to live for the next few years before selling / letting out as an investment. 

 

Renting somewhere half-decent  for that same period would cost 1.5m baht +, so it seems better to buy. 

 

 

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Do not only think of buying, thing if you have to sell.  I do not think that the BKK property market is very liquid so it will take time to find a buyer with the cash.  Then how would you get the cash out of Thailand..

What you buy in Thailand you might well have to leave in Thailand.

At least renting, if Thailand takes a turn for the worse, you can just up and away.

If you buy propery in your G/f's name you could be even worse off.

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When is the right time to buy property in Bangkok?

 

When you've got :-

(1) lots and lots and lots of money and

(2) very few if any other better ideas

 

DM me if you need help with (2) i have a few ideas may take care of (1) for you too.

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Only buy at 30-50% off last years prices. 

 

A friend of mine recently moved to Pattaya. He looked at condos in Jomtien. He walked into one of the nicest towers, looked at a 36th floor unit with panoramic views, and when he was quoted 28,000 a month, he offered 10,000. They settled on 13,000. He said the agent more or less admitted the building was nearly empty, and they could not rent or sell anything, at this time.

 

There are alot of projects in Bangkok, suffering the same fate. 

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1 hour ago, OneMoreFarang said:

That is the reason why I think about buying one.

For me it seems too many places have too many rooms squeezed into a given space. I.e. 100sqm with 3 bedrooms...

How about 100sqm with one bedroom and one baht? It seems that doesn't exist. 

      That's the reason my partner and I like to buy, too.   100sqm 1 bedroom with one bath condos are definitely harder to find.  I think most buyers would be expecting, and wanting, 2br/2ba with that size.  Our condo project in Pattaya has 1 bedroom/1 bath units of 79 and 80 sqm.  It's an older project, built when unit sizes were generally larger.  The project in Bangkok has an 80sqm unit model 1 bedroom/2 bath unit but it's a loft with the bedroom on the second floor.  

     If you lived in Pattaya I would suggest one of the View Talay projects.  Their projects came with the units as shells and buyers finished the spaces as they wished.  Some of the units in these projects are 100sqm or more in one big space with one bath.  Interior walls can be installed or the space left open.

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What no one has mentioned so far is the massive inflation trend that’s starting worldwide.

 

governments are borrowing at record levels to pay for coronavirus and materials/commodity prices are in limited supply and increasing.

 

inflation will be a big factor in cost of real estate over the next 5-10 years

 

wait until rents rise to follow and see if some long term renters convert to buyers 

 

read this again in 5 years and let me know if I was right or not

Edited by NightSky
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56 minutes ago, NightSky said:

What no one has mentioned so far is the massive inflation trend that’s starting worldwide.

 

governments are borrowing at record levels to pay for coronavirus and materials/commodity prices are in limited supply and increasing.

 

inflation will be a big factor in cost of real estate over the next 5-10 years

 

wait until rents rise to follow and see if some long term renters convert to buyers 

 

read this again in 5 years and let me know if I was right or not

well ok , i will try to remember to check back in!

i would agree about construction costs, eg the  iron ore price  (used for rebar in concrete) has pretty much tripled over the last 2 years. However, build costs are only part of the equation, its the land cost (plus the developers margin) which are  the biggest contributors to underlying housing costs.

In recent years land cost inflation , in Bangkok, has been running pretty hot. It has now, finally, started to slow and land  prices have started to  fall in many parts of the city.  Some of  the  land prices paid  by developers ,in recent years, are starting to look pretty scary (for them!). 

Eventually   these trends will feed through into end house and condo pricing. This, together with the last 5 or 6 years of significant overbuild ,combined with the covid related demand destruction do not make for a bullish outlook. Just my opinion, obviously!

 

 

 

 

Edited by wordchild
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10 hours ago, RandolphGB said:

How long does the paperwork processing take for a cash buyer?

 

Direct from the developer or 100% equity owner, it can be less than 2 weeks or even a 1 day transaction (chanote in hand + cashiers check in hand deals).   From an owner who is still mortgaged, could be 30 days or more with the main delay being that you're at the mercy of the bank's schedule. 

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hI RandolphGb?

 

I would think NOW is the time.

 

I have a Thai friend who works in real estate for a very long time and she say now the market is almost dead. And also that rich Chinese try to buy many RE for dumping prices.

 

She also say that many foreigners try to get rid of their RE but can't find any buyers.

 

She works area Jomtien/Pattaya so i am not sure it is same every where. But this is there because of covid19 so i have a feeling it is the same every where in Thailand. 

 

So i would give it a shot if you see something you like and start bid low.

 

Good luck,

 

Foexie

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