Foreigners bought 660 condos in Bangkok area this year: Average price 5M baht, Thais 3.8 M baht

[Millcx]

On 8/21/2021 at 5:05 AM, Scrotobike said:

Spin it again sam

 

I think the 2nd/3rd quarters may be more interesting....

3Mill for 20mill Condo .. Yeah good deal 55555

[kiwikeith]

On 8/21/2021 at 4:28 PM, Shuya said:

... and get an unconditional residence permit with it. Surprisingly he forgot to mention that fact. 

Do you think this permit is reflected in the price.

One thing I do know is that a good friend who won an award earlier this year for building nice condos, has gone home to his home country, taken his Thai wife and daughters with him, as no school and no business (sales) at present.

[arick]

A bloody joke.  Oh well all these investors have just lost their money.  

 

[wolf81]

2 hours ago, Dialemco said:

Estate agents that I have see interviewed about  property market have all been bullish and stated how well the market is performing some saying prices are actually going up in tourist areas. If this is the case the market should be booming! Is it?

Do you think a real-estate agent is even gonna tell a potential client that the market is <deleted> and it's extremely hard to sell for the usual asking price right now?

 

Remember: these people get commission on sales. 

[dallen52]

And one astute oriental bought 3 condo semi furnished at Nirun Condos for 1.4 million baht.

And still plenty for grabs lol...

 

[Sydebolle]

And what happens to the other hundreds of thousands of unsold units plus all those which will be thrown on the market anytime soon? 

People are returning their unpaid cars and bikes and move out of their unpaid condos so no rush to invest here anytime soon. Another nice element for the non-Thai crowd is, that the exchange rates are moving in the right direction to where the Thai Baht actually belongs. 

And if you really want to fan sales then talk to the fellas at the Foreign Ministry on visa issuance and the goons at the immigration under the police under the Interior Ministry. The 90-days-joke and the TM30, as example, does not go down well compared to other countries .......

[hansnl]

On 8/21/2021 at 11:34 AM, OneMoreFarang said:

It would be interesting to see the breakdown of price per sqm and new and "used" condominiums.

 

I would like to know the nationalities of the forein buyers.....

[tomazbodner]

3 hours ago, OneMoreFarang said:

Is that available for the public? Where? Thanks.

http://property.treasury.go.th/pvmwebsite/

 

Click on Condos, then select province and enter condo name to search.

 

Unfortunately in Thai only. This is how it looked like for some other condo I was considering a while back:

 

Edited August 22, 2021 by tomazbodner

[sawadee1947]

Maybe Dr. Porn could disclose more details about the nationalties of buyers? 

[10baht]

On 8/21/2021 at 12:35 PM, Boomer6969 said:

I used to keep looking at Malaysia's M2H program. But after last week's announcement of new requirements my monthly pension of about USD 8000 falls 2000 short.

Not 10000 usd,  10000 RM . Or less than $2500. https://pickvisa.com/blog/retirement-visa-requirements-for-malaysia

[hotchilli]

4 hours ago, Xonax said:

So only 999,340 units to go, before they reach the goal of 1 Million Condo´s sold to foreigners.

Russians are on the way, I'm sure they will save the day.[or year].

[lks7689]

4 hours ago, redwood1 said:

I don't believe this for one second......100% no on this one..... 66 condos or 33 condos I might believe........With all the travel restrictions... Not many buy condos without looking at them....

On the contrary, there are many hong kongers and Chinese who purchase properties off plan without ever flying in to take a look at the location first. 

[BananaGuy]

New sales from new immigrants or includes residents selling and buying? 
 

i don’t really care either way, merely mildly irritated the article is as useless as most.

[Freddy42OZ]

On 8/21/2021 at 11:28 AM, Shuya said:

... and get an unconditional residence permit with it. Surprisingly he forgot to mention that fact. 

Have you been following the news about the sudden increase in the financial requirements.  

Under the new rules, foreigners must prove they have liquid assets worth 1.5 million ringgit (US$354,000) – up from 350,000 ringgit for those above the age of 50, and 500,000 ringgit for those below the age of 50 – although 500,000 ringgit of the funds can be used for property, health care and school fees. They must also have a monthly offshore income of at least 40,000 ringgit (US$9,400) compared with 10,000 ringgit previously, which the Malaysian government says ties in with its effort to target high-income individuals who can contribute to an economy hard-hit by the Covid-19 pandemic and ongoing political turmoil.

The move has shocked existing visa-holders who say they will face difficulties meeting the criteria to renew their permits, even though the government will give them a grace period of one year to show they can qualify under the new rules.

[tomazbodner]

2 minutes ago, Freddy42OZ said:

Have you been following the news about the sudden increase in the financial requirements.  

Under the new rules, foreigners must prove they have liquid assets worth 1.5 million ringgit (US$354,000) – up from 350,000 ringgit for those above the age of 50, and 500,000 ringgit for those below the age of 50 – although 500,000 ringgit of the funds can be used for property, health care and school fees. They must also have a monthly offshore income of at least 40,000 ringgit (US$9,400) compared with 10,000 ringgit previously, which the Malaysian government says ties in with its effort to target high-income individuals who can contribute to an economy hard-hit by the Covid-19 pandemic and ongoing political turmoil.

The move has shocked existing visa-holders who say they will face difficulties meeting the criteria to renew their permits, even though the government will give them a grace period of one year to show they can qualify under the new rules.

I think Korea did that in the past, and Vietnam started closing down for foreigners recently as well. Malaysia has obviously done it pretty harsh, though still giving expats a year to get out... but with PM having resigned, it's also possible this gets reversed. I wonder when Thailand would come up with something similar to Malaysia's requirements... Their target of high-income individuals who can contribute to economy is the same. And Thais love to copy...

[Pravda]

I believe there were 660 foreign sales as there are always people with too much money.

 

I don't believe there were total of 14,000 Thai sales because in Toronto which I follow regularly because I own there there was a total of 9000 sales during the same period  and that place has a very healthy market and is condo crazy.

 

What probably happened is agent like Harris or whoever bought a bunch of inventory from developers dirt cheap and is now sitting and waiting for better times.

 

If I'm wrong maybe someone can school me.

[OneMoreFarang]

2 hours ago, tomazbodner said:

http://property.treasury.go.th/pvmwebsite/

 

Click on Condos, then select province and enter condo name to search.

 

Unfortunately in Thai only. This is how it looked like for some other condo I was considering a while back:

 

Thanks! That is amazing.

I see the prices of 36 units (including the unit numbers) of "my" condominium.

And then another list with prices by floor.

Amazing! 

[CharlieH]

Reported post and replies removed.

[kevin612]

I assume most of those buyers are Chinese.

[gk10012001]

On 8/21/2021 at 12:34 AM, OneMoreFarang said:

It would be interesting to see the breakdown of price per sqm and new and "used" condominiums.

 

Yeah, the high level data really does not describe much. 

[xr399]

On 8/21/2021 at 5:33 PM, tomazbodner said:

Land department, most likely. When you make a transfer, price must be shown in the paperwork, and tax paid on it.

Sold 2 properties here, wife dropped reported purchase price by 50% each time to save tax...

[fakser]

On 8/21/2021 at 8:06 AM, Exploring Thailand said:

I'd be interested to know where this data came from. As I understand it, there is no publicly available register of sale prices. It looks like this report is from a private company, so they should (theoretically) have no access to the data.

I am one of the 660 buyers. 
Purchased a 2b condo in Parkland Charan. 4.4 M THB. Have not open its door yet because I wait for Thailand to open for travel. 

[3NUMBAS]

what is the source of this hokum ??

[steven100]

7 hours ago, NemoH said:

This is fake news…

I have so many Thai property agent friends who have all resigned or been made redundant n now all jobless because new as well as old units all cannot be sold. Many units are also in default of payments n some projects are either abandoned or delayed I definitely.

 

 

correct ....  how the heck could Thailand sell that many units when there was no buyers around for the good part of a year and a half.  COVID19 started to bite into the economy around March 2019 and everything went downhill further from then on.  2021 ... Q1 was a disaster as everyone was fighting this virus and pharmaceuticals were racing to develop a vaccine.

As you said,  most real estate sales staff left or were laid off due to zero or near zero sales.  

[Dogmatix]

9 hours ago, Xonax said:

So only 999,340 units to go, before they reach the goal of 1 Million Condo´s sold to foreigners.

 

when they reach the target they can introduce a law to make it illegal for foreigners to own condos. 

[Damrongsak]

On 8/21/2021 at 12:28 AM, Shuya said:

... and get an unconditional residence permit with it. Surprisingly he forgot to mention that fact. 

Malaysia changed the financial requirements: 

 

[Postmaster]

Why would you want to live in Malaysia isn't almost totally Muslim ?

[cncltd1973]

9 hours ago, redwood1 said:

I don't believe this for one second......100% no on this one..... 66 condos or 33 condos I might believe........With all the travel restrictions... Not many buy condos without looking at them....

Chinese rental investments/real estate portfolios? I hear they're pretty flush with cash. Russian mafia is buying pretty well in the US last I checked too. There's now a 'little russia' part of Miami, where russian is commonly heard in the streets????

[stigar]

10 hours ago, IamNoone88 said:

The Malaysian property restriction quoted above is incorrect. Foreigners can by property in Malaysia without price restriction except for;

 

Properties valued less than RM1 million

Low and medium cost residential units as defined by state authority

Properties standing on Malay Reserve land

Properties allocated to Bumiputera group in any property development project as determined by state authority

 

You can also apply for residency and own a landed property in Malaysia, unlike Thailand.

 

I would expect more accurate reporting for AREA if using Malaysia as a comparison.

I been working in malaysia for about 3,5 years..We worked in labuan(borneo island)Wery nice country and friendly people.Low prices because Labuan is taxfree area.I get my workingpermit  at the airport immigration.Anywau,would i buy i condo or more?NOPE!

[DJ54]

11 hours ago, IamNoone88 said:

The Malaysian property restriction quoted above is incorrect. Foreigners can by property in Malaysia without price restriction except for;

Allegedly the following are new M2H Visa requirements