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

[Fairynuff]

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. 

Are you aware of what they’ve just done to the My 2nd Home people?

[gk10012001]

4 hours ago, cncltd1973 said:

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????

Yes, last year I noticed a lot of Russian being spoken in some of the casinos I went, The Isles, Seminole Coco creek for example

[Airalee]

On 8/21/2021 at 10:53 AM, webfact said:

The breakdown of the value of condos purchased by foreigners was:

 

1-2 M baht - 141

2-3 M baht - 208

3-5 M baht - 120

5-10 M baht - 133

So 602 condos sold under ฿10,000,000 leaves 58 sold over that price.  How many dozens of new buildings start at over 10 million?  There must be thousands and thousands of units for sale over 10 million.  Who’s going to absorb that inventory?

 

Also, the average price might be over ฿5,000,000 but the median is under ฿3,000,000

 

Seeing that the average price paid by Thai citizens is so much lower than foreigners, I don’t see how all the high priced units will ever be sold.

 

[Kaptain Asia]

^^ The article only mentions 'Condos Purchased'.......but that doesn't necessarily mean they are new buildings.

 

[kiwikeith]

13 hours ago, tomazbodner said:

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...

  Not Thais, Chinese love to copy 

[brianthainess]

I'd be interested to know, how many foreigners sold their condo and left Thailand. 

[redwood1]

6 hours ago, Airalee said:

So 602 condos sold under ฿10,000,000 leaves 58 sold over that price.  How many dozens of new buildings start at over 10 million?  There must be thousands and thousands of units for sale over 10 million.  Who’s going to absorb that inventory?

 

Also, the average price might be over ฿5,000,000 but the median is under ฿3,000,000

 

Seeing that the average price paid by Thai citizens is so much lower than foreigners, I don’t see how all the high priced units will ever be sold.

 

I have zero proof of this and its pure speculation......But it seems to me there has been some mysterious entity mopping up excessive condo inventory for years now to keep the condo building boom going.....They don't buy everything but seem to buy just enough at critical times to keep the condo building fire going....  

Edited August 23, 2021 by redwood1

[OneMoreFarang]

1 hour ago, brianthainess said:

I'd be interested to know, how many foreigners sold their condo and left Thailand. 

And maybe how many tried but nobody wanted to buy it for a reasonable price. 

[Harveyboy]

On 8/22/2021 at 11:49 AM, OneMoreFarang said:

Many people buy condos even before they are built. 

yes true i did bought off plan

[Iron Tongue]

On 8/22/2021 at 7:08 PM, redwood1 said:

I have zero proof of this and its pure speculation......But it seems to me there has been some mysterious entity mopping up excessive condo inventory for years now to keep the condo building boom going.....They don't buy everything but seem to buy just enough at critical times to keep the condo building fire going....  

It happens.  Usually the property developer pulls some shenanagins to help maintain prices and keep-up sales figures.  Excess properties can be moved over to corporate housing until time to sell again and the developer can simply carry the loan to not have it show up on any banking books.

This tried and true method always works... until the bubble bursts!

[impulse]

On 8/22/2021 at 2:52 PM, Airalee said:

Seeing that the average price paid by Thai citizens is so much lower than foreigners, I don’t see how all the high priced units will ever be sold.

Chinese buyers using Thai proxies.