The greatest mass of unsold condos is in Bangkok! The housing crisis issue will become a financial disaster in coming years as housing units for sale now are estimated to be 7x the number of buyers looking. The unfettered building of cheap, nasty condos has resulted in a glut of vacant units. The situation is exacerbated by the government's fervored crackdown on nominee companies, the idiot law regarding 51% Thai ownership, and by the fact that Thais traditionally are connected to the land and are generally not interested in buying condos. Many buildings never get full occupancy and the owners base profit margins on the 49% plus. Also, as these buildings are hastily thrown up attempting quick profits, low building quality, means deterioration of the product in a shorter time. Prices will plumet, a bargain may be had, but good luck trying to sell later. Developers (the Elite?) will be hurting and may put pressure on government to amend the strict conditions. Various crackdowns by government with a tightening of visa rules, banks refusing service unless investors meet strict criteria and of course the tax man in for a grab at retirement funds, means many foreigners are now loath to commit to Thailand. Laughingly, they espouse catering to the very rich as long term residents while putting up barriers against the huge investment potential of the masses in the middle. No wonder countries like Vietnam and Malaysia are now attracting more expats. The Senator is stating some obvious solutions if they want to make a start on halting the financial decline on what was once an Asian powerhouse. I doubt the old guard will listen.
