Property market shows signs of recovery but pandemic effects still linger

[webfact]

 

By Panithan Onthaworn and Cod Satrusayang

 

Thailand’s property market showed signs of recovery after two years of Covid-impacted earnings with several of the country’s top developers predicting a better fiscal year 2022 after a lacklustre 2021.

 

That said, the sector is still feeling the impact of the pandemic which has affected cashflow, customer credit, and has been a barrier to overseas investment.

 

“The most notable absence in the Thai property market is the lack of Chinese investors in condos and luxury condos,” said a source at Sansiri PLC.

 

Full story: https://www.thaienquirer.com/38033/property-market-shows-signs-of-recovery-but-pandemic-effects-still-linger/

 

-- © Copyright Thai Enquirer 2022-03-01

 

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[worgeordie]

What are the signs of recovery ...then. Wishful thinking

regards worgeordie

[sammieuk1]

The lack of Chinese investors in condos is a covid gift that is still giving happy days ????

[JimHuaHin]

Recovery?  Where?  Data please.  Here in Hua Hin, I am still seeing some massively overpriced properties for sale; some of which have been on the market at the same price for 3+ years.

[Pattaya Spotter]

 

 

3 hours ago, webfact said:

Thailand’s property market showed signs of recovery after two years of Covid-impacted earnings with ...developers predicting a better ...2022 after a lacklustre 2021.

With Chinese and Russian buyers both out...that's quite a feat.

[1duckyboy]

17 minutes ago, Pattaya Spotter said:

 

 

With Chinese and Russian buyers both out...that's quite a feat.

 I foresee a flood of Russian owned condos put on the market in Jomtien. 

[Laughing Gravy]

3 hours ago, webfact said:

Thailand’s property market showed signs of recovery after two years of Covid-impacted earnings with several of the country’s top developers predicting a better fiscal year 2022 after a lacklustre 2021.

Totally misleading article and headline when the crux of the message is that it is predicted by the top developers.

 

Sacks of desperation once again.

 

I can't wait to see next weeks 'hopium" headline.

[spidermike007]

Total PR nonsense. Completely fake news. One has to be careful when listening to hucksters.

 

The pain will be felt for many years to come. I anticipate condo prices to drop by half. 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.

 

A close friend of mine told me that his girlfriend works as a senior level manager for one of Thailand's biggest developers. She told him that they have reduced their building by 90% of what it was pre-Covid, which was around 100 developments a year. She said they cannot sell, lease or rent anything (residential or commercial) at this time, at a price point that makes sense. 

 

That is closer to the reality here, right now in March 2022.

[Pattaya Spotter]

35 minutes ago, 1duckyboy said:

 I foresee a flood of Russian owned condos put on the market in Jomtien. 

Agree...Russians won't be doing much international travel in the near future as their "rubble" won't be worth much, and many may be looking to sell foreign assets for hard currency.

[IAMHERE]

I can agree that some condos would be sold by the Russians for hard currency but wonder without SWIFT how they'll get that hard currency back to Russia. Of course, some will find a way.

 

[berrec]

1 hour ago, JimHuaHin said:

Recovery?  Where?  Data please.  Here in Hua Hin, I am still seeing some massively overpriced properties for sale; some of which have been on the market at the same price for 3+ years.

Many thanks, been looking for some time to move to Hua Hin from BKK.

 

<deleted> me, the overpriced properties in Hua Hin are as crazy as BKK prices these days.

 

Surely, they are delusional about selling at the list prices I see in Hua Hin agents' listings, or are there so many rich loonies out there that would pay these over the top prices.

 

Guess, it comes down to supply and demand and who has deep pockets. 

[jcmj]

There are wealthy Thais still buying 2nd homes, but that is a drop in the bucket for most condos. Most other people that buy will be looking for Big discounts. Way to many condos on the market as it is. It’ll take many years before it even starts to get close to what it used to be, if ever.