Thai Housing Market Starts Seeing Recovery

[webfact]

 

by Paul Rujopakarn

    

BANGKOK (NNT) - The Thai housing market this year is showing signs of recovery in both horizontal and condominium properties amid an improving pandemic situation.

 

According to the Economic Intelligence Center (EIC), the transfer rates of property ownership for single or twin houses in Bangkok and its vicinity from January to February saw noticeable improvement. However, rates for condominium units continued to contract.

 

The property ownership transfer rate is a key indication of housing market activity. More new housing units still appeared in the first four months of this year for both single-family homes and condominiums, a welcome development since the downturn began in 2019.

 

The overall housing market in remote provinces also improved, but is still being held back by the limited purchasing power of domestic customers as well as the fluctuating purchasing power of foreign customers. The transfer rate of housing ownership in remote provinces has seen an uptick, while still falling far short of pre-pandemic levels.

 

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The EIC projected that the horizontal housing market still has room for growth this year, due to demand from middle-income earners who have been affected by the economic slowdown. It also noted that the pandemic drove customers to purchase more spacious homes, leading to better performance in the single-house market.

 

Similarly, twin houses rose in popularity among middle-income earners who prioritize values, function and additional spaces.

 

Townhouses have also been grabbing the attention of those who want privacy but cannot afford single or twin houses.

 

Additionally, the EIC said the condominium segment is showing indications of recovery as more existing units find buyers, delayed projects resume construction, and new projects are initiated.

 

-- © Copyright NNT 2022-06-02

 

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[ozz1]

Brought to you by the real estate services Thailand

[John Drake]

About a year ago in the village, a wonderful large old house was destroyed so that new owners could start constructing a four story apartment building. Construction stalled out about four months ago for lack of funds. Now, a skeletal eyesore sits two streets over from me. Recovery, yea.

[mikebell]

21 hours ago, webfact said:

the fluctuating purchasing power of foreign customers.

They have none here when 'buying' a house. Archaic property owning laws are good news for Malaysia in attracting long-term ex-pats.  Think of the benefit of ONE expat who imports his annual pension to Thailand versus the two hundred Indian tourists flocking to Pattaya.

[Iamfalang]

21 hours ago, webfact said:

The Thai housing market

started laughing.  there is no "market."  Opaque as dried mud on a rock inside a brick wrapped around a black hole.  

[BritManToo]

22 hours ago, webfact said:

The Thai housing market this year is showing signs of recovery in both horizontal and condominium properties amid an improving pandemic situation.

Seems unlikely.

Half the population unemployed, no tourists, and the government still wants to continue the Thai pass and insurance scam.

Edited June 3, 2022 by BritManToo

[sungod]

2 hours ago, mikebell said:

They have none here when 'buying' a house. Archaic property owning laws are good news for Malaysia in attracting long-term ex-pats.  Think of the benefit of ONE expat who imports his annual pension to Thailand versus the two hundred Indian tourists flocking to Pattaya.

Yep, Indians win hands down

 

200 spending 2000 THB a day (including hotels) for 1 week each is 2.8million baht. 

 

Old age pension, 185 quid a week, just over 400,000 THB a year.

[vinci]

it is because of covid and not about recovery, cheaper outside maybe, but Bangkok is red hot because there are no land left and the price will keep going up, if you want a piece of heaven you going pay the price.

[mania]

44 minutes ago, vinci said:

 if you want a piece of heaven you going pay the price.

I thought we were talking about Bangkok?

[metisdead]

Some troll posts have been removed.

[mikebell]

21 hours ago, sungod said:

Yep, Indians win hands down

 

200 spending 2000 THB a day (including hotels) for 1 week each is 2.8million baht. 

 

Old age pension, 185 quid a week, just over 400,000 THB a year.

2000 THB a day! I watched 4 in a Go-Go bar order two bottles of water.  When two were asked to leave, the 4 shared the water on a smoking outside/drinking inside shift system.  Very few pensioners exist solely on UK state pension but have other sources of income.

[sungod]

3 hours ago, mikebell said:

2000 THB a day! I watched 4 in a Go-Go bar order two bottles of water.  When two were asked to leave, the 4 shared the water on a smoking outside/drinking inside shift system.  Very few pensioners exist solely on UK state pension but have other sources of income.

Conversely I've watched a group of 8 buy ladies drinks all night then each take a girl home. Thats a expensive night out. Cheap skates everywhere, just look at some of the farang creatures on soi boukhao doing little more than existing.

 

As with regards to state pensions, most seems to be surviving off them, at least thats what we are led to believe with the countless threads of UK pensioners moaning about no increases!

[zzaa09]

To be expected, such stories are deluded city slicker centric [BKK in particular] which has little to do with the real market values/worth of property and housing within most of the country. 

[jacko45k]

20 hours ago, sungod said:

As with regards to state pensions, most seems to be surviving off them, at least thats what we are led to believe with the countless threads of UK pensioners moaning about no increases!

I do not know anybody here who lives solely off a UK state pension. Most have second  pensions (some quite generous) and others have rental income or savings. Doesn't stop any of them complaining of no pension increases, and why should it? 

 

I too have seen the odd group of Indians spending quite well, but I have to say that has been a minority. They often seem to think they have a right to enter, stand and gawp, and decline invitations to sit and order. Saw one manhandled out after repeatedly refusing to sit or order... and rightly so! Farangs often take a tour, walking through a place .... because a single beer is quite pricey. I just don't want to see the day everyone is required to pay an entrance fee... 

[mikebell]

21 hours ago, sungod said:

the countless threads of UK pensioners moaning about no increases!

My MONTHLY State pension is 350 UKP; I complain because it is not FAIR. Over the last 20 years I've managed to buy (not own) a 4 million baht house; a new car every three years; put two stepdaughters through College; take my adoptive family on 'exotic' holidays to UK/US/Sri Lanka/Vietnam/Laos/Cambodia; supported many local restaurants/companies.  If Thailand encouraged lots more sunseekers like me, they would not be so dependent on all those people currently donating gold necklaces to Pattaya residents.

[BritManToo]

21 hours ago, sungod said:

Conversely I've watched a group of 8 buy ladies drinks all night then each take a girl home. Thats a expensive night out. Cheap skates everywhere, just look at some of the farang creatures on soi boukhao doing little more than existing.

Most people in the world do little more than exist.

Why do you think white guys should be different.

At 66 years old, I'm happy to still exist.

 

back to the OP ......... Housing market recovering ...... Only in the minds of the property shills.

I actually think the housing market (everywhere) will be taking a leap off a cliff all over the world. Inflation 10%-20% worldwide, wages and employment down, nobody will be moving home in the next 5-10 years.

Edited June 5, 2022 by BritManToo

[BritManToo]

13 minutes ago, mikebell said:

My MONTHLY State pension is 350 UKP

Off topic,

I'm OK with may state pension of 730 quid/4 weeks.

Never tell your government where you are or what you are doing.

 

On topic,

Obviously I won't be buying a penthouse in Bangkok on that.

Bangkok property shills won't be seeing a housing recovery from my income.

Edited June 5, 2022 by BritManToo

[Thailand]

7 minutes ago, BritManToo said:

Off topic,

I'm OK with may state pension of 730 quid/4 weeks.

Never tell your government where you are or what you are doing.

 

On topic,

Obviously I won't be buying a penthouse in Bangkok on that.

Bangkok property shills won't be seeing a housing recovery from my income.

Staying off topic. HMPO do know where I am and thanks to them I was contacted by an insurance company last year regarding a "pension" that I had forgotten about and considered worthless.

As it happens it wasn't.