I predicted this 10 years ago, people don't seem to realize that bad economic policy has a cumulative effect, and we must never forget that we went through 10 years of the Prayuth Decimation, where the lowly army literally destroyed the economy on so many different levels.

 

Add to that all the other woes that Thailand is facing including the bloated Thai baht, massive over development by rapacious developers and speculators, and you have a perfect storm. 

This is happening worldwide. Look at the Toronto and Vancouver condo market - tens of thousands of condos on the market and nobody wants to buy them.

 

Population is declining severely, while people kept buying. What could have gone wrong???

22 hours ago, Artisi said:

And how will they handle vacant real estate that's been on the market at a reasonable price for a number of years that cannot be sold? 

Typical Thai approach, blast with a shotgun and then ask who's there. 

Then the price,clearly, is not reasonable as far as the market is concerned.

17 hours ago, norsurin said:

I see that's alot of bars for sell in Pattaya.Why? Because its a loosing money industry.Its a reason why the owners selling.But i guess some stupid foreigners will buy anyway because they're gf/wife said it's good business.

So someone has lots of money to build these ghost houses and they will not sell them cheap, money laundering, drug money has to go somewhere china has been the main supplier of ingredients to make meth. 

Nz has intercepted containers full of the stuff, one container disappeared under customs noses from Onehunga wharf. 

The NZ gangs teamed up with organised Chinese crime and NZ has a massive meth problem, which creates money laundering,the world is full of money laundering at present good documentary on NF

 

14 hours ago, ronnie50 said:

The unasked question is where the money came from to develop these projects in the first place?

 

When I first came to Thailand household debt to GPD was at 20% and now today at 90%.

 

We've all been living in a midst of a debt bubble which seems to have lasted about 20 years (Thailands first and last?). They've nearly hit the ceiling now so the next 20 years will not and can not be like the last 20 years.

 

 

http://www.cps.chula.ac.th/newcps/journalnew/myfilepdf/38_2_12_4.pdf

I recently bought a condo in Bangkok from a motivated seller. Happy with the condo but I agree wih the article that there is the dark cloud of building deterioration due to lack of maintenance fee collection. Going through a major project of replacing the galvanized steal water pipes, management on right track but strong arm tactics required to get all condo owners to pay their share.  Caveat emptor!

23 hours ago, webfact said:

 may threaten the financial stability of lending institutions. 

That would be my biggest concern.

23 hours ago, webfact said:

A staggering 1.64 million homes across Thailand lie empty, creating a huge economic waste valued at 3.45 trillion baht. This figure nearly equals the nation’s yearly budget, according to a Thai Real Estate Research and Valuation Centre (AREA) survey. The "ghost housing" crisis is most severe in Bangkok, with more than 730,000 vacant units largely due to aggressive market speculation.

Going down the same path as China... build build build... but the economy  is holding back buyers.

22 hours ago, mfd101 said:

Um, so, are prices falling - whether for purchase or for rent?

No, that's why they're empty

Buy a condo to live in (or house if you really don't care that your wife's clan will have it eventually).  Your peace of mind and quality of life will be much better than renting, which leaves you at the mercy of an obnoxious landlord or landlady.

 

For property investment, Thailand is not worth it. Even run-down condos are overpriced and leave little room for doing up and flipping.  Rental yields are lousy and the housing market is illiquid and bureaucratic - much better to put that cash in a public company with a decent 5% dividend. 

 

 

24 minutes ago, reflectionx said:

This is happening worldwide. Look at the Toronto and Vancouver condo market - tens of thousands of condos on the market and nobody wants to buy them.

 

Population is declining severely, while people kept buying. What could have gone wrong???

 

My Toronto condo literally dropped 30%.

 

What happened to all the earthquake condos. I'm reading that a lot of them are not being repaired. 

 

Park Origin apparently has no functioning facilities.

5 minutes ago, RandolphGB said:

Your peace of mind and quality of life will be much better than renting and at the mercy of an obnoxious landlord or landlady.

Many people would suggest otherwise but I suppose that is a topic for another day, or thread.

23 hours ago, Artisi said:

And how will they handle vacant real estate that's been on the market at a reasonable price for a number of years that cannot be sold? 

Typical Thai approach, blast with a shotgun and then ask who's there. 

 

The issue is a lot of these greedy companies saw Chinese YEN and buyers and thought it would go on.  The other part is that they bought the land and started but whenthe market went south they were already past the go no go.

 

A simple solution is yes, properties that are valued at 15 million or more should be taxed.

 

This country has gotten strange. I once asked who would rent an apartment or condo for 110K a month and was told this was normal.  Not likely, then you see these new developments that are planning on selling condos for  70MB who can afford that.  

 

If you look outside BKK to Pathum Thani, you can have a condo on the BTS brand new for 2M.

 

Houses outside the city are anywhere from 2 -6 MB.

 

BKK is no different than any other large metropolis in that eventually land prices and housing prices push people out of the city and into the burbs.

 

The solution is to leave everything alone except the tax, and make the tax a good one so that the present lack of cost of vacancy starts to hurt.  

 

The people that are going to get burned are the people that paid fullprice and see the value of their condo fall.

 

 

.

 

Out of the 1.6 million homes, home many are actual completed and with all required paperwork approved? From my condo I have view to 3 condominium with several 100s of room that 1. lack the final documents 2. not completed (Bali Hai Waterfront Residence)

23 hours ago, mfd101 said:

Um, so, are prices falling - whether for purchase or for rent?

Exactly - duh! Economics 101. 

Why would anyone buy a condo in Thailand? 

23 hours ago, mfd101 said:

Um, so, are prices falling - whether for purchase or for rent?

That would be a no.... From what I read the majority of Thai people would rather have them sit there rotting instead of dropping the price

5 minutes ago, Pinot said:

Why would anyone buy a condo in Thailand? 

Curious asks why wouldn't you?

I'm curious how many are genuinely unsold and how many are just a place to hide dirty money?

 

Also, how many aren't sold because foreigners can't buy them legally?  Whether they come with land, or are on the Thai-only allocation.

 

48 minutes ago, TimBKK said:

Your peace of mind and quality of life will be much better than renting and at the mercy of an obnoxious landlord or landlady.

Many people would suggest otherwise but I suppose that is a topic for another day, or thread.

Agree. The renting from a obnoxious landlord or landlady is under the control of the tennant. With abundance of rentals, one can argue that the "obnoxious" tennant has the upper hand. Just saying.

        I'm failing to see how properties sitting empty costs Thailand 3.45 trillion baht.   Spouse and I own a house in Pattaya and a Bangkok condo.  Most of the time the Bangkok condo sits empty as we only use it maybe 6 or 7 times a year.   We always pay the taxes on it and the yearly condo maintenance fees.  What difference does it make if it is sitting empty or we are living in it?   The government collects the same property tax whether the condo is empty or occupied.   By not using it are we preventing a Bangkokian from finding housing?   Hardly.

      I don't like the idea of the government telling me what to do with property I own, especially if I am paying all the expenses associated with the property and I am not delinquent.   And, I especially don't like the idea of having to pay a special penalty if I own a property that is sitting empty.  What next, a penalty if you don't drive your car enough miles each year, thus not buying enough gas to contribute enough money to the economy?  

      Instead of penalizing property owners who may own a vacant property, what needs to be done is a strengthening of and enforcement of the laws dealing with property taxes and property maintenance fees.  If a property project is deteriorating, it matters not a bit what percentage of the project is occupied.   What matters is what percentage of the owners are paying, or not paying, the maintenance fees.   Whether a property is sitting empty or occupied, the property taxes and maintenance fees need to be paid and, if not, a good strong system in place to easily and quickly deal with the problem.  

     Near my Bangkok condo, in center city, is a vacant lot.  The owners have planted a few banana plants so they can claim the land as farm land and be taxed at a lower rate.  Lots of this going on everywhere.  If the government wants to collect 3.45 trillion in lost revenue, it could start with abuses like this, and plenty of other abuses in the tax system.  

    

      

      

On 11/3/2025 at 12:14 PM, webfact said:

Picture courtesy of Thai Rath

 

A staggering 1.64 million homes across Thailand lie empty, creating a huge economic waste valued at 3.45 trillion baht. This figure nearly equals the nation’s yearly budget, according to a Thai Real Estate Research and Valuation Centre (AREA) survey. The "ghost housing" crisis is most severe in Bangkok, with more than 730,000 vacant units largely due to aggressive market speculation.

 

The issue is particularly acute in the condominium market, where the vacancy rate stands at a significant 24.8%. Condominiums make up 58% of all empty homes in Bangkok, with low-cost units especially vulnerable. Condos priced under 500,000 baht have a 21.1% vacancy rate, often leading to quick deterioration due to insufficient maintenance fee collection.

 

Detached houses and townhouses have lower vacancy rates, but the overall excess in housing stock is causing instability. Experts caution that rampant speculation complicates the sale of new developments and may threaten the financial stability of lending institutions. The AREA report estimates the value of these vacant homes at 3.45 trillion baht, a clear economic waste if not properly utilised.

 

Currently, Thai law lacks strong penalties for property owners keeping units vacant. The report proposes a Land and Building Tax to specifically target unoccupied homes as a solution. Such a tax could encourage sales and rentals, increase housing affordability, and stimulate the economy by getting properties back into use, reported The Nation.

 

Bangkok (730,000 units) and the rest of Thailand (900,000 units) share nearly equal numbers of unoccupied homes. Without policy intervention, this vast reserve of idle assets will continue hampering Thailand’s economic potential.

 

Key Takeaways:

 

• Thailand has 1.64 million empty homes valued at 3.45 trillion baht.
• Condominiums in Bangkok have the highest vacancy rates due to speculation.
• A proposed tax on vacant homes could prompt sales and boost the economy.

 

  Adapted by ASEAN Now from The Nation 2025-11-03

 

 

Australia faces a housing shortage. Why not negotiate a migration-friendly upgrade to the Thailand-Australia Free Trade Agreement?

 

On 11/3/2025 at 12:14 PM, webfact said:

Picture courtesy of Thai Rath

 

A staggering 1.64 million homes across Thailand lie empty, creating a huge economic waste valued at 3.45 trillion baht. This figure nearly equals the nation’s yearly budget, according to a Thai Real Estate Research and Valuation Centre (AREA) survey. The "ghost housing" crisis is most severe in Bangkok, with more than 730,000 vacant units largely due to aggressive market speculation.

 

The issue is particularly acute in the condominium market, where the vacancy rate stands at a significant 24.8%. Condominiums make up 58% of all empty homes in Bangkok, with low-cost units especially vulnerable. Condos priced under 500,000 baht have a 21.1% vacancy rate, often leading to quick deterioration due to insufficient maintenance fee collection.

 

Detached houses and townhouses have lower vacancy rates, but the overall excess in housing stock is causing instability. Experts caution that rampant speculation complicates the sale of new developments and may threaten the financial stability of lending institutions. The AREA report estimates the value of these vacant homes at 3.45 trillion baht, a clear economic waste if not properly utilised.

 

Currently, Thai law lacks strong penalties for property owners keeping units vacant. The report proposes a Land and Building Tax to specifically target unoccupied homes as a solution. Such a tax could encourage sales and rentals, increase housing affordability, and stimulate the economy by getting properties back into use, reported The Nation.

 

Bangkok (730,000 units) and the rest of Thailand (900,000 units) share nearly equal numbers of unoccupied homes. Without policy intervention, this vast reserve of idle assets will continue hampering Thailand’s economic potential.

 

Key Takeaways:

 

• Thailand has 1.64 million empty homes valued at 3.45 trillion baht.
• Condominiums in Bangkok have the highest vacancy rates due to speculation.
• A proposed tax on vacant homes could prompt sales and boost the economy.

 

  Adapted by ASEAN Now from The Nation 2025-11-03

 

 

Australia faces a housing shortage. Why not negotiate a migration-friendly upgrade to the Thailand-Australia Free Trade Agreement?

They rather leave their properties empty and decaying rather than lower price to rent or to sell...... really baffling ..... 

Probably its only possible in an artificial market where house values increase at 10-20% each year regardless of market demand or need.... hahahahahaha🤭😂

The Bangkok condo rent is not cheap, average 12000+,  my first condo was 14000, my current condo 20000

Where is the point in Thailand promoting itself as a place for retirement or to invest with a law in place the forbids foreigners to purchase the land a house is built on.

 

 

2 hours ago, Celsius said:

 

My Toronto condo literally dropped 30%.

 

What happened to all the earthquake condos. I'm reading that a lot of them are not being repaired. 

 

Park Origin apparently has no functioning facilities.

 

We have actively rectified our condo's superficial non structural damage since the earthquake, and continue to do so, claimed 90% on insurance. So far we have spent about THB10m on common areas, and about THB13m on units. Luckily we have a very healthy balance sheet, and a significant Sinking Fund. All units are sold, (owned), even if not occupied, so there is no outstanding on Common Area Fee. 

The OP article from the Nation is contrasted by today's blurb from Colliers in the Bangkok Post.

 

I think the Nation article is more believable.

On 11/3/2025 at 8:44 AM, webfact said:

Thailand has 1.64 million empty homes valued at 3.45 trillion baht.

 

They may be valued at 3.45 Trillion but they are not worth anywhere near that.

That's why they are not selling!

Thai house owners would rather leave the houses empty than sell at a loss

Hoping for a price rise in the future 🙏 

29 minutes ago, shackleton said:

Thai house owners would rather leave the houses empty than sell at a loss

Hoping for a price rise in the future 🙏 

      And, nothing wrong with that if they are paying all their taxes and fees on the property.   I never sell a property at a loss, either.