The Bangkok Condo Market in 2016: It's all about Luxury and Foreign Buyers

[seancbk]

Foreign buyers?

How many foreign buyers in Thailand are going to pay that price? Maybe some multinational business and foreign government groups in Krung Thep.

But most of us farang living in Thailand could not afford these prices.

The developers are in la la land.

Foreign buyers. Mainland Chinese multi millionaires, buyers from Hong Kong (Western expats as well as HK Chinese), buyers from Singapore; even buyers from Malaysia are coming here and getting places.

Have you seen the price of property in HK or Singapore?

They can buy a place here for a fraction of the cost in those 2 cities, then they have somewhere for weekend breaks to Bangkok and somewhere their extended family and/or friends can use.

[seancbk]

All major cities in the world are expensive. What is the point? Check out condo prices in Paris.

Paris has great terraces, sidewalks, quality restaurants, musea, viewpoints,climate, canalboats, culture,history, police, firebrigade. They also can't speak english though.

All that you'll have to miss in BKK.

Which all mean absolutely nothing to the average Thai, who is more concerned that there is a good somtum or noodle vendor on the corner of their block.

Let's perpetuate the myth that all Thais just eat Somtam and Noodles off the street.

Wouldn't want to admit that there are rich, well educated, well traveled Thais who enjoy eating in top Western and other non Thai restaurants.

Or that Thais who buy 30 million baht apartments might have maids who cook for them, negating the need for them to sit on the street slurping noodles.

[SoilSpoil]

Foreign buyers?

How many foreign buyers in Thailand are going to pay that price? Maybe some multinational business and foreign government groups in Krung Thep.

But most of us farang living in Thailand could not afford these prices.

The developers are in la la land.

Plenty of wealthy Indians or Chinese who want to buy units here. Bangkok is a paradise compared to places like Delhi or Guangzhou.

[SoilSpoil]

All major cities in the world are expensive. What is the point? Check out condo prices in Paris.

Paris has great terraces, sidewalks, quality restaurants, musea, viewpoints,climate, canalboats, culture,history, police, firebrigade. They also can't speak english though.

All that you'll have to miss in BKK.

Which all mean absolutely nothing to the average Thai, who is more concerned that there is a good somtum or noodle vendor on the corner of their block.

The point is that Paris has much more to offer for the money, hence the high prices there.

And luxury condo's in BKK will have roomservice or at least an inhouse restaurant i would think. Or they will call deliveryservices.

Never believe Thai salespeople, i just don't believe sold out when nothing is built yet, no matter where it is. There are always people buying to sell it with profit, that's happening all over BKK.

There also will be several who sell soon because they can't afford it or just don't like it.

If i wanted to buy a condo downtown i would go for a view and clean air (riverside) and connected to the bts.

Units of this quality will go for at least 4 times the price in Paris, New York or Singapore.

[smutcakes]

All major cities in the world are expensive. What is the point? Check out condo prices in Paris.

Paris has great terraces, sidewalks, quality restaurants, musea, viewpoints,climate, canalboats, culture,history, police, firebrigade. They also can't speak english though.

All that you'll have to miss in BKK.

Which all mean absolutely nothing to the average Thai, who is more concerned that there is a good somtum or noodle vendor on the corner of their block.

The point is that Paris has much more to offer for the money, hence the high prices there.

And luxury condo's in BKK will have roomservice or at least an inhouse restaurant i would think. Or they will call deliveryservices.

Never believe Thai salespeople, i just don't believe sold out when nothing is built yet, no matter where it is. There are always people buying to sell it with profit, that's happening all over BKK.

There also will be several who sell soon because they can't afford it or just don't like it.

If i wanted to buy a condo downtown i would go for a view and clean air (riverside) and connected to the bts.

Luxury Condominium with an in house restuarant

What you describe about people buying to sell, being sold before built etc etc happens in every single country in the World including Paris. Why don't you move to Paris out of interest?

[mcfish]

Foreign buyers?

How many foreign buyers in Thailand are going to pay that price? Maybe some multinational business and foreign government groups in Krung Thep.

But most of us farang living in Thailand could not afford these prices.

The developers are in la la land.

Wow Jim just wow. You didn't think this through did you? Us farang? You think it will fail because it's aimed at us farang living here.. What about wealthy thais and the greater asia region?

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[ffaarraanngg]

ImageUploadedByThaivisa Connect1455477134.479507.jpg

53 stories high [emoji102]

I don't believe that they are almost sold out. It's just a trick to push you into buying one.

And if they are sold they will be for sale again very soon, you'll see.

I see very small balcony's with a glass wall....i wouldn't sit there at night.

I thought the same 5 years ago and building continues evermore.

It was part of the global bubble then riding the wests/Japanese QE wave, and its still a bubble now ... but are there enough forced sellers out there to make property prices crash as imho the BKK property market is for people to hide ill gotten gains.

Its not as if the people can vote for a government to bring in taxes on foreign ownership to enable locals a chance of buying as its a fascist regime.

[ffaarraanngg]

All major cities in the world are expensive. What is the point? Check out condo prices in Paris.

Paris has great terraces, sidewalks, quality restaurants, musea, viewpoints,climate, canalboats, culture,history, police, firebrigade. They also can't speak english though.

All that you'll have to miss in BKK.

Which all mean absolutely nothing to the average Thai, who is more concerned that there is a good somtum or noodle vendor on the corner of their block.

Let's perpetuate the myth that all Thais just eat Somtam and Noodles off the street.

Wouldn't want to admit that there are rich, well educated, well traveled Thais who enjoy eating in top Western and other non Thai restaurants.

Or that Thais who buy 30 million baht apartments might have maids who cook for them, negating the need for them to sit on the street slurping noodles.

He was talking about the average Thai, no need to be so defensive.

Though i'm sure rich Thai you salivate over slurp noodles from street restaurants and don't pee in toilets filled with Chanel no.5

[JimHuaHin]

Foreign buyers?

How many foreign buyers in Thailand are going to pay that price? Maybe some multinational business and foreign government groups in Krung Thep.

But most of us farang living in Thailand could not afford these prices.

The developers are in la la land.

Wow Jim just wow. You didn't think this through did you? Us farang? You think it will fail because it's aimed at us farang living here.. What about wealthy thais and the greater asia region?

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Thanks.

The Heading is ""The Bangkok Condo Market in 2016: It's all about Luxury and Foreign Buyers".

The third line of my comment was "But most of us farang living in Thailand could not afford these prices."

Yes, rich Asians could afford these luxury apartments, as well as "some multinational business and foreign government groups in Krung Thep.", as I wrote, and as other posters have also noted.

But how many Westerns, ie farangs, as the term farang does refer to Anglos, and not Asians, living here could afford these prices?

Thanks again.

[mcfish]

Foreign buyers?

How many foreign buyers in Thailand are going to pay that price? Maybe some multinational business and foreign government groups in Krung Thep.

But most of us farang living in Thailand could not afford these prices.

The developers are in la la land.

Wow Jim just wow. You didn't think this through did you? Us farang? You think it will fail because it's aimed at us farang living here.. What about wealthy thais and the greater asia region?

Sent from my SC-01D using Tapatalk

Thanks.

The Heading is ""The Bangkok Condo Market in 2016: It's all about Luxury and Foreign Buyers".

The third line of my comment was "But most of us farang living in Thailand could not afford these prices."

Yes, rich Asians could afford these luxury apartments, as well as "some multinational business and foreign government groups in Krung Thep.", as I wrote, and as other posters have also noted.

But how many Westerns, ie farangs, as the term farang does refer to Anglos, and not Asians, living here could afford these prices?

Thanks again.

Where did you read westerner?

" As such, large developers have been focusing on foreign buyers instead, taking launches on roadshows to Hong Kong, Singapore, China and Malaysia, in order to target wealthy investors who fancy a slice of the Bangkok "

Now if you changed that to your own version of westerners then you shouldn't have said the developers are in "LA la" land. Because quite simply they are not targeting farang here.

Your explanation doesn't add up

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Edited February 15, 2016 by mcfish

[samran]

Look at these homes for sale in Phoenix, Arizona, USA as an example. They appear to cost about 1/2 what the OP units cost and they include the land which you'd actually own.

LINK

They are also outfitted with first world amenities such as garages and openers, central heat and aircon, fully Western kitchens and bathrooms, construction and insulation up to code and inspected during construction...

Foreigners can own these houses. No wonder more Americans who have a couple of dollars to rub together don't move to Thailand.

"Rent, don't buy in Thailand."

Cheers.

I've always been rather fond of Spokane...

[Cinderella Man]

I went to look into Nimit Langsuan

THB 26,500,000 & Up and was shocked as the construction just started near where I live now and I find out that out of 180 units being built only 10 are left , everything else is already pre sold . Amazing how hot top residential condos are now and how they are snapped up even before built . This building will be finished in 2018 but is weeks away from being sold out and then one must buy from someone who already bought and pay even more of a premium . I watched same thing happen at the 185 building a few blocks away . Location location

ImageUploadedByThaivisa Connect1455476943.595843.jpg

i think its true they did sell quite a number of the units very quickly. The developer is well regarded and the location (freehold just off Langsuan) was a big selling point. Also they launched the project last year when the market was still ok. I suspect, as is normal, the developer will have held back a number of units hoping to sell nearer completion at higher prices. my sense is the market for top-end condos has got quite alot tougher since they launched (and largly pre-sold) this project. The economy is quite poor and the market is getting saturated, i suspect that projects launching this year in this price range will struggle to sell as easily. I have heard that Q Sukhumvit (next to Nana BTS) is really struggling to make sales; not really a surprise as 300000 bt plus psm looks rich for that area.

Q House is a very bad investment - right opposite is The Address Asoke which is cheaper and better in every single point. I visited both.

[seancbk]

Which all mean absolutely nothing to the average Thai, who is more concerned that there is a good somtum or noodle vendor on the corner of their block.

Let's perpetuate the myth that all Thais just eat Somtam and Noodles off the street.

Wouldn't want to admit that there are rich, well educated, well traveled Thais who enjoy eating in top Western and other non Thai restaurants.

Or that Thais who buy 30 million baht apartments might have maids who cook for them, negating the need for them to sit on the street slurping noodles.

He was talking about the average Thai, no need to be so defensive.

Though i'm sure rich Thai you salivate over slurp noodles from street restaurants and don't pee in toilets filled with Chanel no.5

Yes I knew he was, except the Average Thai is not buying luxury condos in Bangkok.

The average middle class Thai might be buying the small (4 to 6 million baht) units that are popping up but the market for the 20 million and up luxury segment is definitely not the average Thai.

[smutcakes]

I went to look into Nimit Langsuan

THB 26,500,000 & Up and was shocked as the construction just started near where I live now and I find out that out of 180 units being built only 10 are left , everything else is already pre sold . Amazing how hot top residential condos are now and how they are snapped up even before built . This building will be finished in 2018 but is weeks away from being sold out and then one must buy from someone who already bought and pay even more of a premium . I watched same thing happen at the 185 building a few blocks away . Location location

ImageUploadedByThaivisa Connect1455476943.595843.jpg

i think its true they did sell quite a number of the units very quickly. The developer is well regarded and the location (freehold just off Langsuan) was a big selling point. Also they launched the project last year when the market was still ok. I suspect, as is normal, the developer will have held back a number of units hoping to sell nearer completion at higher prices. my sense is the market for top-end condos has got quite alot tougher since they launched (and largly pre-sold) this project. The economy is quite poor and the market is getting saturated, i suspect that projects launching this year in this price range will struggle to sell as easily. I have heard that Q Sukhumvit (next to Nana BTS) is really struggling to make sales; not really a surprise as 300000 bt plus psm looks rich for that area.

Q House is a very bad investment - right opposite is The Address Asoke which is cheaper and better in every single point. I visited both.

The Address Asoke is on Petchburi/Ratchada junction, Q House refferred to in the post above is directly onto Nana BTS, about 2 km away. I am not sure which Address you are referrring to.

The Q House he refers to is overpriced, and I am not sure people who can pay that price really want to live there, whether they are Farang or Local. There is no more around Nana BTS than there is around many other BTS stations, other than places ike Soi Nana, which is not going to positively influence local purchasers.

There are a number of Q House developments.

Edited February 15, 2016 by smutcakes

[djlest]

I keep getting SMS sent to me for 45 million baht condos LOL - only 12 years ago these same build qualities were not going for much more than 5 million.
What muppet in their right minds wants to pay 1.5 million dollars for a crappy Bangkok condo in Sin City... when they could live in Beverly Hills or London and buy a private house with swimming pool and own the actual land.
CRAZY

[smutcakes]

I keep getting SMS sent to me for 45 million baht condos LOL - only 12 years ago these same build qualities were not going for much more than 5 million.

What muppet in their right minds wants to pay 1.5 million dollars for a crappy Bangkok condo in Sin City... when they could live in Beverly Hills or London and buy a private house with swimming pool and own the actual land.

CRAZY

Perhaps a muppet who wants to live in Bangkok rather than Beverly Hills or London.

You could not pay me to live in either of those place. Yes for a weeks holiday, but to live no thanks.

In addition you would not get a private house with swimming pool in London at least for that amount, well not anywhere centrally which if you are comparing apple to apple that is what it is. If you want a house in central London with a swimming pool, you are probably looking at least 15 times that amount.

Perhaps you could also brief us on the build qualities you refer to?

[mcfish]

I keep getting SMS sent to me for 45 million baht condos LOL - only 12 years ago these same build qualities were not going for much more than 5 million.

What muppet in their right minds wants to pay 1.5 million dollars for a crappy Bangkok condo in Sin City... when they could live in Beverly Hills or London and buy a private house with swimming pool and own the actual land.

CRAZY

Another one who feels the need to weigh in with zero research. A private house with a pool smack in the center of London for 1.5 mill? Maybe an aging terrace house not big enough for 2 fat people .

How can you compare that with a new luxury condo in the best city in the world, you chose to live here right..

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[Lumbini]

You nailed it mcfish .... Really how could one compare ! The property I posted is possibly the top location in the city and anything close to same specs in LA , London or NewYork with that prime location would be possibly 5 to 10 times that price so not only is it a deal but an amazing investment . If you bought two and sold one in 5 years the sale of the one could possibly pay for both . Also assessments and taxes here living in that building compared to cities I just mentioned is a fraction of the cost .

Things are changing in Bangkok and it looks like many of those who came here long time ago because things were cheaper than the west are not happy because things are no longer dirt cheap . The luxury car market is booming here also and the 380% tax does not seem to bother the new young and very wealthy [emoji765]

Edited February 15, 2016 by Lumbini

[Lumbini]

The developer Pace that is building the almost sold out Nimit building is just finishing now another little building they started a little while back . The Pace development company is state of the art by any standard .

[mcfish]

You nailed it mcfish .... Really how could one compare ! The property I posted is possibly the top location in the city and anything close to same specs in LA , London or NewYork with that prime location would be possibly 5 to 10 times that price so not only is it a deal but an amazing investment . If you bought two and sold one in 5 years the sale of the one could possibly pay for both . Also assessments and taxes here living in that building compared to cities I just mentioned is a fraction of the cost .

Things are changing in Bangkok and it looks like many of those who came here long time ago because things were cheaper than the west are not happy because things are no longer dirt cheap . The luxury car market is booming here also and the 380% tax does not seem to bother the new young and very wealthy [emoji765]

Fact is a lot of renters sitting on the fence while waiting for the baht to collapse and the condo bubble to burst have now priced themselves out of the market and are stuck. don't get me wrong I love renters as a land Lord the more the better I say as long as it's not me.

Each to their own and if they want to rent then rent but don't make it sound like it's some sort of special club leading to amazing fortunes

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Edited February 15, 2016 by mcfish

[papayasalad]

for 50 dollars a night I can get a 5 stars hotel. why buy?

[smutcakes]

for 50 dollars a night I can get a 5 stars hotel. why buy?

Because presumably we are talking about people who live and work here, or who spend extended amounts of time here.

Can you show me a 5 star hotel at 50 dollars a night?

[ffaarraanngg]

I keep getting SMS sent to me for 45 million baht condos LOL - only 12 years ago these same build qualities were not going for much more than 5 million.

What muppet in their right minds wants to pay 1.5 million dollars for a crappy Bangkok condo in Sin City... when they could live in Beverly Hills or London and buy a private house with swimming pool and own the actual land.

CRAZY

Perhaps a muppet who wants to live in Bangkok rather than Beverly Hills or London.

You could not pay me to live in either of those place. Yes for a weeks holiday, but to live no thanks.

In addition you would not get a private house with swimming pool in London at least for that amount, well not anywhere centrally which if you are comparing apple to apple that is what it is. If you want a house in central London with a swimming pool, you are probably looking at least 15 times that amount.

Perhaps you could also brief us on the build qualities you refer to?

Oh yes London is just an absolute bargain, 1.5million USD gets you sod all in London.

BKK offers far greater value for money.

Anyone who says buy in London no is a fckn idi0t.

[papayasalad]

just need to bargain with hotel manager . if you take a month in a 5 star hotel you will pay less than 50 dollars a night. this is what Airlines do when they send their crew.

Edited February 15, 2016 by papayasalad

[berybert]

You nailed it mcfish .... Really how could one compare ! The property I posted is possibly the top location in the city and anything close to same specs in LA , London or NewYork with that prime location would be possibly 5 to 10 times that price so not only is it a deal but an amazing investment . If you bought two and sold one in 5 years the sale of the one could possibly pay for both . Also assessments and taxes here living in that building compared to cities I just mentioned is a fraction of the cost .

Things are changing in Bangkok and it looks like many of those who came here long time ago because things were cheaper than the west are not happy because things are no longer dirt cheap . The luxury car market is booming here also and the 380% tax does not seem to bother the new young and very wealthy [emoji765]

Fact is a lot of renters sitting on the fence while waiting for the baht to collapse and the condo bubble to burst have now priced themselves out of the market and are stuck. don't get me wrong I love renters as a land Lord the more the better I say as long as it's not me.

Each to their own and if they want to rent then rent but don't make it sound like it's some sort of special club leading to amazing fortunes

Sent from my SC-01D using Tapatalk

I own a house in London which I rent out, and rent a place in Bangkok. My London house is rising in value by about a million baht a year, the place I rent in Bangkok rises very little.

I think I shall stick to renting here in Bangkok.

[mcfish]

You nailed it mcfish .... Really how could one compare ! The property I posted is possibly the top location in the city and anything close to same specs in LA , London or NewYork with that prime location would be possibly 5 to 10 times that price so not only is it a deal but an amazing investment . If you bought two and sold one in 5 years the sale of the one could possibly pay for both . Also assessments and taxes here living in that building compared to cities I just mentioned is a fraction of the cost .

Things are changing in Bangkok and it looks like many of those who came here long time ago because things were cheaper than the west are not happy because things are no longer dirt cheap . The luxury car market is booming here also and the 380% tax does not seem to bother the new young and very wealthy [emoji765]

Fact is a lot of renters sitting on the fence while waiting for the baht to collapse and the condo bubble to burst have now priced themselves out of the market and are stuck. don't get me wrong I love renters as a land Lord the more the better I say as long as it's not me.

Each to their own and if they want to rent then rent but don't make it sound like it's some sort of special club leading to amazing fortunes

Sent from my SC-01D using Tapatalk

I own a house in London which I rent out, and rent a place in Bangkok. My London house is rising in value by about a million baht a year, the place I rent in Bangkok rises very little.

I think I shall stick to renting here in Bangkok.

So the property you're not vested in hasn't risen in value and the one you worked a life time for has.

Well done but it's a bit child like to conclude a city has poor property growth based on the one condo that you rent in it.

Nice post [emoji1]

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[berybert]

You nailed it mcfish .... Really how could one compare ! The property I posted is possibly the top location in the city and anything close to same specs in LA , London or NewYork with that prime location would be possibly 5 to 10 times that price so not only is it a deal but an amazing investment . If you bought two and sold one in 5 years the sale of the one could possibly pay for both . Also assessments and taxes here living in that building compared to cities I just mentioned is a fraction of the cost .

Things are changing in Bangkok and it looks like many of those who came here long time ago because things were cheaper than the west are not happy because things are no longer dirt cheap . The luxury car market is booming here also and the 380% tax does not seem to bother the new young and very wealthy [emoji765]

Fact is a lot of renters sitting on the fence while waiting for the baht to collapse and the condo bubble to burst have now priced themselves out of the market and are stuck. don't get me wrong I love renters as a land Lord the more the better I say as long as it's not me.

Each to their own and if they want to rent then rent but don't make it sound like it's some sort of special club leading to amazing fortunes

Sent from my SC-01D using Tapatalk

I own a house in London which I rent out, and rent a place in Bangkok. My London house is rising in value by about a million baht a year, the place I rent in Bangkok rises very little.

I think I shall stick to renting here in Bangkok.

So the property you're not vested in hasn't risen in value and the one you worked a life time for has.

Well done but it's a bit child like to conclude a city has poor property growth based on the one condo that you rent in it.

Nice post [emoji1]

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Very child like. No need to use statistics or mumbo jumbo to try and prove otherwise.

[Naam]

Look at these homes for sale in Phoenix, Arizona, USA as an example. They appear to cost about 1/2 what the OP units cost and they include the land which you'd actually own.

LINK

They are also outfitted with first world amenities such as garages and openers, central heat and aircon, fully Western kitchens and bathrooms, construction and insulation up to code and inspected during construction...

Foreigners can own these houses. No wonder more Americans who have a couple of dollars to rub together don't move to Thailand.

"Rent, don't buy in Thailand."

Cheers.

what could I have been thinking. thank god I read your posting. screw bangkok I'm moving to Phoenix. one should also consider the bayous in Louisiana. land doesn't need irrigation, fish or shoot gators from your porch for breakfast, lunch and supper...

property prices in Sleepy Hollow, Wyoming are much more affordable than Bangkok or Phoenix.

[Jim walker]

I sold my nice 2 bedroom condo in Pattaya last year and with my repatriated funds bought a three bedroom bungalow in a rural village in Scotland, think I will give Thailand a miss for buying again as it was a lot of hassle getting the foreigners allocation and I had to buy off plan to be able to put the condo and get a title deed in my name, will just stick to renting in Bangkok until I can get a real bargain, then might consider but with all the problems regarding visas and property ownership might consider another city in Asia for a holiday home.

[Lumbini]

"Bangkok condos in the luxury segment are attractive to foreign buyers as prices remain lower than in nearby countries while Thailand is a hub for medical and health tourism," said chief executive Kitti Thanakitamnuay.

According to property consultants Colliers International Thailand and Knight Frank Chartered (Thailand), the average selling price of a luxury condo in Bangkok was US$7,015 per square metre, compared with $15,551 in Singapore, $30,218 in Hong Kong, $15,013 in Taipei and $13,480 in Shanghai.

http://property.bangkokpost.com/news/882572/noble-to-launch-4-projects-worth-b12bn

Edited March 2, 2016 by Lumbini