by kevinyeo | Jul 31, 2020 | Bangkok Property Market Updates, Investment Analysis
There has been a sharp decline in the number of new condominium projects in Bangkok in the second quarter of 2020, according to a Colliers International Thailand survey.
The survey said only five projects were launched in the Bangkok area, offering 1,206 condo units worth THB 2.6 billion, 79.5 percent lesser than the 4,674 units in the previous quarter. The net supply of condo units in Bangkok in the first six months of 2020 was only 7,086, 61.9 percent lower than the 11,499 units in the same period last year.
The survey also revealed that the investment value in the condo market in the second quarter also dropped by THB 13.62 billion year on year. It estimated that the total condo supply in 2020 might not exceed 25,000 units, which could be the lowest in the last 10 years.
Colliers International said the reason behind this trend is that major developers are reducing the construction of new condominiums and switching to horizontal projects in rural areas, especially in the Eastern Economic Corridor.
“Many companies also revealed that they will not introduce new projects this year in order to dispose of unsold units in finished condo projects,” said the company.
“Furthermore, the current economic recession due to the impact of the Covid-19 outbreak is not a suitable moment to debut a new project.”
by kevinyeo | Jul 22, 2020 | Questions and Answers
Question: Can I Will My Uncompleted Property?
You do not yet own the Bangkok condominium when the property is not yet completed. The property is held under a master title until it is completed and the developer has applied to the land department for individual condominium titles for the owners. You can only make a will on the property title deed thus you will need to first wait for the property to be completed and title handed over to you.
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by kevinyeo | Jul 21, 2020 | Questions and Answers
Questions: Are The Local Thais Buying Properties For Investment In Bangkok?
Answer: Yes. The local Thais do buy properties for investment in Bangkok. There are many wealthy Thais who park their wealth in properties as a hedge against inflation. In some high-end condominiums, you might be surprised that more than half of the owners are actually the Thais, contrary to popular belief that the high-end condominiums in Bangkok are all being bought by the rich Chinese.
Got a question? Reach us at [email protected] / [email protected]
by Daryl Lum | Jul 2, 2020 | Bangkok Property Market Updates
Thailand has eased a ban on international passenger flights into the country on the 1st of July 2020. It had earlier imposed the ban on the 4th of April.
The Civil Aviation Authority of Thailand will permit international passenger flights to operate into Thailand carrying 11 permitted categories of passengers:
- Thai nationals
- Persons with an exemption or persons being considered, permitted or invited by the Prime Minister, or the head of responsible persons accountable for resolving state of emergency issues to enter the Kingdom, as necessary. Such consideration, permission or invitation may be subject to specified conditions and time limits.
- Non-Thai nationals who are a spouse, parents, or children of a Thai national.
- Non-Thai nationals who hold a valid certificate of residence, or permission to take up residence in the Kingdom
- Non-Thai nationals who hold a valid work permit or are allowed to work in the Kingdom, including their spouse or children.
- Carriers of necessary goods, subject to immediate return after completion.
- Crew members who are required to travel into the Kingdom on a mission, and have a specified date and time for return.
- Non-Thai nationals who are students of educational institutions approved by Thai authorities, including the parents or guardians of the students.
- Non-Thai nationals who are in need of medical treatment in Thailand, and their attendants. However, this shall not include medical treatment for COVID–19.
- Individuals in diplomatic missions, consular affairs, international organisations, government representatives, foreign government agencies working in Thailand, or individual in other international agencies as permitted by the Ministry of Foreign Affairs, including their spouse, parents, or children.
- Non-Thai nationals who are permitted to enter the Kingdom under a special arrangement with a foreign country.
