Answered5 years ago
How is the condo market in Bangkok affected by rising COVID cases and lockdowns?
With the still rising covid cases / more lockdown , how is this affecting the condo market in Bangkok ? For relatively new units, is the price decreasing? Are there any good websites / news to follow to get a sense of the property market there ?
Answer summary
The Bangkok condo market is experiencing stagnant prices despite rising COVID-19 cases and lockdowns. Users report that many condos are still listed at prices similar to those from three years ago, with little movement in transactions. The market primarily caters to foreign buyers, but locals are reportedly not interested in purchasing second-hand properties, leading to a disconnect between asking prices and actual market conditions. Additionally, there are significant discounts available for rentals compared to pre-COVID prices, yet many properties remain unoccupied as sellers are hesitant to negotiate.
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Rollo ************************
You will come to find that most Thai’s don’t have the common sense that God gave man!!! These people like most Asians grew up poor so they only see dollar signs 🤑 in their eyes especially when they see foreigners in their get rich quick minds 😝 They don’t know how to 🧠 think!!! 😂 😂 😂 Prices are not reflecting the market or job losses— 🤷🏾♂️ They would rather their properties sit empty than be occupied. They don’t believe in negotiation. If you say the wrong price just like in hiring, they will not negotiate, they will simply not call you or walk away— 😂
John ********
Fazwaz
Peter *********
Lots of deals to be done especially on rentals-
*****
% discount on pre- Covid pricesBobby ********
Peter Barrett. And in twelve months time they'll be another 20% lower.
Andrew ********
Prices same as before. Strange mentality here. They just sit empty for years and years.
Helio *****
@Andrew *******
too much money...Bobby ********
Beats me why any foreigner would want to buy airspace in a country ruled by a military junta.
Sam *********
Even so, you could certainly lose $$$. Political/social climate is something worth taking stock in.
Bobby ********
Mogens Nygaard. The view is great from up here. I see silly farangs buying condos in half-empty buildings for overinflated prices, which will take years to show a profit, because most condos are empty. Great investment opportunity! I've got a better one. Buy a bar, because the prices are low, and they're sure to go up when things get back to normal next year (or is that the year after? Or the year after that?)
Josh ***********
OPIf one is a foreigner, why would they concern themselves with the politics of another country ? A country should handle it's own internal affairs.
Josh ***********
OPagreed, i wasn't sure at first if he was judging a risk or just trying to criticize the political system 😁😃
Bobby ********
Josh Weinstein. The political system is what it is, and people can run with it if they're confident. For the best part of 18 months many condo owners couldn't even get back into the country, and what's to say in view of the escalating covid figures, the doors aren't slammed shut again? If someone has plenty of money that they can "invest" in airspace and then perhaps be cut off from it for God knows how long, it's their call. More condos are being built at the moment whilst others sit half-empty with many owners too embarrassed to reduce their rents. Since covid I've been paying substantially lower rent in Bangkok than I was eight years ago. To me, that does not represent a good return on an investment. But as always, it's each to their own
Sam *********
right, but being reticent or having concerns about investing your money in a country because of the political climate is very different than being actively involved. If your money/assets have the potential to be affected by current political landscape, it would be foolhardy not to take it into consideration
Bobby ********
Jamie Wall. Exactly. Most probably making a loss.
Jamie ******
@Sam ********
Investing or spending? Buying a condo is spending, no chance of making a profit.Steven ***************
@Sam ********
you mean like the USA that triggered the GFC due to lack of government regulation over finance and real estate??
Kuan ******
Don’t feel the prices have moved .. in fact if u check per condo - they are still advertising the same price per unit like 3years ago…. Nothing moves.
The condo market is all foreigners .. and the unrealistic n uninformed property agents are clueless on what is ‘market price’.
Thais don’t buy second hand so only foreigners will pay for the ridiculous prices advertised which if u compare to other countries is still considered cheap but is ridiculous to the locals.
The condo market is all foreigners .. and the unrealistic n uninformed property agents are clueless on what is ‘market price’.
Thais don’t buy second hand so only foreigners will pay for the ridiculous prices advertised which if u compare to other countries is still considered cheap but is ridiculous to the locals.
Steven ***************
Nigel Hall . There's a few websites that privately list properties for rent. Try there.
Steven ***************
Condo rental prices have dropped though.
I live in an area of Bangkok with a very high foreigner population. Since covid hit , occupancy rate in my complex has gone from 90% to 20% as most tenants were western, who either left or lost their jobs and had to leave. Rent price here has dropped up to 30% and they still can't find tenants. Thais won't pay that much still. And most owners have dumped their agents and deal direct. We are lucky to have a great owner and any issues such as maintenance are dealt with immediately. They actually said they were lucky to have a tenant at all. Funny how attitudes change when the money dries up..
I live in an area of Bangkok with a very high foreigner population. Since covid hit , occupancy rate in my complex has gone from 90% to 20% as most tenants were western, who either left or lost their jobs and had to leave. Rent price here has dropped up to 30% and they still can't find tenants. Thais won't pay that much still. And most owners have dumped their agents and deal direct. We are lucky to have a great owner and any issues such as maintenance are dealt with immediately. They actually said they were lucky to have a tenant at all. Funny how attitudes change when the money dries up..
Bobby ********
Steven de Blaquiere. I'm in exactly the same situation. I've got a great landlord (although I quietly wonder if he'd be so great if it were not for covid!). Anything that needs doing it's done immediately, no problem. When my lease recently expired, he actually approached me a month before and without even asking me if I was considering staying said he'd drop the rent 1000 baht a month. When the floor I'm on in this building has five occupied condos out of 22, I can understand his approach. And it's not going to get better anytime soon. Still more condos being built, and no-one to move into them. Something tells me there's a big crash coming soon.
Josh ***********
OP@Klaus **********
What is the difference between an owner and an agent ? Like for a condo building, is an owner someone from the company who built it ? In the USA nearly all sales is done via agents ... so new to thisSteven ***************
@Josh **********
owner is the person who owns the property... agent sells or advertises it for a fee on behalf of the owner. Condos are no different to a house,building or apartment regarding ownership. 
Tom *******
Well said. I’ve been dealing with condo agents in Bangkok for a decade. They're nearly all money-grabbing and lazy. Avoid at all costs.
Klaus ***********
@Kuan *****
what u see are agents asking prices. They dont care of the owners or buyers well-being they just got their cut in mind. Talk to the owners and find a reasonable deal. Same goes for rental. Avoid agents.Activity
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