Saturday, February 22, 2020

Bangkok condo market vacancy rate reach 21%

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Thailand Business News – A recent survey suggests there is no oversupply in the Bangkok condominium market with a modest 21% vacancy rate, while real estate investment remains attractive with an average total yield of 11.5% per year Thailand Business News

For housing in Bangkok and its vicinity, those who want to buy a house should be able to smile this year due to many house and condominium promotions.

According to information from the Government Housing Bank (GHB), there are nearly 1,600 residential projects in Bangkok and its vicinity which have not been sold up.

500,000 units for sale in Bangkok

Mr. Wichai Wiratkaphan, Acting Director of Real Estate Information Center, GHB, said the survey on the supply of and demand for residential projects that are being sold during the second half of 2018 in Bangkok and its vicinity found that there were 1,597 projects, almost 500,000 units, under sale, an increase of 7.7 percent from the same period in 2017.

They are mostly in a group of housing and condominium projects.

This reflects that the real estate business in 2018 has obviously recovered thanks to the government’s economic stimulus measures, competition in housing loans of financial institutions and supporting factors from economic growth.

Recognising that sales would slow, forward-thinking companies took the opportunity to focus on their fundamentals and improve their balance sheets. This was the strategy of Hubert Viriot, CEO of the luxury developer Raimon Land, who was appointed in the midst of the crisis.

Developers with solid projects have access to financing while buyers have access to credit.

The severity of the global financial crisis also saw the government introduce additional sweeteners for buyers — a 300,000-baht income tax deduction for any buyers of a new home. At the same time, mortgage interest that could be deducted from taxable earnings was increased to 100,000 baht from 50,000 and has now become a permanent tax benefit.

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Bangkok condo market vacancy rate reach 21%

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