Knight Frank Thailand summarizes the Bangkok condo market in 2019 and trends
Factors affecting the condominium market in 2019 and trends in 2020 economic situation The world economic situation is sluggish. The rate of expansion of the Thai economy is low. Trade war between the United States and China Conflict between the United States and Iran The baht strengthens Consumer purchasing power High household debt Measures to control LTV loans of the Bank of Thailand Strictness in granting housing loans by financial institutions Demand/Supply There are a lot of condominiums left for sale. Demand decreased due to The purchasing power of foreigners has decreased. Speculators and investors decreased from the market and main buyers bought for their own residences. Government policy Land and building tax burden increases on real estate ownership. Factors that help stimulate the real estate market include reducing registration and transfer fees for houses priced no more than 3 million baht and reducing the down payment burden by 50,000 baht for 100,000 houses.Trend direction of the condominium market in Bangkok in 2020 The rate of expansion of condominium supply in Bangkok decreased in 2019 by more than 30% and is still likely to decrease in 2020 . Purchasing power in 2020 tends to be stable compared to 2019, which is approximately 35,000 units . Market conditions are likely to adjust to balance Email Marketing List in 2021 . The price level tends to remain stable or decrease. The development of new condominium projects tends to spread to suburban areas along the new mass transit lines that are being developed. Developers are slowing down the launch of condominium projects. and divert attention to other real estate sectors that can generate long-term income, such as hotels and offices New project development will be a mixed use development project to avoid the risk of relying on a single market. Developers adjusted their plans to launch more low-rise residential projects such as single-detached homes , townhouses and semi-detached homes as the condominium market deteriorated in 2019 . There will be a lot of new supply of leasehold condominiums from now on.
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There is little chance of a real estate bubble similar to the 1997 crisis . Smaller developers or those without strong investment reserves will disappear from the market. Condominium demand depends only on demand from actual buyers. The number of investors decreased as a result of the LTV Policy , and the number of foreign buyers decreased as a result of the strengthening baht and the worsening global economy. Price war in the Bangkok condominium market Developers no longer set condominium prices. The buyer is the one who sets the price. Competitive prices, styles and functions of condominiums that suit your needs will win the hearts of today's customers. The government promotes the economy by having mega projects to generate more spending.
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