The property market for condos in Bangkok
Even before the relaxation of some of the Emergency Rules and Regulations from May 3rd, some life was beginning to return to the Bangkok condo market. With the re-opening of certain shops and facilities, people are beginning to be able to get on with their daily lives—and this includes buying condos in Bangkok!
Enquiries from clients interested in condos in Bangkok which started as a trickle about 10 days ago, have gradually become more of a regular occurrence over the last week. Emails, calls and messages are being received every couple of hours, and it is expected that the number of enquiries will continue to grow over the next month or so.
As mentioned in one of our earlier articles, as things return to normal, most tenants and owners still have to move on with their lives and with their plans for accommodation. In reality, the property market never really stops. Prices and rents may move up or down but activity remains.
Tenants and buyers are becoming active in the market again
The enquiries that many Bangkok’s real estate agents are receiving recently have been from a mixture of people.
For tenants, this may be about the renewal of their existing condo lease. Or perhaps they have decided to look for a new condo to rent, perhaps one with better facilities or closer to work or for other reasons, and want to start viewings again. As this change of accommodation needs a lead time why not start looking now? Most condo blocks in Bangkok still have screening procedures in place, mainly checking temperatures or at least making all visitors wash/disinfect their hands, but this is a minor impediment to viewing.
Then there are the buyers or potential buyers already in Bangkok. Here there are “two camps”. Those who with a long-term view see that nothing has really changed. Bangkok condos are still relatively affordable, some say cheap by regional standards—and most of the new blocks or those better blocks in Sukhumvit or Soi Saladaeng have good recreational amenities. Furthermore, the city has good public (train, not bus) transport and, if you don’t need to be travelling by car, the BTS and MRT offer very good, efficient services. These buyers may want to negotiate slightly on prices but, as mentioned, have a longer-term view.
The other camp comprises buyers who want to get a great bargain now and are actively “shopping around” to see which developers or owners of pre-owned condos will offer the best deals. Some of these buyers are “investors” looking to make a quick profit, but a number are looking to acquire at cheaper levels as they expect longer-term appreciation in values over time.
Maybe now is the time to enter condo market
Whichever type of participant you are in the market, the fact that activity is returning to the condo sector of the Bangkok market is a good sign. We’ve talked before about how supply of new condos will be constricted in the short-term, so the skill is picking the right time to buy before prices firm up again…