I have no idea why anyone would buy a condo in Bkk now. The prices seem artificially high. In 10 years or 20 years, try to imagine what the building will look like. If you're talking about 3 million baht for a 35 sq.meter condo, why not just rent?
The alternative argument to that is that the middle class appear to be growing rapidly in Bangkok and most of these condos are still really cheap compared to other major cities... I'm sure people once said the same thing about New York, London or Singapore and property value in the central areas of those places has skyrocketed. I see all the new office buildings and the new stock exchange building being built in ratchada and I can't help but think that a condo nearby would be a good investment.Originally Posted by Guy Mandude
But it's not something I know much about and I'm probably missing something.
...to have one's own castle, of course...
...demand is still high as well: condo corridors following the bts routes are among the hottest prospects...
...this is a function of the building management committee: middle-class/hiso folks here are just as concerned with maintaining value as folks elsewhere...
...been there (rented a one-bedroom for 6 years); done that...now that I'm an owner in a new building, I wonder why I didn't buy sooner...
...majestically enthroned amid the vulgar herd...
Probably under water.
This is it... The apocalypse.
There are two very important differences between those cities and Bangkok:
1. Multiculturalism. Yes, Bangkok is an international city, but the legal restrictions on foreign ownership and jingoistic economic policy artificially suppress demand by effectively shrinking the market.
2. Geographic limitations. Bangkok has a lot more room to grow than NYC (limited by Manhattan), London (limited by zone 1 and registered buildings), and Singapore (limited by land space).
The same applies to other cities with skyhigh property values.
^ I'm trying to remember when I learned that ... high school?
There is another factor geographers and city planners call the ZIT. In Mexico City it's referred to as La Cinta de la Miseria .. the belt of misery. It's an ever changing socio-economical dynamic of city growth and property values. TOAC can Google and explain it in more detail.
You weren't certain of your future in Thailand? You were wary of the condo market? I'm sure you enjoyed the 6 years you rented, didn't you?
---Update---
That would be a house, not a condo. I'm happy you are a happy condo owner. There was a time I was preparing to buy into the Bkk condo market, but I was dissuaded by the experiences of many friends. I'm suspicious that condo prices have not reflected any 'adjustment' during the world recession. I suppose this can be explained that 10 or 20% of Thailand's population control 80% of real estate here. Still, when I see condos in Pattaya selling for 10-20 million baht, I wonder what reality these prices represent.
Million baht or so range?
Personally I'd rather a house or Condo in some place like Chiang Mai.
---Update---
Out of interest I just searched for some condos in Chiang Mai, and was pretty surprised to see the first one listed for 300,000thb. Sure it's a showbox room, but man that's cheap.
Chiang Mai Real Estate | Condos for Salein Chiang Mai - 0 To 5,000,000 THB
The first 13 are all under 500,000.
Though the first long term semi-livable one (to me at least) would be this 70sqm 2 br one at 1,450,000b.
http://chiangmaiproperties.co.th/con...ion/C1269.aspx
Last edited by The Perfect Present; 31st August 2012 at 11:25.
Guy Manpoof sux nuts for $$.
Tomcat trained. Satisfaction guaranteed.
At least 70sqm is a livable space. Bkk condos for 2 million baht that are 35sqm? Better to rent one.
...your castle may be a house; mine is in the air...
---Update---
...we're not all dwarves, you know...
I know tc. I've been in larger condos. I remember visiting some well-to-do folks in their condo that was 150sqm. The downside to such a large condo is the impossibly expensive task of air-conditioning it. I felt like I was visiting a sauna for two hours. Yeah, it was big and nicely appointed, but I nearly suffocated during my visit.
Thanks for your reply. I can see how these factors would make a difference but my intuition would be that they would slow rather than stop the increase in value of condos... Already there are condos on Sukhumvit that I see advertised for over 20 million baht... I'm sure a few years ago people would have said that would be impossible.
Bangkok may have more room to grow but those places will be a long way out... There is clearly still a lot of land in central Bangkok that is not used/underused and a lot of new condo projects are currently being built on that land. So I guess in the short term the market will not go up... At the moment there seems to be a lot of demand for condos but also a lot of supply too. The supply won't last forever though.
1) if the condo is located past the 30th floor, say, nearish the river, and a window or two is open, the cross-breeze is wonderful...
2) just by closing an interior door or two, the living room should be cool in about 15 minutes...did you call before you visited?
3) Thais seem to prefer the breeze to a/c...and so do I: on the balcony with a drink or in the evening watching TV (with a fan)...the less a/c the better...
I'm not so sure I agree--the footprint of a condo is relatively small, and there are a lot of old, derelict buildings that could be torn down along BTS stations east of Asok. I see a LOT of room to grow.
I think the market will go up in the short term, and by quite a bit--there's speculation and economic growth in a still-developing nation. But it's unsustainable, and competition from new developments will suppress the price of older units even as the price of new units increases.
I don't agree with this... Almost all the sois east of Asok are full of nice places... Lots of small expensive places until you get past Ekkamai. I think that's one reason so many places are being built in Ratchada now...
Posting Permissions
LinkBack URL
About LinkBacks
Bookmarks