Is Bangkok House Price really down for 36%
There was a news appeared in various newspapers in Thailand that some housing and particularly condominium units were discounted for 36%. This is a FAKE news.
Dr.Sopon Pornchokchai, President, Agency for Real Estate Affairs which is the largest real estate information centre said that:
1. Some asking price can even be said about 50% off. However, it is not really the fact. They just marked up the prices and discount tacticly.
2. Newly launched house prices in Bangkok during the first half of 2020 is up for 6% from Baht 4.235 mil (USD 136,613) in 2019 to Baht 4.008 (USD 129,290).
3. Condominiums completedly constructed within 6-12 months has an increase in price for -0.1% but the Yield is 4.6% per annum.
4. Second-handed housing units particularly condominium units which were built for some 30 years still have a small increase in prices for 1-3% per annum.
Therefore, there is no decrease in value. Don’t be panic.