The Nation added a note of caution to property owners with a report that up to 50% of condominums will fail in Bangkok due to over-supply. This glut will create another series of ghost buildings to match the 100s of deserted office buildings left over from the 1999 crash. Even the old adage ‘location location location’ will not grant immunity to failure, as the report concludes the Sukhumvit area will also join the collapse no matter what real estate agents promise the public.
Occupancy rates are falling by 50% of course have nothing to do with the government’s program to prevent foreigners from owning property via the 49% foreign occupancy rule. Presently facing over 40,000 unsold units with another 50,000 scheduled to hit the market will push down prices, thereby reinforcing buyers with a ‘wait and see’ policy.
Especially hard hit will be the buyers of the British Embassy property, who are constructing yet another luxury condo for a saturated demand cycle.
No farang ownership.
Som num nah.
For a related article click on this URL
https://www.mangozeen.com/ocean-1-tower-pattaya.htm