Thailand

Room rates drop as Thailand’s hotels feel the Covid pinch

The ongoing tourism slowdown has led several hotels to reduce the price tag on their property by more than usual, says Destination Capital, part of Destination Group. The difference between the coronavirus crisis and the 1997 financial crisis is revenue dried up during the outbreak without visitors and had to close temporarily, but still had to bear operation costs, said James Kaplan, chief executive...

Property Sales Plummet in Northern Thailand as Home Buyers Dry Up

Developers in Northern Thailand a bracing for a huge slump in the residential property market as home buyers become fewer and fewer. Furthermore banks are imposing stricter rules on home buyers and denying mortgages. Prat Wongwan, president of the Chiang Mai Real Estate Association, said the economic slowdown and lower confidence among home buyers will lead to a continued drop in the property...

Bangkok serviced apartment market stays steady despite greater competition

The Bangkok serviced apartment market remains stable even with these units facing greater competition for condo units. Several prominent Thai developers, including Sansiri and Ananda, have entered the Bangkok serviced apartment market in recent years as they look for ways to increase revenue and create sustainable passive income. However, the future of the segment is now cloudy. According to Colliers...

tallest skyscraper in Bangkok

Thailand’s richest man is building Bangkok’s tallest skyscraper

Thailand’s richest man wants to set another record. Billionaire Charoen Sirivadhanabhakdi, via his recently listed property unit Asset World Corp, has his sights on building the nation’s tallest skyscraper. Details are scant -- no official height has been set and completion isn’t expected until 2025 -- but the tower, at the centre of another $948 million project on the banks of Bangkok’s...

What’s Ahead for the Bangkok Property Market in 2020

A supply influx of new office space is on the way while the overall retail industry faces low consumer confidence. But, in 2019, the number of Chinese tourists to Thailand has started recovering, says CBRE, an international property consultant. Bangkok Office Market The office market in Bangkok continues to perform strongly for this, but CBRE identifies challenges that are heading our way in the...

Land and Property Tax Forces Site Owners to Consider Options

The new Land and Property Tax which will be effective from January 2020 onward, is another challenge for the Thai property market. One of the sectors that will be impacted is vacant land. There are still many unused sites in Bangkok. Owners of these sites will have to start paying significant taxes for the first time once the new land tax comes into effect in January next year. Many of these owners...

What’s It Like Renting a Property in Thailand?

Since formal legislation for rental agreements is not clear-cut in Thailand, existing statutes tend to favor landlords more than tenants. While the contract serves as the binding documents, only the landlord has the privilege to define the terms of rental deposits or call the police to evict tenants. (adsbygoogle = window.adsbygoogle || ).push({}); Terms & Conditions of...

Bangkok land prices plateau, new tax on the way

Land prices in the Thai capital are forecast to plateau, or even drop this year. This would be the first time in more than ten years that Bangkok’s land prices have levelled off. So what is causing the sudden surge in land becoming available? Property and real estate consultants say the changes can be blamed on the general economic slowdown and the Land and Buildings Tax that takes effect early...

Rental Apartments Facing Change in Demand

Bangkok Rental Apartments Facing Change in Demand

As the number of Japanese expats in Thailand decreased to lower than 20% of the total expats for the first time in 2019 and dropped to 34,133 as of April 2019, a 4% decline Y-o-Y, CBRE is seeing a change in demand and its impact on the rental apartment sector in Bangkok, despite a healthy performance. Typically, when expats move with their family members to work in Thailand, the companies will cover...

Government Savings Bank of Thailand Relaxes Reverse Mortgage Loan Policy

The Government Savings Bank (GSB) will relax certain rules on its reverse mortgage loan, aiming to widen the access for senior people to the service, GSB president Chatchai Payuhanaveechai said. Growth has been slow for the loan programme, amounting to Bt400 million and Bt500 million since its launch early this year. (adsbygoogle = window.adsbygoogle || ).push({}); Chatchai attributed...

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