Thailand’s Condo market devastated by Covid-19 pandemic – Chinese can’t pay for their properties
A leading figure in the Thai property market told the media that the Covid-19 pandemic has devastated the condo market in Thailand.
Dr Apha Atthaboonwong who heads a Thai condo association and is an executive at Richy Place in Charan Sanitwong, Bangkok said that the biggest problem is the almost complete lack of new foreign investors in the market.
He said travel restrictions meant that 98% of potential buyers couldn’t get to Thailand. Most of these were Chinese people from the mainland and investors from Hong Kong.
Even those who had already bought units were unable to continue with payments due to problems in transferring funds as they couldn’t get to Thailand.
Channel 3 said that 10,000 units had only been partially paid for and instalments had ceased during the pandemic.
In many cases 30% had been paid and 70% was due but not coming.
Calls are being made for a government 5 billion fund to be established to help with loans for repayments to help condo developers who have cash flow difficulties due to the lack of inflows from foreign investors.
Dr Apha also indicated that the domestic market for condos to live in would probably take one to two years to recover.
Source: Thaivisa & https://ch3thailandnews.bectero.com
