Now could be the best time to buy residences in Thailand as a number of condo units possible come up for resale because owners may face a cash shortage if commercial banks reject their mortgage applications, Prasert Taedullayasatit, president of the Thai Condominium Association, told media.
He estimated that THB130 billion worth of condo units are scheduled to be transferred to customers in Q4 of this year but some of those applicants, around 10 to 20 percent, have been rejected for mortgages by commercial banks. This means property firms have to resell these units to the market often times at a lower price than a new unit.
This is the best time to buy condominium according to Prasert because the price of these units will be lower than for new condo projects launched in 2015.
“Resale condo units will offer a price lower than new ones by 10 to 15 percent normally,” he added.
A lot of property firms are offering special promotions to sell their residential projects as they aim to bump up sales in the last quarter of this year. Many developers say sales in the third quarter came in under projected targets.
AP Thailand has launched its latest marketing campaign, “It’s Your Move”, which gives buyers a discount of THB500,000 for its 17 townhome projects under the brand Baan Klang Muang. Noble Development announced its “Twin Peaks” campaign that offers discounts of up to THB1.9 million to people who buy a unit in its Noble Ploenchit or Noble B33 projects. SC Asset Corporation is also offering a special discount with buyers receiving up to THB1 million in savings for two- and three-bedroom units in its Centric Sathorn-St Louis condo project.
The 33rd Home and Condo Expo from 8th to 11th October at Queen Sirikit National Convention Center is also expected to see many of Thailand’s major developers there offering special discounts and packages for buyers.
