It’s difficult to have clear datas regarding real estate in Thailand. BOT does provide some stats, but with an important time lag.
Otherwise, we are bombarded, on a daily basis, with glorious statements, advertising and infomercials from the developpers/brookers community… The “market is healthy“. This is the official motto, the official line inside the boiling room.
I would like to talk about this issue from another perspective : the ground one.
First, read this piece from Bangkok Post. It’s about the developper Noble.
One of their condo project, Noble Lite, was completed last october. It’s located close to Soi Ari (or Aree) BTS station. It’s a nice place, and a great location.
Noble is now launching Noble Reflex, a few hundred meters from Noble Lite.
What do we learn from this article ?
- “20-storey building worth 889 million baht would comprise 205 units sized between 39 and 76 square metres priced 75,000 baht per sq m on average, or 2.9 million baht a unit.”
-”The project, which opened sales on August 10, it three times overbooked with a waiting list of about 700. The company hopes to close sales on the launch day.“
-”‘Condominium demand in the Aree area remained strong due to the BTS and nearby facilities,” he said, adding that its Noble Lite condominium in the area was sold out and had a resale price of 90,000 baht per sq m, up from the selling price of 65,000 baht.“
And in the same article, like a ironic final touch : “Noble yesterday reported a first-half net profit of 49 million baht, down 70% from 166 million in the same period last year, on sales of 695 million baht. Second-quarter net profit fell 48% year-on-year to 38 million baht on sales of 430 million baht, down 22%.”
Astonishing, huh ? The whole project, 205 units, sold out in.. one day ! And more : the project was 3 times overbooked…
And what about Noble Lite ? From 65 000 to 90 000 THB per sqm ? 40 % increase from the launching of the project, and now ? If you check some websites (here ), the resale price is more 75 000 THB or even 70 000 per sqm… Another lie.
But anyway… let’s go further into wonderland with… the light test.
You can do it yourself… Easy, cheap and efficient. Just walk at 7 PM, 9 PM, 11 PM in front of Noble Lite… And you will see a few appartements with lights. Again I repeat it’s a beautifull low rise building, a perfect location, “sold out”, but that remains empty.
Almost one year after its completion.
Healthy market ?
And let’s go deeper : if Noble Lite is completed but empty, why people would want to buy at Noble Reflex, a few hundred meters away, a new project not even started, and more expensive (at least, regarding the first selling price) ? Because… the design is different ? 
Yes, it must be the reason.
Healthy market indeed.
I’ve got a house of my own trying to get rid off in Pattaya. Lets hope things pick up.
Noble uses design to lure condo buyers
http://thailand-property-guide.com/?p=news/article&NewsID=550&PHPSESSID=228861580d4a1429991910d2bb58a062
My friend owns a one bedroom unit in Noble Lite. I think people are upset with CBRE taking over for some reason. As for the lack of people in the building it’s because most of the freehold units are held by investors and the Thai owners have hard times renting two bedrooms they own. I never see farang there, just a few Thais who seem like they are struggling with payments.
Jose, you confirm my own observations.
However, there is a thin frontier between “investors” and… “speculators”.
To buy a condo that will be difficult to rent and to resale is not really an investment.
This is the problem, even now, and we continue to have new units/projects being builts accross bangkok. This is why I continue to say that : the market is not healthy.