{"id":5106,"date":"2020-02-26T12:17:40","date_gmt":"2020-02-26T05:17:40","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=5106"},"modified":"2021-06-04T14:52:31","modified_gmt":"2021-06-04T07:52:31","slug":"bangkok-condo-unit-vacancies-as-chinese-demand-drops-coronavirus","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/bangkok-condo-unit-vacancies-as-chinese-demand-drops-coronavirus\/","title":{"rendered":"Bangkok faces growing condo vacancies as demand from Chinese investors plunge"},"content":{"rendered":"<p>Local authorities introduce measures to combat the property market\u2019s gloomy outlook<\/p>\n<figure id=\"attachment_5108\" aria-describedby=\"caption-attachment-5108\" style=\"width: 1000px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"size-full wp-image-5108\" src=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2020\/02\/shutterstock_1627178902.jpg\" alt=\"\" width=\"1000\" height=\"668\" srcset=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2020\/02\/shutterstock_1627178902.jpg 1000w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2020\/02\/shutterstock_1627178902-300x200.jpg 300w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2020\/02\/shutterstock_1627178902-768x513.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-5108\" class=\"wp-caption-text\">Aerial view of downtown Bangkok. MT.PHOTOSTOCK\/Shutterstock<\/figcaption><\/figure>\n<p>According to <a href=\"https:\/\/www.retailnews.asia\/more-headwinds-for-bangkoks-already-hollowing-condos\/\" target=\"_blank\" rel=\"noopener noreferrer\">Retail News Asia<\/a>, there are approximately 100,000 vacant condominiums in and around Bangkok as demand from Chinese investors drop.<\/p>\n<p>In the last two years, one-fifth of property investments in the kingdom\u2019s capital was from foreigners, revealed Agency for Real Estate Affairs. Nevertheless, the coronavirus outbreak has cut the numbers in half since most investors are Chinese who are not only barred by travel restrictions, but are also facing economic uncertainties in their own country.<\/p>\n<p>If the forecasts do transpire, Bangkok\u2019s real estate market will be hit hard, particularly the condominium segment where there are already around 100,000 vacancies.<\/p>\n<p><a href=\"https:\/\/www.asiapropertyawards.com\/2020-thailand-property-market-outlook-coronavirus\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>More: Coronavirus outbreak to further disrupt property investment sales in Thailand in 2020<\/strong><\/a><\/p>\n<p>Apart from the looming impact on the real estate market, the kingdom\u2019s economy has already felt the pressure last year amid the US-China trade war and strengthening currency. The local government said the projected domestic growth product will only be 1.5 percent in 2020, a six-year low if materialised.<\/p>\n<p>To counter the effects, local authorities have already introduced measures to help the property market, such as more lenient lending rules from the Bank of Thailand to motivate local buyers.<\/p>\n<p>However, global real estate consultancy firm Collier calculated that the newly-developed condominiums in the first quarter of the year will reach 6,000, a year-on-year drop to 40 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Local authorities introduce measures to combat the property market\u2019s gloomy outlook<\/p>\n","protected":false},"author":9,"featured_media":20475,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[134,632,112,133],"class_list":["post-5106","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-report","tag-bangkok","tag-condominium","tag-foreign-investment","tag-thailand","news_country-philippines","news_author-property-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bangkok faces growing condo vacancies as demand from Chinese investors plunge | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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