Fears that the condo bubble is about to burst in Bangkok – especially if foreigners pull out

Thais were busy sharing a Thai Rath story about the condo glut in Bangkok. 

Despite a sluggish economy cheap housing especially in the form of condos and town houses continues to be built in the capital. 

There are fears that a property crash is about to happen – especially if the Chinese pull out. 

Dr Sophon Pornchokchai of the Agency for Real Estate Affairs who are property consultants, spoke of the oversupply and mushroom like growth. 

He has said that construction on hundreds of project continues yet few ordinary people have the money to buy. 

There are fears that if foreigners pull out – especially Chinese – this could precipitate a crash. Some 20% of condo units are being bought by foreigners. 

He had said earlier in the year that a crash could come in 2019 but this has so far not been seen despite properties being discounted. 

The ongoing trade war between the US and China was seen as problematical. 

The outlook remains risky with the possibility of a crash over the next year or two. 

Thai Visa / Thai Rath

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