The developer behind Bangkok luxury property development Magnolias Ratchadamri Boulevard (pictured) has provided some useful, if somewhat skewed, information in its latest press release.
It said it has sold 80 percent of the 316 units at its development, with customers split 50/50 between Thais and overseas buyers.
Most, it added in advance of a property exhibition in Hong Kong this weekend (July 21/22), that its overseas buyers were mainly from Hong Kong.
We think this begs the question, with around 60 units left to sell at the 60-storey development and an absolute maximum of 31 available to overseas buyers, would the investment in another Hong Kong property exhibition produce results that the developer desires?
We would imagine the ‘best’ units have already been snapped up by savvy local and overseas buyers and investors.
The press release, which as of early Friday morning has been published word-for-word by several overseas publishers, also made some unsubstantiated claims.
First, it said: “Bangkok’s property market is growing in 2018.”
It makes the claim without citing a source, and all recent research we have seen and published would suggest that the property market in central Bangkok is has declined in terms of new launches and asking prices during the first six months of 2018.
It also said: “ … prices continue to rise.”
Perhaps asking prices at its development have risen from the off-plan stage until now, when the project is essentially completed, but that is not the case for the entire Bangkok central business district (CBD).
Research covering Q1 from real estate firm CBRE indicated declining CBD prices for new projects quarter-on-quarter between the first three months of 2018 and the last quarter of 2017.
No research has been published covering Q2 2018.
Something we cannot challenged is the assertion that” “There is massive interest from overseas buyers; Hong Kong investors pushed out of the territory are looking overseas.”
This would certainly be in line with the current wave of Chinese interest in Thailand property.
So, to the point of this article.
Quite simply, don’t believe everything you read. Overseas buyers must check the facts for themselves, and before they put pen to paper.
You would be surprised how many people we have met who have purchased Bangkok property without ever setting foot in the city.