Greater Bangkok resale property supply reaches at least 400,000 units
Thai resale owners face long selling periods as FazWaz promotes price analysis and global buyer access to help close deals faster.
- The Greater Bangkok area has an accumulated inventory of at least 400,000 resale properties awaiting sale.
- Over the past five years, it has taken property owners an average of two and a half years to sell a unit.
- A primary cause for the slow sales is the lack of an accurate benchmark price database, leading to unrealistic pricing.
- Buyer demand continues, but the mismatch between asking prices and market reality contributes to the large supply.
Jessica Kimsap, Chief Business Officer at FazWaz, said Thailand’s property market was facing an accumulated inventory of at least 400,000 resale units awaiting sale in Bangkok and its vicinity.
Statistics over the past five years show that property owners take an average of as long as two and a half years to sell.
The problem is partly caused by the lack of an accurate benchmark price database, unlike markets in Europe or the United States, leading to pricing that does not match reality, even though buyer demand in the market continues.
Push to develop market analysis tools
The company therefore sees an opportunity to develop market-price analysis tools and build a worldwide buyer network under the FazWaz Premium programme.
It said the programme has significantly reduced sales time, with property-viewing appointments rising by more than 470% and sales closing in an average of just 90 days among foreign buyers from around the world, such as Japan, the United States and Europe.
It believes the programme will help Thai property owners compete in the global market, after having helped many property owners close sales.
The programme’s key strengths include distributing property listings directly to investment groups and foreign buyers with high purchasing power through network websites, as well as accurate price analysis tools.
They also include a team and a market-price analysis system to help set the most suitable and attractive price, along with online marketing across all channels.
