From flourishing to stalled
Before COVID-19, Bangkok’s economy was flourishing with new real estate projects and infrastructure developments that improved living conditions for Bangkok residents.
Rents decreased over the last year as the pandemic halted most projects and slowed Thailand’s tourism and manufacturing industries. Rental supply increased as short-term units were converted to long-term rentals, and there have been fewer expatriate arrivals since January 2020.
Some assignees remained in Bangkok and chose to renew their lease. AIRINC's real estate sources note that landlords are well aware of the difficult market conditions and that many have showed flexibility with asking rents. However, in order to get rent discounts, some tenants are required to provide written proof of a salary reduction or bonus cuts.
Will the Bangkok housing market bounce back in 2021?
Reach out today if you have questions on Bangkok or any of your global housing locations. AIRINC is here to help!
On-site Insight:
This post is part of AIRINC's On-site Insight series. On-site Insight provides readers with an exclusive “behind-the-surveys” perspective of new and existing expatriate locations based on commentary and photos from our global research team. Included is information on general living conditions as well as changing costs for both Goods & Services and Housing & Utilities, along with much, much more.
Global Mobility News: The latest in housing, tax, and goods & services [2020: Q4]
About AIRINC
Listen | Partner | Deliver. For over 60 years, AIRINC has helped clients with the right data, cutting-edge technology, and thought-leading advice needed to effectively deploy talent worldwide. Our industry expertise, solutions, and service enable us to effectively partner with clients to navigate the complexity of today’s global mobility programs. As the market continues to evolve, AIRINC seeks innovative ways to help clients address new workforce globalization challenges, including mobility program assessment metrics and cross-border talent mobility strategy. Our approach is designed with your success in mind. With an understanding of your goals and objectives, we ensure you achieve them. Headquartered in Cambridge, MA, USA, AIRINC has full-service offices in Brussels, London, and Hong Kong. Learn more by clicking here.
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