Realtor Tracy Leelalumlert Dives Deep Into Bangkok’s Condo Market [S8.E50]

On the heels of a recent episode where Greg and Ed opined on the nuances of the tricky Bangkok property market, this time they have a real, er… real estate pro on to get into things from her POV - Tracy Leelalamlert from Aspire Real Estate. 

Greg begins by discussing with Tracy whether buying a condo in the city is a good investment. Tracy explains that it depends on the buyer's purpose, noting that rental properties typically yield around four percent annually. Next, Ed brings up the issue of transparency in the Thai property market. Tracy confirms that unlike Western countries, Thailand lacks public records of actual sale prices, meaning buyers must do their own research or hire valuation companies to find accurate market values.

The conversation then shifts to the massive oversupply of empty condos. Greg wonders why prices do not decrease to meet demand. Tracy points out that wealthy Thai owners often feel no financial pressure to sell, preferring to pass properties down to their children rather than lower the asking price. She also mentions that wealthy foreign buyers sometimes buy units simply to safely park their money outside their home countries, an isue certainly not unique to Thailand.

Later, Ed asks if a foreigner should rent or buy a place. Tracy strongly recommends renting for the flexibility it offers, reserving buying for those making a long-term commitment. 

Greg and Ed wrap up the episode by reflecting on the interview, agreeing that Tracy handled their tough questions well and understands the complicated local market about as well as anyone can - and that's saying a lot!