Condo group seeks action to hike ownership transfers
The mortgage rejection rate has continued to increase the past couple of years, with the overall rate at 30% and as high as 50% for some projects, she said. The higher rejection rate could be attributed to the economic downturn, which lowers purchasing power. Foreigners are fleeing to purchase real estate in Cambodia and Japan, shunning Thai property because the stronger baht means lower investment return, she said. Half of the new residential supply is condominiums, but high-rise residential units account for 60-65% of new supply in Bangkok. Meanwhile, Pornarit Chounchaisit, president of the Thai Real Estate Association, said more than 500 property developers are participating in the promotional campaign.