Many people may be concerned about buying a second-hand condo, especially regarding the condition of the unit, price, and desired location. Finding a second-hand condo that meets your expectations may not be easy if you haven't defined your preferred location and budget.

        Currently, we see that 13.9% of condos are vacant, meaning that in a set of 7 units, there is 1 unit available. Among these, there is a chance to see condo owners who purchased for investment purposes bringing their condos to the market, especially second-hand condos from those who borrowed to buy for investment. The return on investment from holding condos may decrease, making it less worthwhile compared to the interest costs from borrowing, prompting owners to sell before the prices of second-hand condos drop significantly.

        For second-hand condo prices, in Bangkok and its vicinity, from 2016 to 2019, shrank by an average of about 7% per year. This change also affects rental prices, which tend to decrease. According to Numbeo, in 2020, the initial rental yield from condos dropped to about 3.4-3.5%, down from a peak of 6-7% in 2010. This year, those who own more than one unit will have to pay land and building taxes, adding to the holding costs for their residences in the same location.

Of course, second-hand condos have the advantage over new condos in terms of prices that are 20-40% lower than first-hand condos in the same area. Some second-hand condos are owned by investors who hold them for speculation or rental, and they may not have been lived in, making the condition of second-hand condos not much different from new ones. Additionally, some condos have been renovated to look new and livable. The locations that investors prefer to buy are usually near train stations, job centers, and educational institutions.

For example, in the Sukhumvit 36 area, new condos are selling for 300,000 baht per square meter compared to second-hand condos that are 4-5 years old

which are priced at 170,000 baht per square meter.

This makes second-hand condos a viable option for those interested in purchasing a residence at a budget-friendly price that aligns with the buyers' purchasing power and needs.