Thailands Real Estate May Drop 20% In 2007

[Gary A]

Rumors of another coup are floating around. That certainly contributes to people being nervous. If there is another coup you can bet it will be bloody one. I also think we will see more bombings. The people who celebrated Thaksin being run out just may have a change of opinion before this all shakes out.

Some people are touting Vietnam. They seem to have forgotten that Vietnam is a communist country where anything can happen any given day. Do they really believe that you have any rights in a communist country?

The bottom line is that I'll stay here as long as it is practical. Cambodia has a long ways to go but I'd rather live there than in Laos or Vietnam.

[Halfaboy]

An estimated of 60,000 new units are projected to be constructed in 2007 with the total value of approximately Bt160 billion.

Dividing Bt160 billion by 60,000 gives 26.666,67 Baht.

Am I doing something wrong or is there someting wrong with the quoted figures ?

[OlRedEyes]

Rumors of another coup are floating around. That certainly contributes to people being nervous. If there is another coup you can bet it will be bloody one. I also think we will see more bombings. The people who celebrated Thaksin being run out just may have a change of opinion before this all shakes out.

Some people are touting Vietnam. They seem to have forgotten that Vietnam is a communist country where anything can happen any given day. Do they really believe that you have any rights in a communist country?

The bottom line is that I'll stay here as long as it is practical. We better all hope that the King stays healthy for many more years or Thailand could become another Burma. Cambodia has a long ways to go but I'd rather live there than in Laos or Vietnam.

The thing is Thailand is getting very unstable, with a confluence of factors, many of which could go badly wrong at any moment.

Vietnam may be a communist country, and you may have no practical rights there, but it's relatively stable and appears to be taking a promising route. Do you really believe you have any practical rights in Thailand?

[mesohappy314]

An estimated of 60,000 new units are projected to be constructed in 2007 with the total value of approximately Bt160 billion.

Dividing Bt160 billion by 60,000 gives 26.666,67 Baht.

Am I doing something wrong or is there someting wrong with the quoted figures ?

Yes you are doing something wrong. You lost some decimals somewhere. It is 2,666,666 baht.

[sendbaht]

"Sorry if I am ranting."

Some very good ranting Mr Kurt! I like it.

[warriors]

Just spent the day outside in Bangkok. Boy is it quite all around town, when it is usually busy.

Ok so smart ass will say, not where I was today, but trust me it was Emporium, Sky Trains , Silom, and other placers. So some people must be hurting allready.

Example our Serviced Hotel Oakwood is very much down in people here and it is high season. Oh and they took all the rubbish bins out of site ( Just in case we were told, so no strange objects left ticking in them) We are fairly out of town, near Con nongchi shy train area. Yet they are allready thinking trouble.

Yes, I also think that something is going to happen, re troops and fighting on the streets soon. Just talk to the Thai people, they feel it in the air too. Ask a taxi driver there still all pro Taxsin and talking to there customers stiring it up.

So yes, real estate will drop along with many other things.

Hence, Rent don't Buy. Good comment re ask for 90days not one year or six months contracts. You will get them now. They are allready worried that they can not place people. I am in the 50000 bhat rental bracket I am sure all will take 90days now. But I am staying seeing I am over 50 and so called rich as far as Thais are concerned. At the present time Thailand is good for me, if it changers I will go with the flow.

Sannok.

[RedQualia]

I find Thai history to be quite interesting. The list of kings associated with various geographic regions (Lan Na, Nan, Chiang Mai, Ayuthaya, Thonburi & Bangkok) is quite long. Although succession is nominally patrilineal, this has often not been the case in the past. A considerable amount of scheming (er, "palace intrigue") has gone on behind the scenes, with this son being bumped off, that uncle, and so on and so forth. Power has often transitioned to someone completely unrelated to the previous king, or only marginally so. A half dozen of the kings of Chiang Mai were actually Burmese, and at least one was "a rebel." King Taksin (1767-1782) was the son of a Chinese man and a Siamese woman, adopted by a royal family. Although he did a great deal to help Siam recover after the Burmese invasion of Ayuthya, he was not considered to be a "real Tai," or to have any true nobility, and so he was overthrown in the end, followed by Rama I.

I also find it quite interesting that so many Thais, here and there, profess to be of a noble lineage. This branch in Bangkok, tracing its history back to one or another king, or that extended family in Chiang Mai. I do not know if Thaksin can make a claim to royalty, but it would not surprise me at all. Perhaps a claim to nobility can come with a bit more than bragging rights.

Of course, Thailand is now a "constitutional monarchy," and the military gained much power in the early 20th century. From 1932-1957, Thailand was almost without a king, with King Prajadhipok succumbing to a military coup.

So there are these "three lenses" through which the Thai government/power structure can be viewed: the monarchy, the military, and the parliamentary system of government. Power waxes and wanes in each of these groups, and it is not always so clear as to which wields the most power at any given moment.

King Bhumibol has been a grand king in so many ways. He has done so much to improve and empower the monarchy of Thailand, and has represented a stabilizing factor not one bit less than enormous. I admire the man greatly, for all that he has done for and given to Thailand. In my mind, the man represents all the good that royalty ever can. (It is he who has made any foreign real estate speculation even possible, since such cannot occur without stability.)

Alas, all things come to an end... It seems that King Bhumibol has been in power almost forever. But he is old now, and he is not getting any younger.

Although not the first or most obvious analysis through which to view recent events, that there has been a coup at this point in time is really unsurprising when viewed against the backdrop of Thai history. That there could be another (two or three) is equally unsurprising. That the recent bombings could also be related to various groups of power in Thailand "seeking an improved understanding" also seems quite plausible, whether or not this is the case in fact. Understand -- it isn't really that anyone is unhappy with the current king, or wishes him overthrown. Rather, it is simply that the future power structure of Thailand is undecided/undefined. Or, if you prefer, "subject to renegotiation" at this moment in time.

It is certainly possible, indeed likely, that the prince will become king. The degree to which any future king will have power remains to be seen, however. Survival of the monarchy has been demonstrated as unnecessary, in the past. By the same token, survival of the parliamentary system of government must also be unnecessary.

History suggests that anyone who truly rules in Thailand will be charismatic, will be a skillful tactician and strategist, will have various kinds of "solid" connections to others representing power, will have ties to one or another faction of the Thai military, will be capable of =representing the interests= of one or more of the various factions representing power in Thailand, and will hardly be liked by all of those various factions. He will also have his own interests that he wishes to pursue, of course, which may sometimes be at odds with the interests of others. And so he will know how to watch his back, or, if not, will represent a temporary distraction in leadership, at best. (Really, Thaksin should have known that periods in which leaders are "out of town" are very popular times for coups in Thailand. By the same token, I'm sure the leaders of the coup know NOT to turn their backs on him. He does represent power, over and above his own interests.)

The next king =will= have power. Of one kind or another. The Thai military will also retain power. Of one kind or another. The parliamentary system will have all the power the king, the military, and the power elite choose to give to it, which may be more or less at any point in time (how many constitutions have there been in Thailand?).

There is a fourth force of power, of course, that being organized crime. The degree to which this is a "separate power" from the others often seems debatable, but it is there, nonetheless.

The point of all this? For those living in Thailand, it is reasonable to expect to be living in "interesting times" for the next several years, possibly even decades. Sure, it may all sort itself out quite quickly and for the good. But there should be no surprise if it does not. Regardless, the interests of various farangs who might want to own a condo or house aren't too near the top of the list.

In all seriousness, I love Thailand. It is a far more magical kingdom than anything Disney could dream up, and I am quite happy with the life represented by, and in, Thailand. What? You want to live in London, instead? Chicago? Good lord, why? Magic kingdoms are so much better.

Be brave. Buy land. Happy serfing!

[jumnien]

While most of us would love to see real estate drop by 20% in 2007, I fear it will not. If I had faith that it was likely I would sell the four condos I presently own and buy them back at the end of the year at a fantastic discount. Promises of steep declines have been made for years but they just don't seem to materialize. We can only pray and wait with cash in hand!

Edited January 7, 2007 by mdeland

[johnnyk]

Yes, Viet Nam is booming... for the likes of Intel etc.

There is the corporate, Wall St. and university economic profs "boom" but it is not related to what we ordinary falang can buy or do in Viet Nam.

Everyday infrastructure is a long way behind Thailand.

Property law is non existent except "no, you can't".

Corruption at least as prevalent.

No transparency in government whatsoever.

Nice place for a holiday but I don't see hordes of falang retirees rushing to the VN borders yet.

[lukamar]

Some people are touting Vietnam. They seem to have forgotten that Vietnam is a communist country where anything can happen any given day. Do they really believe that you have any rights in a communist country?

I haver some good Vietnamese friends who have relatives in the manufacturing business. From talking to then about investing in Vietnam they feel that it's not a good idea at the moment unless you are a huge company. Apparently if you are doing something and want to change the way you are doing it, it takes for ever to get approval and then when you have changed your manufacturing process they change the rules on you again. They feel that the way to do business in Vietnam is to find an existing manufacturer and have them make the items from your specifications. Thai clothing manufacturers have been doing this for a while.

My wife has noticed a change in the real-estate market in the north. We track property prices on a number of websites and since the Visa kafluffle and the Coup the number of listings has easily quadrupled on every site and in every price range but especially in the mid to high end. This must have a downward effect on the housing prices as more choice means a better deal for the buyer. Especially one with cash.

[falux]

I love how so many foreigners here would like to see other foreigners getting kicked out. "Oh yes, cause I'll be able to stay, and it will all be for me" right?

I also liked the fact that tourist visas can't be abused anymore, but when they told me that I had to leave, after working here legally for 5 years, I suddenly found that I better get prepared to lose everything I have here, because absolutely none of us is wanted here. Not even you, Kurt.

[andy1308]

Just spent the day outside in Bangkok. Boy is it quite all around town, when it is usually busy.

Ok so smart ass will say, not where I was today, but trust me it was Emporium, Sky Trains , Silom, and other placers. So some people must be hurting allready.

I couldn't agree more - very quiet this past weekend. I went to JJ and my girlfriend said many of the stallholders were compaining about the lack of people, and the lack of spending from those that were there.

[The Skipper]

The building boom is coming to a grinding halt soon I predict.

5000 Condo units coming online in Bangkok and a lack of real buyers will cause a massive drop in prices.

I would be be very nervous if I had put a down payment of an unfinished project.

They will all want to flee the scene at the same time and it will be a huge "buyers market".

All these projects seem to be bought out by speculators that have no intention of staying there.

Most are looking for a rich Farang to buy the units after completion.

Unfortunatly, the rules are being bent against the potential buyers.

VISA restrictions, Nominees problems, lack of investment VISA status, Coups, anti Farang bias, unpredictabe and stupid decisions by the Govt., and a doubling of prices in the last 7 years.

I predict a drop of well over 20% soon.

[cdnvic]

I think alot of farangs seriously overestimate their impact on the market. Even the upscale units are mostly Thai residents. Some of the resort areas may suffer, but the Thai middle class will keep expanding and filling most of the spaces left by any precieved exodus of forgieners.

[kurtgruen]

I love how so many foreigners here would like to see other foreigners getting kicked out. "Oh yes, cause I'll be able to stay, and it will all be for me" right?

I also liked the fact that tourist visas can't be abused anymore, but when they told me that I had to leave, after working here legally for 5 years, I suddenly found that I better get prepared to lose everything I have here, because absolutely none of us is wanted here. Not even you, Kurt.

I realize that, but I am also o.k. with that. I've always been somewhat of a Nationalist, in every country I've lived in (Germany, Canada, Mexico, Thailand). I like to see the country I live in do well and look after it's own interests. If it means that one day I get asked to leave, so be it. I know I am not immune to it. I moved here with the knowledge that it may not be forever... nothing is in life...

For various reasons, I like the present government and I would love them to have a fair chance at governing this beautiful country, without people (foreigners and Thais), nipping at its heels, trying to trip it up, so they can line their own pockets and maximize their profits.

There is all kinds of misinformation floating around now in these forums. A lot of it is designed to discredit the present government. I believe that the present government is looking after THAILANDS interest, which it should. It is not here to look after American or other foreign interests.

Land prices will be subject to supply and demand. As long as there are enough people dumb or gullable enough to pay the overpriced land prices, they will stay up. The way I see it is, that a lot of people are too impatient. They come over here and want to buy something in their first few years here, instead of slowing down a bit and learning the ropes first. (Of course sometimes having money hungry Thai girl friends or boyfriends standing behind them doesn't help matters any in trying to slow them down). It's like they have gone absolutely insane, since they stepped into this beautiful country. I'm sure many foreigners wouldn't so freely throw their hard earned money away in their home countries.

Interesting what happens to us when we step foot in another country.

To each his own, of course.

I love Thailand, it's Monarchy and it's way of life. I like the new government, which I believe strenghtens and supports the Monarchy. At the moment, I feel completely welcome in this beautiful country. I am always treated nice and with respect when I am in contact with government officials, police and the military.

In this country, I have found, that you get what you give out. If one is polite, clean, friendly and plays by the rules, I don't think one has to worry too much.

If one is argumentative or dirty, or smelly or critical of Thai ways and Thai culture, then maybe he is not in the right country and the government is just helping him to find a country that is more right for him, by removing him.

It all sounds fair to me ;-)

Kurt

[midas]

Good comment re ask for 90days not one year or six months contracts. You will get them now. They are allready worried that they can not place people. I am in the 50000 bhat rental bracket I am sure all will take 90days now.

Sannok.

I can understand the rationale behind this but I'm wondering if we will see more incidents

of owners failing to reimburse the two months deposit particularly in more financially challenging times for some of the owners ?

[Gary A]

Years ago when I first came over I wanted a piece of property and a small house to call my own. I did my homework and eventually came to the conclusion that the company schemes for farangs to own property were illegal and to NEVER trust lawyers or real estate salesmen. I DID preach that to my friends who eventually got tired of hearing it. Some made a lot of money dealing in properties.

I chose the only way legally possible to buy property, a condo. I bought that condo to live in so I really don't care what happens to the price. It is not for sale even at this point. I am quite uncomfortable with the stability of the country. I'm treated well and have no concerns for my safety at this point but I am keeping my eyes open. If worse comes to worse, I could walk away from my condo without missing any meals. Naturally I'd like to see all this blow over and the dust settle. I don't want to lose my condo but if it happens, I won't shed many tears and will have learned yet another lesson.

For my part, I can see a lot of tin pot wannabe dictators standing in the wings. Like it or not Thaksin was democratically elected and should have served out his term.

[maccaroni man]

kurt writes "all you have to do is play by the rules" I have found that to be the biggest problem; no one seems to know what the rules are exactly!

[cutter007]

I was going to buy a condo in the 5 - 10 million baht range from a development in a resort area.

Was going to buy it at the beginning of 2006, and it was scheduled to be completed 3rd quarter of 2007.

I went back to the sales office, and they actually have more units available now then at the beginning of 2006, and they are lower in price. The sales girl told me they weren't even sure if they could complete it so many people have pulled out.

I will be glad when this real estate correction bankrupts a couple speculators, foreigner or Thai alike.

I have a good idea what it costs to develop and build some of these units, and the speculators have been driving the price up on us for a while, and I am glad its going to go the other way for a change.

[midas]

I was going to buy a condo in the 5 - 10 million baht range from a development in a resort area.

Was going to buy it at the beginning of 2006, and it was scheduled to be completed 3rd quarter of 2007.

I went back to the sales office, and they actually have more units available now then at the beginning of 2006, and they are lower in price. The sales girl told me they weren't even sure if they could complete it so many people have pulled out.

I will be glad when this real estate correction bankrupts a couple speculators, foreigner or Thai alike.

I have a good idea what it costs to develop and build some of these units, and the speculators have been driving the price up on us for a while, and I am glad its going to go the other way for a change.

Perhaps the new development in Pattaya ( cant remember the name ) with an asking price of 130,000THB pr square metre wont

be so easy to sell after all ?

[Blake7]

The sales girl told me they weren't even sure if they could complete it so many people have pulled out.

Great sales girl! think I will offer her a job....

[Martin]

The lament by 'maccaroniman' about :' kurt writes "all you have to do is play by the rules".

I have found that to be the biggest problem; no one seems to know what the rules are exactly!'

will strike a chord for so many of us Westerners.

"Rules" are what a society makes---including the 'rules' as to how much any particular rule has to be obeyed, by whom, and when and how.

That is knowledge that is built up whilst being brought up in the society, and so we simply do not have it---at least, not to to extent that Thais will have it.

But any particular Thai will have a different 'package' of that knowledge depending on things like which of the hierarchical groups s/he was brought up in, which schools s/he went to, and so forth.

So don't be surprised if three apparently similar officials have three slightly (or quite) different slants on the way in which a "rule" should be implemented. (Especially as its wording, in Thai, may well have quite a bit of ambiguity to accommodate such varied interpretations.)

"Going with the flow" isn't going to be easy for a Westerner, but 'tis the best one can do.

(Kipling probably had some of this in mind when he wrote: "East is East, and West is West; and ne'er the twain shall meet".

My own wry thought is often: "Well, the Quakers spread westward, not eastward, didn't they?)

[Tornado]

I get sick of statements about ALL real estate brokers/agents being liars/cheats etc. For heavens sake, its like calling all Thais cheats/lazy, all English being thugs and all septics being a waste of space - generalisations are so common on this board by many of you.

I have run a real estate company here for 10 years and I have been very successful due to being on top of my game and making sure all my dealings are straight - yes ALL!

After the Tsunami, I said things were booming because of it and that was the case.

After the coup I said things were not affected here in Phuket and they were'nt, when the the nominee shareholders were strictly enforced, I said, only buy a free hold condo/apartment in your name.

I now say, only buy a freehold condo/apartment in your name, leave land and homes alone - things are very unstable (yes a blind man could see that) and do not risk any of your hard earned money.

The trouble is there is to many "fly in and set up a real estate company for 1 year and fleece the buyer" types that make us all look like that way.

All you posters that are saying all of the agents here are untrustworthy, please state what you do for business, so we can all have a pop at you.

[Martin]

"The sales girl told me they weren't even sure if they could complete it so many people have pulled out."

I have found that one of the nicest things about Thailand is that salespeople very largely have a 'decency and honesty-to-the-customer' culture, rather than the Western culture of ' I must fool the punter and make a sale'.

It is as if their 'bottom line' is: "Am I happy, having done the right thing?", rather than "Have I made the most possible commission, regardless of an uneasy conscience?".

In Robinson's in Udon Thani, sometimes a property developer will have set up a display that shows new property in the area that is for sale. No way would I go anywhere near such a set-up in the West. The 'pushy' salespeople would be too much hassle, but I feel quite relaxed about accepting one of the Udon Thani leaflets and satisfying my idle curiousity about prices and locations.

[aznyron]

Rumors of another coup are floating around. That certainly contributes to people being nervous. If there is another coup you can bet it will be bloody one. I also think we will see more bombings. The people who celebrated Thaksin being run out just may have a change of opinion before this all shakes out.

Some people are touting Vietnam. They seem to have forgotten that Vietnam is a communist country where anything can happen any given day. Do they really believe that you have any rights in a communist country?

The bottom line is that I'll stay here as long as it is practical. Cambodia has a long ways to go but I'd rather live there than in Laos or Vietnam.

The last time I look Cambodia was a communist country and I have the movie killing fields which was in cambodia based on a true story after the USA left Vietnam my question is with all the B/S that going on why is it the Thai baht strong ? of course I have my own opinion on it I have a simple answer to some of the concerns here just don't buy real estate just pay rent this way if things go sour you just pack and leave no money invested to lose Why would I pay a million baht for a house I can rent for 8000 a month and the joke is it not in your name may I say any more on that issue If you are buying real estate for your little cutie pie then you deserve what you get and when she take you for every thing don't come crying about how the thai girls ripped you off As for me I invested a few bucks here not much but I can afford to lose it since I am on a Pension from USA that go with me every were I go and no cutie pie can steal it and on another subject Thailand does not need the back packers sleeping on the beach and using the beach as there toilet my 2 cents is all used up until my next post have a nice day

[kurtgruen]

kurt writes "all you have to do is play by the rules" I have found that to be the biggest problem; no one seems to know what the rules are exactly!

Smile, Wai, shower, dress clean and nice and don't get visibly upset and that will go a long ways in this country. People and officials, many times, will go out of their way to help us foreigners, if we are polite and fit the picture of an "upstanding citizen". In a way, it is not bad, when the rules are a little flexible or bend, sometimes. (in my opinion) That way, one can weed out so called "undesiralbes" and open the doors to the people one ones to have in the country.

I have to be honest... I am not putting all my eggs in one basket. I am keeping my house in Canada, so I have something to fall back on, if need be. Even though, I really love Thailand and like it's present government, I think it would be foolish to burn ones bridges and to bring every cent over here. If one has to make the choice of having all their money and belongings here or in a country like Canada, they may want to think twice, before investing in Thailand.

I know that in Canada, my house is secure, as long as I pay my taxes and upkeep. I don't have to worry about 30 year leases (or usufructs) being challenged and thrown out in court, guns being held to my head, trying to seperate me from my house and property, or 100 relatives trying to move in the minute the house is finished. Then again, the winters are veeeerrry cold ;-)

I hope you guys take my posts with a sense of humour, as I really don't mean to be offensive in any way.

We do own a few properties in Thailand and a house, so I've been through the process, like many of you... i.e. land office, decision between 30 year lease, Usufruct or just putting it in my wive's name to keep, etc. (Sorry about my spelling, I know it sucks).

My advise to people who are new to Thailand always is, "Rent for three or four years, get to know Thailand, it's people, culture, scams, etc. and then make your decision, if, what or when to buy". After all, it's your money you are spending, not that of the "Princess", whom you met in the bar, massage salon, guesthouse reception or rice farmer village.

What is your urgency to buy? Don't worry about your sweetheart. There are millions more where she (or he)came from and all you have to do is slow down long enough for one of them to catch up with you. (might sound hard, but I believe definitely true over here) Bottom line is, the money is in your pocket and you control it. It you foolishly want to spend it, or let someone else take control of it, then I have to say "Up to you" and smile.

One thing about renting that I miss is, that before I could always move, if I got tired of my neighbors. Now, I have to be very careful to choose where I want to buy my nest. For example, would I rather listen to the local Karaoke bar at 3am or to the neighbor beating on his wife?

Anyways, there has to be something good on TV, so I am out of here ;-)

Cheers

Kurt

[Casanundra]

While most of us would love to see real estate drop by 20% in 2007, I fear it will not. If I had faith that it was likely I would sell the four condos I presently own and buy them back at the end of the year at a fantastic discount. Promises of steep declines have been made for years but they just don't seem to materialize. We can only pray and wait with cash in hand!

That's of course assuming you could sell those four condos and find willing buyers stupid enough to buy in thailand at the moment.

The 2nd hand property market is dead and it has been for the past 6 months at least. The only people who are coming in and buying are those who have their heads in the sand and don't want to listen to what is going on around them or to those who don't actually have a clue about what is going on.

Friends of mine who are in the property business have all told me that sales these past 6 months for second hand properties are dead and the only ones buying are for those wanting new builds. The sale of land and houses since the nominee shares focus became even more apparent has killed that market and even more so since the rumour hit the streets this weekend that 16,000 nominee based companies will get a legal summons soon along the lines of either getting legal by revealing who your nominee share holders are and declaring where their funds came from or to just quitting and shutting up their company, be it real or otherwise.

There is no argument that these past few months have been very interesting for Thailand and the SET crash consisting of what was it, 800 billion baht?, the new and then retracted 30% withholding of funds for investment rule, the bombs, the chicken coup, the countless rumours, the new visa regulations and the feeling of even less and less acceptance of foreigners here is all pointing down a one way street to get out of Thailand. In fact in my Condo alone, I have seen a distinct shift these past few months from that of one consisting of farangs to one now consisting of mainly mainland Chinese and Japanese (they are asians, so they are ok) and I think I am the only farang actually left... one thing is for certain though and that is my wife has a distinct dislike of the mainland Chinese in our building and words of rude, dirty and impolite all come to mind when describing them.

I personally believe Thailand is on track for a mega tough two years and all indicators point down that road and the only winners in the foreign community will be those that are able and willing to hang in there and stick it out or to those who are speculators at heart and who don't mind speculating on risky siutations and markets.

One thing is for sure, Bangkok was one dead city this weekend.

Edited January 8, 2007 by Casanundra

[Dupont]

"The sales girl told me they weren't even sure if they could complete it so many people have pulled out."

I have found that one of the nicest things about Thailand is that salespeople very largely have a 'decency and honesty-to-the-customer' culture, rather than the Western culture of ' I must fool the punter and make a sale'.

It is as if their 'bottom line' is: "Am I happy, having done the right thing?", rather than "Have I made the most possible commission, regardless of an uneasy conscience?".

In Robinson's in Udon Thani, sometimes a property developer will have set up a display that shows new property in the area that is for sale. No way would I go anywhere near such a set-up in the West. The 'pushy' salespeople would be too much hassle, but I feel quite relaxed about accepting one of the Udon Thani leaflets and satisfying my idle curiousity about prices and locations.

This is because they employ good looking girls to attract punters. They don't ususally know anything about what they are selling nor care as they love the attention of being in a public place being admired.

I've recently noticed a flood of these display stands appearing all over Phuket. I always tell em the houses are nice but I cannot buy as falang. Let em watch 5 million baht walk away and it will make em think eventually... maybe .... ok perhaps not!

Ask em a question next time and watch em glaze over.

Edited January 8, 2007 by Dupont

[Dupont]

I think alot of farangs seriously overestimate their impact on the market. Even the upscale units are mostly Thai residents. Some of the resort areas may suffer, but the Thai middle class will keep expanding and filling most of the spaces left by any precieved exodus of forgieners.

And ALL! these rich Thais live in a vacuum? None of them make money from property? None of em work in the tourist industry, the export industry etc. None of them have mortgaged property and use income from the above fields to make the repayments?

They will be affected, as they are richer it may take longer, but they will feel it.

[Gary A]

I get sick of statements about ALL real estate brokers/agents being liars/cheats etc. For heavens sake, its like calling all Thais cheats/lazy, all English being thugs and all septics being a waste of space - generalisations are so common on this board by many of you.

I have run a real estate company here for 10 years and I have been very successful due to being on top of my game and making sure all my dealings are straight - yes ALL!

After the Tsunami, I said things were booming because of it and that was the case.

After the coup I said things were not affected here in Phuket and they were'nt, when the the nominee shareholders were strictly enforced, I said, only buy a free hold condo/apartment in your name.

I now say, only buy a freehold condo/apartment in your name, leave land and homes alone - things are very unstable (yes a blind man could see that) and do not risk any of your hard earned money.

The trouble is there is to many "fly in and set up a real estate company for 1 year and fleece the buyer" types that make us all look like that way.

All you posters that are saying all of the agents here are untrustworthy, please state what you do for business, so we can all have a pop at you.

I don't do anything for business. I have been here for many years. I keep a low profile and don't spend more than I can afford to walk away from. Take any pop at me that you like.

If you have never sold a property to a farang using a bogus company, then I apologize. If you have, then I certainly DON'T owe you any apology.