Are rental prices dropping in Phuket

[Rman]

Condos and Houses in Phuket sell for 10 to 20 % less than a couple of years ago. Are condo and house rental prices in Patong dropping as well?

[Rimmer]

Shouldn't this be in the Phuket forum?

//MOVED//

[stevenl]

Are sales prices really dropping?

 

I have not noticed a decline in rental prices.

[LivinginKata]

I've noticed a marked pick-up in our rental business these last 6+ months. I don't see any reduction in long term rental prices. Indeed prices have been much the same for the last many years. I just don't see anyone increasing their residential rental prices.

[CaptainZero]

Depends on who owns the property.

If a foreigner, quite possibly.

If owned by a Thai, no way.

[LivinginKata]

31 minutes ago, CaptainZero said:

Depends on who owns the property.

If a foreigner, quite possibly.

If owned by a Thai, no way.

 

Very true ...

[madmax2]

I do not think the rental prices are decreasing but there are a lot of rental properties on the market at present

Short term i doubt you will get a discount price but if you are willing to sign a 1 year rental contract most landlords are willing to negotiate a discount price, depends on your negotiating skills how much it will be

Where we live rental properties were snatched up as soon as they became available but this is no longer the case, there are 3 properties available for rent at present in our village 

[NamKangMan]

I'm going into the third year of renting the same apartment here, and there has not been a rent increase since I moved in, and doesn't look like being one any time soon, as the owner has long ago left Phuket.  The owner is a foreigner, and there is no agent involved.

 

On that basis, I suppose in my case, rent is dropping, by simply not increasing with inflation, let alone, competing with an oversupply of rentals on the market. 

 

I have asked around some friends who also rent, and they tell of a similar experience.

 

I don't think the rent started high, and is now moving back to fair market rent.  It was good value at the time, but not ridiculously so.  

 

So many distressed sales on the market here now, with the owners leaving Phuket, that they will consider even out of line rent in order to keep the property from becoming derelict, and to at least receive some small return, after fees and taxes.  

 

Just too many properties on the market for rent now, to justify asking premium prices.

[bearpolar]

22 hours ago, CaptainZero said:

Depends on who owns the property.

If a foreigner, quite possibly.

If owned by a Thai, no way.

 

Which is why im seeing a lot of cheaper price adverts for chalong/rawai in nice looking houses with western kitchens.. stuff that went for 40-50k is going for 20-30k

[Psimbo]

I suppose in real terms- yes. I have paid the same monthly rent for nearly 14 years. I find that rents do not tend to go up once in place but maybe I've just been lucky.

 

If one takes into account the increased costs of living, etc I suppose you could say that over time my rent has come down. 

[britpop]

Ive noticed on facebook groups in regards to phukets, rentals of new condos are under 10k & large detached houses well under 20k, now not in remote area's, quite popular area's, i think you can find a bargain rental if you just look around 

[hkt83100]

I am living in the same house for 22 years now, the owner is Thai. The rent never went up. Not down either.

[NamKangMan]

On 1/10/2018 at 11:08 PM, hkt83100 said:

I am living in the same house for 22 years now, the owner is Thai. The rent never went up. Not down either.

 

22 years?  How is that possible?  The rent would barely cover the fees these days.

[LivinginKata]

3 hours ago, NamKangMan said:

 

22 years?  How is that possible?  The rent would barely cover the fees these days.

 

What fees ??  If the landlord owns the land/property  then fees are minimal. I can tell you our rent rate has been the same for 18 years. We can do that because we own and have recovered our costs years ago. Now it's all gravy except for maintenance costs and refurbishment. Fees - cable TV, internet, property tax (that's a big one at 12%).

[NamKangMan]

1 hour ago, LivinginKata said:

 

What fees ??  If the landlord owns the land/property  then fees are minimal. I can tell you our rent rate has been the same for 18 years. We can do that because we own and have recovered our costs years ago. Now it's all gravy except for maintenance costs and refurbishment. Fees - cable TV, internet, property tax (that's a big one at 12%).

 

So, 22 years ago is well before my time for being on Phuket. I mean, what was rent back then 3000 baht a month.  I don't know. 

 

If it was something like 3000 baht a month,  how does that cover associated costs for the property in 2018????

 

Yes, in the previous post I used the general word "fees."  I mean, taxes, maintenance, repairs etc etc. 

[LivinginKata]

7 hours ago, NamKangMan said:

 

So, 22 years ago is well before my time for being on Phuket. I mean, what was rent back then 3000 baht a month.  I don't know. 

 

If it was something like 3000 baht a month,  how does that cover associated costs for the property in 2018????

 

Yes, in the previous post I used the general word "fees."  I mean, taxes, maintenance, repairs etc etc. 

 

How little you know about the residential rental market. No experience of 22 years ago as we only started renting 19 years ago. And I can assure a western style 2 bedroom home was a lot lot more than 3,000 baht.  You are thinking about basic Thai style homes.

[NamKangMan]

13 hours ago, LivinginKata said:

 

How little you know about the residential rental market. No experience of 22 years ago as we only started renting 19 years ago. And I can assure a western style 2 bedroom home was a lot lot more than 3,000 baht.  You are thinking about basic Thai style homes.

 

Always happy to learn, LIK.  22 years was way before my time for any serious consideration of Phuket.

 

I was in Bangkok, more than 22 years ago, but I had no need to concern myself with property back then. 

 

Can you give some rough examples of price, location, and property styles, for Phuket, back then?

[phuketrichard]

my first rental was on  Na Nai road, it was part dirt back than and paid 4,000 baht/month....big living room, big semi western kitchen, 2 bedroom, cold shower, no aircon 1 story 1985

Moved to Kamala in 1996 and paid 12,000 for a BIG 3 bedroom 1aircon, hot water, 2 stories, big land

[LivinginKata]

16 hours ago, NamKangMan said:

 

Always happy to learn, LIK.  22 years was way before my time for any serious consideration of Phuket.

 

I was in Bangkok, more than 22 years ago, but I had no need to concern myself with property back then. 

 

Can you give some rough examples of price, location, and property styles, for Phuket, back then?

 

Way back when I arrived as a first time short term visitor (like 6 days) in 1996 (not the 80s) I always look about for a place to buy as a SE Asia get away from cold Europe. At that time there was only one real estate guy in Kalim (William) who had a surprisingly advanced computer graphics data base of property for rent. Back then there were only 2 western style developments in or near Patong - Kalim Residence and Les Mangiers on Nanai Road. Kalim was pricey and I decided to buy (yes - buy a 30 year lease) at Les Mangiers. Back then these 2 floor townhouse were fetching 20,000 baht/month on residential long term rental. 

 

I suppose that's why we decided to buy land and build very similar style homes. Our first build (5 homes) was fully booked 2 months before completion and folks had too pay 6 months rent in advance.  We were well ahead of the western style rental market. Indeed Thai property owners came and viewed what we were offering and thus many more similar style and fitted out homes started appearing over the next few years.        

[NamKangMan]

3 hours ago, LivinginKata said:

 

Way back when I arrived as a first time short term visitor (like 6 days) in 1996 (not the 80s) I always look about for a place to buy as a SE Asia get away from cold Europe. At that time there was only one real estate guy in Kalim (William) who had a surprisingly advanced computer graphics data base of property for rent. Back then there were only 2 western style developments in or near Patong - Kalim Residence and Les Mangiers on Nanai Road. Kalim was pricey and I decided to buy (yes - buy a 30 year lease) at Les Mangiers. Back then these 2 floor townhouse were fetching 20,000 baht/month on residential long term rental. 

 

I suppose that's why we decided to buy land and build very similar style homes. Our first build (5 homes) was fully booked 2 months before completion and folks had too pay 6 months rent in advance.  We were well ahead of the western style rental market. Indeed Thai property owners came and viewed what we were offering and thus many more similar style and fitted out homes started appearing over the next few years.        

 

Ok, so, if a 2 floor townhouse was fetching 20,000 baht a month back then, what is a similar property, in a similar location, fetching now?

 

Any chance a huge over supply since then has flat lined rents, if not pushed them down?  

[LivinginKata]

4 minutes ago, NamKangMan said:

 

Ok, so, if a 2 floor townhouse was fetching 20,000 baht a month back then, what is a similar property, in a similar location, fetching now?

 

Any chance a huge over supply since then has flat lined rents, if not pushed them down?  

 

Oh dear .... i tire of your trolls. I answered your original question and I am done with it. 

[NamKangMan]

45 minutes ago, LivinginKata said:

 

Oh dear .... i tire of your trolls. I answered your original question and I am done with it. 

 

"Trolls????"  How so????

 

If the question is too hard for you, just say so. 

 

A member has said his rent hasn't changed in 22 years.  Now, either he is telling the truth, or taking the piss, but I know my rent hasn't changed going into the third year, and when I speak to others here, they say their rent hasn't changed in many years.

 

Can it be possible, that the longer you rent here, the better off you are????  Or is this question a "troll" question as well????