Real Estate Madness in the Land of Smiles

[geisha]

Was just reading in the buisness front page Bangkok post yesterday, thousands of condos sitting empty. For the first time in many years , prices haven’t risen, in the near past they rose up to 5% yearly and a few years before that 10% !!!! So that’s  one high climb. No wonder the prices will even itself out. Thailand lately is not being rated very high in the western world. Confidence in a non corrupt , quality run housing market is slipping fast. People aren’t stupid or taken in by “ amazing thailand “ fairy tales. One look around and you see what you get , and it’s not up to western standards.  I wouldn’t swap my apartment in the south of France for one 10 times the price in Thailand ! 

[beautifulthailand99]

 

 

 

 

 

 

 

 

 

 

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6 minutes ago, geisha said:

Was just reading in the buisness front page Bangkok post yesterday, thousands of condos sitting empty. For the first time in many years , prices haven’t risen, in the near past they rose up to 5% yearly and a few years before that 10% !!!! So that’s  one high climb. No wonder the prices will even itself out. Thailand lately is not being rated very high in the western world. Confidence in a non corrupt , quality run housing market is slipping fast. People aren’t stupid or taken in by “ amazing thailand “ fairy tales. One look around and you see what you get , and it’s not up to western standards.  I wouldn’t swap my apartment in the south of France for one 10 times the price in Thailand ! 

Yes but the Chinese are the latest in the buy a house with a company scam that has fleeced so many westerners. And they can't get enough of the place. We have just bought a condo second hand in Jomtiem for what we thought was a rock bottom price and on the same day a Chinese 'investor' bought 5 in a wholesale sale. Farang selling and getting out or going to cash and Chinese and to a lesser extent Indians in. At the land office they were a few Russians selling to Russians as well. 

[rumak]

On 3/14/2019 at 8:46 PM, topt said:

And there I was thinking that bullsh** was a highly prized commodity on TV.........????

highly prized ?   there is a lot more supply of it than there is demand,  though it does fuel others to compound it with interest 

[SheungWan]

30 minutes ago, AtoZ said:

Sure, the Chinese money is huge. They often don't care about return, they want to get the money out of China where it can be taken away from them in a moment. Not to mention huge part is money laundering and criminals - like they uncovered in Canada that several billions $ was from drug operations.

Will it last though?

Look at Australia currently, those who bough property in the past 2-3 years committed financial suicide.

When the Mainland Chinese started their push into the (mostly) new build market residential market in HK, there was initial consternation in HK as they were paying the added 30% taxes. Straight return didn't make sense, but the Mainland Chinese thinking was on clawing back those taxes with capital appreciation. They judged correctly but now the HK residential growth has stalled. Australia, yes anybody who went into that one relatively recently has suffered. The judgment call on downtown BKK will be that the market has not topped but rather is underpriced. So some are jumping in. No guarantees, but they do like a punt.

[SheungWan]

24 minutes ago, geisha said:

Was just reading in the buisness front page Bangkok post yesterday, thousands of condos sitting empty. For the first time in many years , prices haven’t risen, in the near past they rose up to 5% yearly and a few years before that 10% !!!! So that’s  one high climb. No wonder the prices will even itself out. Thailand lately is not being rated very high in the western world. Confidence in a non corrupt , quality run housing market is slipping fast. People aren’t stupid or taken in by “ amazing thailand “ fairy tales. One look around and you see what you get , and it’s not up to western standards.  I wouldn’t swap my apartment in the south of France for one 10 times the price in Thailand ! 

Sometimes the bottom of a market is when the future looks most gloomy. Sometimes. However, your point about the quality of build in Thailand is one to be taken very seriously and ignored at peril. That and the expense of converting to baht.