Property Prices Over Next Decade?

[BritManToo]

2 hours ago, Jaxxper said:

We looked at a house in a province up north. My wife was told the price and we went to look. Was a good house with some maintenance issues, but Thb 500 k gets you a lot of remodelling / improvements done.As we were walking away my wife just wanted to confirm what the asking price was with the seller and he said, well yes, but I didn't realise you were married to a farang so I'm going to have to ask for another Million. On hearing this I told my wife to tell him what to do with his house. Needless to say we bought elsewhere.

They normally say to the lady "I'm gonna ask for 1 million extra and split it with you"

[newnative]

55 minutes ago, FruitPudding said:

Interesting.

 

Any advice on selecting a condo?

     Take your time.  Think about your lifestyle and what type of environment you want to live in.  Do you drive or rely on public transportation?  What's a typical week?  Do you prefer urban?  Suburban?  High-rise? Low-rise?  Large or small development?  What amenities are important?

     Do your homework.  Once you have a condo project in mind, make several visits, day and night.  If possible, talk to some owners and check the financials.  Observe the condition of the condo--pool, elevators, hallways, grounds, garage, lobby, gym, staff, residents, etc.  

     When looking at a condo, especially a developer model, try to ignore the decorator glitz, the nicely set table, the fancy linens, etc., and check the important things--view, room sizes, quality of materials, balcony size, windows and floors,  shower size, etc.  Is there space for a clothes washer?  And, especially, storage.  The smaller the condo, the better the storage needs to be.  

     Stay focused.  Try to mentally imagine the furniture you would want and check if there is enough space as you tour the rooms.  Can a king size bed and bed tables fit if you want them?  Living room big enough for a 55 inch tv if that's your preference?   Need space to seat 6 at dinner?  Don't wait until after you've bought to do measurements.  Take your time even if the sales person wants to hurry you--it's a big decision.

     Even if we are just buying as a flip, we never buy a condo we wouldn't be happy to live in ourselves.  And, we often do live in them for awhile.  If we don't like it, how are we going to find someone else to buy it?   We always buy oceanview and try to get the best unit type with the best room plan in the best location in the building. 

     Most condo projects will have some unit types that are more desirable than others--look for those.  Sometimes it can just be a simple matter of which way the bed wall faces--with one unit the bed will face the ocean view and the next unit will be reversed and the bed wall will lack the view.  Same with the living room--does the sofa wall have the view or is the tv going to be looking at the view?  It's all important and takes some time and study. 

     We prefer unfurnished as developer furniture is often poor quality and/or poor design, and over-priced.  And, we like our condos to have one-of-a-kind interiors and not look like the guy's next door.  (If you have a choice, never take the furniture package.)  We always buy with resale in mind but if it's your heart's desire to wake up every day for the rest of your life to the view of a lagoon pool with a pirate ship, by all means go for it.  Again, take your time and good luck.

      

      

     

      

[rumak]

On 3/23/2019 at 9:45 PM, BritManToo said:

That was two major dangerous faults when they built my house a few years back.

But the foundations/concrete and roof are fine.

usually this is when you step in to remind us all that Farang can not own anything here . (my house?)

[murraynz]

nobody can ever know, in advance, what the thai property market will do.

my guess is that most areas in thailand will never increase in value much{maybe a little -over a 20yr period.

in areas like pattaya where there is a huge over supply of condos, the small cheaper condos can only reduce in value. of course quality and good location, will always help...

dont ever class thai property as an 'investment'--its a poor way to invest...

[inThailand]

Buying Thai property is like having a week old Thai lottery ticket. No one wants unless you give it away. 

Edited March 25, 2019 by inThailand

[BritManToo]

8 hours ago, rumak said:

usually this is when you step in to remind us all that Farang can not own anything here . (my house?)

It says on the divorce settlement that it's mine, although in reality it's still 60% the banks, only 22 years payments left.

[burner2014]

Quite depressing this thread.

House owner myself. I would say it goes up.

 

We bought a house in Bangkok in a new living area, so far all the houses got sold. They built around 20 new houses a year next to it on new land.

I was also lucky that the BTS is planned to be built here in 2-3 years, so the price is already 50% up from what I bought the house.

 

My thinking is that Bangkok is growing but the land is not really there anymore. Sure you can kill some old houses and built a condo there, but houses are rare in my opinion and people like to have a family and a garden. (farangs do)

 

As I want to live here I don't need to sell it so I guess I never will make a ROI on my house, but I see a good time ahead for house owners. That being said I would never touch these overpriced condos which are as people mentioned totally garbage in 30 years from now without maintenance. But if you do your research you can buy a house for the same price you pay for a small condo in On Nut e.g.

 

PS: Let's not start this wife and you don't own the house discussion, totally different topic ???? 

[ThomasThBKK]

On 3/25/2019 at 1:26 PM, crazykopite said:

If they changed the law and allowed foreigners to own up to 1 rai of land and house without the need of a company I believe property prices would be a lot higher but we all know that’s never going to happen it’s okay for Thais to buy almost anywhere in the world but when it comes to Foreigners buying in Thailand unless it’s a condo your out of luck ☹️☹️☹️

 

There's actually a law that allows that in theory: https://www.lorenz-partners.com/download/thailand/NL019E-Foreigners-as-Owners-of-Land-and-Houses-in-Thailand-and-Legal-Instruments-to-Secure-the-Possession-of-Land-Jan15.pdf

 

Quote

can apply for a special approval from the Minister of Interior. The size of the land which may be permitted depends on the purpose of use:  for residence purposes, up to 1 Rai (approximately 1,600 sq.m.) per family may be granted  for agricultural or industrial purposes, up to 10 Rai ( approximately 16,000 sq.m.) may be granted

 

 

But in practice, they kinda stopped doing that because well u know why ...

 

[ThomasThBKK]

10 hours ago, burner2014 said:

Quite depressing this thread.

House owner myself. I would say it goes up.

 

We bought a house in Bangkok in a new living area, so far all the houses got sold. They built around 20 new houses a year next to it on new land.

I was also lucky that the BTS is planned to be built here in 2-3 years, so the price is already 50% up from what I bought the house.

 

My thinking is that Bangkok is growing but the land is not really there anymore. Sure you can kill some old houses and built a condo there, but houses are rare in my opinion and people like to have a family and a garden. (farangs do)

 

As I want to live here I don't need to sell it so I guess I never will make a ROI on my house, but I see a good time ahead for house owners. That being said I would never touch these overpriced condos which are as people mentioned totally garbage in 30 years from now without maintenance. But if you do your research you can buy a house for the same price you pay for a small condo in On Nut e.g.

 

PS: Let's not start this wife and you don't own the house discussion, totally different topic ???? 

 

Don't be depressed, on a longtime horizon land and also house prices (due to labour and material costs increasing) should go up if there's no wartimes.

Also keep in mind so far every FIAT currency in history has been useless sooner or later so estate is a good diversification of assets: https://www.dinardirham.com/the-rise-and-fall-of-fiat-currencies/

 

 

[rosst]

On 3/23/2019 at 11:00 PM, FruitPudding said:

What do you mean they reversed the live and neutral?

 

I do agree, there are some cowboys especially in electrics. I had to put the earth rod in myself here. The "spark" was laughing at me.

Me too and had trouble buying twin and earth for the aircon and the installer says "not need not need" 

[madmen]

Cant speak for the the rest of Thailand but the Bangkok prices over the last 8 years has jumped in multiples. Had I not bought 12 years ago before the Chinese invasion I would be renting now and even thats gone ballistic

Edited March 27, 2019 by madmen

[Number 6]

With all the empty units we know about, there is still huge amounts of condo construction just beginning.

 

Off Ratchada near Korean embassy there's a huge condo that's never gone anywhere. Another absolutely massive block has gone up near by.

 

Near Chinese embassy, two condos, two more being developed. A few hundred meters up a huge space is being now cleared for a block and another sitting idle for two years or more next to big C.

 

Near Huai kwang two more condos never taken off plus Diamond and Rythym never went anywhere and offices outright renting.

 

Down pracharat bampen another 3-4 small midsize condos under development. Behind Diamond another three smaller condos land cleared and one apartment block owner considering demolition of at least one building. Another area if few houses purchase would make a block

 

This is just a tiny area from praram9 to Huai kwang on Huai kwang side excepting one space mentioned.

 

 

I think the condo market will be ok until the banks see their folly and start calling loans.

 

As long as Thai idiots that bought 24sqm flat service their loan it's all good. Economy is weak outside BKK. If this trickles into BKK and recession hits, that will make people default because guaranteed they put nothing down and have huge mortgage on a coffin. They will walk.

 

I understand the rush to buy premium land. I don't understand the rush to build.

 

Thailand has lots of black and gray money generated domestically that needs to be hidden but I think it's just time before it all blows up. It will be a collapse, everyone will run for the door.

 

The only market I can see is the Uber wealthy using condo (housing) as investment vehicle like in states Blackrock manages or in general, REITs. The neo-rentier class is born. Entire floors are owned by these individuals and groups. Then... renters will move in and the building will become nothing more than apartments.

 

Edited March 28, 2019 by Number 6