Koh samui is now saturated with constructions rentals half empty.. no more tourists.. soon ghost Island? keep your savings safe, rent don't build..

[to be green or not to be]

I bought a villa 2 years ago and rented it short term last year with a good 50% turnover in the high of Chaweng the main tourist city in Koh samui. Since then i see constructions everywhere in front of my house, no more forest on my left and my right. More than 3000 Villas and Hotels available on Airbnb in our small saturated island and it keeps increasing at a rate of 10 new every day. The island is now "construction land" with part of Villas not delivered left half finished (with typical crook constructors who left and naive customers spending money to sue them with their local lawyers... probably cousins of the local constructor) and the other part of the Villas finally built 1 year late empty with no customers inside to rent or to buy... check the stories available on blogs online before you decide to invest your retirement savings in a dead end. Simply rent a villa and keep your saving safe in a government fund at 3 or 4% in Asia. This year tourism business dropped big time as everyone knows in Thailand but the situation in remote Koh Samui Island is worst than the main land Thailand. Koh Samui has the most expensive plane tickets in Thailand 8,000thb (270 USD!) round trip to Bangkok in stead of 100 usd round trip anywhere else in Thailand or even Laos.. yes Bangkok Airways local exclusive airport is killing the local business! Today a tourist family of 4 would simply go to a cheaper destination to save 4 tickets worth 1,000 USD.. This year I have half less rental requests than last year and a close friend who owns a nice mid range bungalow hotel 500m from Lamai beach tells me last year he was 100% full in July/August 2018 and this year 2019 he has 40% less customers!

the Thai government needs urgently to regulate this crazy construction race before Thailand becomes a new "Malaga ghost city in Spain" with whole abandoned areas of houses and buildings half built with its ground pollution left and no more green land to see in the horizon...

let's Plant trees now and stop planting cement please.

Let's Keep Thailand the land of smiles before it is too late ????

[Peterw42]

So basically it was fine to build villas up until you bought one to rent out, now you would like them to stop building because its effecting the demand for your villa. I am sure there is someone who wanted them not to build your villa because it meant less customers for his existing villa.

[Puchaiyank]

Too late now!   Wait for the Chinese to come in and offer 25% on your investment...Indians will tell you they will give you 100% of what you have invested...never give you a dime...wait you out to try and pickup your real estate for near nothing...

 

This is what they call "business"!

 

 

[HLover]

37 minutes ago, Puchaiyank said:

Wait for the Chinese to come in and offer 25% on your investment...Indians will tell you they will give you 100% of what you have invested...never give you a dime..

Is your screen name just a front for your real identity, Mr. W Buffett sir?

[watcharacters]

1 hour ago, Peterw42 said:

So basically it was fine to build villas up until you bought one to rent out, now you would like them to stop building because its effecting the demand for your villa. I am sure there is someone who wanted them not to build your villa because it meant less customers for his existing villa.

Unfortunately it does have that ring about it.

 

44 minutes ago, Puchaiyank said:

Too late now!   Wait for the Chinese to come in and offer 25% on your investment...Indians will tell you they will give you 100% of what you have invested...never give you a dime...wait you out to try and pickup your real estate for near nothing...

 

This is what they call "business"!

 

 

And you didn't even mention casinos

[metisdead]

A troll post has been removed. 

[tjo o tjim]

Um... this was exactly the case for the past 20 years.  It is actually the taxi mafia that puts me off Samui though.

[Henryford]

I would like to visit Samui but with the plane mafia and the taxi mafia just not worth the hassle. I am surprised anyone goes.