How many Expats plans are on hold due to the property slow down?

[d2b2]

The entire resale process here seems so convoluted. Without a working multiple listing service where everyone has access to the available properties the buyers don't have access to enough inventory and sellers don't have access to buyers. 

[NCC1701A]

2 hours ago, 4MyEgo said:

I like the sound of that, but I am only seeing 20,000 plus on the web.

you have to drive around and look for signs and speak Thai to find a house in that price range. 

 

anything on the web in English is already too much.

[ThomasThBKK]

23 minutes ago, d2b2 said:

The entire resale process here seems so convoluted. Without a working multiple listing service where everyone has access to the available properties the buyers don't have access to enough inventory and sellers don't have access to buyers. 

 

Yeah and to add to that, on hipflat and ddproperty: 

 

Most listings are fake, outdated, same listings for the same house are 10x, agents too lazy to remove them, photos of listings are horrible, agents ignore you if you don't speak thai, you inquire for 1 property - they try to sell you another one as the listing was just bait and switch.

There's no "process" on how to acquire a house here. 

 

In a real country you just go to some listing aggregator like the MLS in the USA: https://www.realtor.com/advice/buy/what-is-the-mls-multiple-listing-service/

 

A concept old as humanity, non existing in the djungle of Thailand.... Market here is extemely inefficient.

[GWS]

I purchased a large sea view low rise 100+ sqm well designed condo in a then 2 year old building, 4.5 years ago in Pattaya. Building is well maintained and full of expat owners. High rise condos are now so overpriced and combined with the every increasing baht you are guaranteed to lose on a purchase. Even if i was to sell which i have no plan too, at 20% less than i paid for it i wouldnt lose. 

If i had to buy a condo now I'd probably rent. Thailand is asking western prices for 2nd rate quality and finish.

[Gecko123]

Quantitative easing has heightened financial uncertainty everywhere.

[Power of life yoga]

14 minutes ago, GWS said:

I purchased a large sea view low rise 100+ sqm well designed condo in a then 2 year old building, 4.5 years ago in Pattaya. Building is well maintained and full of expat owners. High rise condos are now so overpriced and combined with the every increasing baht you are guaranteed to lose on a purchase. Even if i was to sell which i have no plan too, at 20% less than i paid for it i wouldnt lose. 

If i had to buy a condo now I'd probably rent. Thailand is asking western prices for 2nd rate quality and finish.

Agreed!????

[beautifulthailand99]

To the OP if you put your condo on for 100,000 baht you will sell it NOW -I'd buy it sight unseen. Or if you put it on at 10mill then it would probably never sell. Somewhere between those two prices is the market value i.e what someone will actually pay for it now not what you think it is worth. Advertise it widely and effectively and start the price relative to what others are asking for similar quality , location and price but a bit lower to get ahead of the game.

 

edit - just seen it's Dan the man clickbait...

 

Dan if you really have a condo you want to sell rent let's have a look and we would probably be able collectively to determine fair value and who knows someone could even buy it !

Edited November 24, 2019 by beautifulthailand99

[CH1961]

Since the 'good guys in, bad guys out' campaign, there where a lot of nice real estate objects to buy. 

And in these days many objects are to have for peanuts from all the panicers and income-letter liars on the run. 

With enough cash in your hand you can still make bargains. 

[VBF]

7 hours ago, darksidedog said:

Agreed. Property prices are on the decline, a fact that seems to have been missed by many locals. Looking for a new house recently around Pattaya I found many landlords asking for rent they have no chance of getting, but because they got that 5 or 10 years ago, they think it is still viable. Even when their now older property has been empty for a year or longer, they still don't get that they have to settle for less. And when they can't rent, they try to sell for again unrealistic numbers.

There is an oversupply of property and you won't rent or sell unless you are ready to accept what the market will bear, however painful that price might be.

To be honest, your last sentence "There is an oversupply of property and you won't rent or sell unless you are ready to accept what the market will bear, however painful that price might be." applies almost anywhere in  the world.

The value of my UK property which I bought in the eighties multiplied by 7 times up to about 2006. In my area, you almost never saw "For Sale" signs - just "Sold" as they went under offer before the sign installers could get to them!

During the 2008 recession, it's "value" dropped to "only" (!) about 4 times what I paid for it.  Come forward to 2019, I had my place valued, out of interest and for insurance - the suggested sale price is now the same as it was in 2009 BUT in the last 5 years, the area has been full of "For Sale" signs. In reality, none of this actually bothers me as I'm not planning to sell any time soon.

 

A very different market for very different reasons but nonetheless  the principles of perceived vs real market values apply along with those of supply and demand,

 

And, to @4MyEgo  - I couldn't agree more. As a single person, why would I ever buy a property that I might not even be allowed to live in  OR  be able to sell? I actually took that stance 10 years ago, deciding that if I did move to Thailand I'd always rent.

 

Finally @baansgr I've just downloaded "The Big Short"  - looks good ????

[scubascuba3]

4 hours ago, BritManToo said:

I can buy a rundown farm in France for 10,000-15,000 Euros.

They can't give em away.

Why would you go to France rather than say Vietnam? you can't even get the free healthcare after brexit

[BritManToo]

10 minutes ago, scubascuba3 said:

Why would you go to France rather than say Vietnam? you can't even get the free healthcare after brexit

Brexit will never happen.

Even if it does, I can register as a permanent resident until the end of 2020.

[Kurtf]

I've been trying to sell our house in Mae Taeng for a couple of years and have reduced the price to very low levels and have very few people interested. Or those that are interested are Thai people with no funds.

[Kurtf]

22 minutes ago, scubascuba3 said:

Why would you go to France rather than say Vietnam? you can't even get the free healthcare after brexit

With all the Muzzies running around France it's no wonder.

[Destiny1990]

Why buy since its been made complicated to stay? This closes also the rent out option because no long term tenants available.

rents down, resale values down, new sales down the drain !

[Number 6]

Property is still 30-60% overpriced. Prices really are not softening which means they will crash.

 

Condo rentals are often 50% more than same size apartments which on premises manager take care of everything fast.

 

Phuket, Pattaya, HHin, utter joke. Homes 5km from water for huge sums of money.

 

The quality of building is a total laff.

 

49% foreigner quota lol

 

Can't own a tiny property without being in Thai name.

 

But it's not just the prices. It's the visa hassles, TM30, air pollution that will never go away, lack of green space, unpleasant footpaths with rotting garbage, grease and cooking oil, motorcycles and caved in cement.

 

Immigration is totally inconsistent. So much stupidity. The entire process is so poorly thought out. Much of the O extension could be done online.

The public transportation is horrible at peak hours and will become even worse as the new lines come to completion.

 

 

This November first coolish season since I can remember but BKK is HOT.

 

Healthcare. It's not just that forced policies may be coming it's that they will be expensive and worthless.

 

So why should I buy an overpriced tiny condo in Bangkok with no windows or balcony for 200k USD again?

 

Oh did I mention the thb so strong it's literally driving people out of retirement and back home?

 

Such greed. But now Thais are starting to complain about the economy and Thailand has forever damaged it's relationship with foreigners with money. The single male sex junkies will return on any terms. They have no dignity. But the others are leaving or gone.

[Airalee]

51 minutes ago, Kurtf said:

I've been trying to sell our house in Mae Taeng for a couple of years and have reduced the price to very low levels and have very few people interested. Or those that are interested are Thai people with no funds.

Apparently not low enough.  Sounds like you’re chasing the market down rather than getting out in front of it.

[emptypockets]

3 hours ago, GWS said:

I purchased a large sea view low rise 100+ sqm well designed condo in a then 2 year old building, 4.5 years ago in Pattaya. Building is well maintained and full of expat owners. High rise condos are now so overpriced and combined with the every increasing baht you are guaranteed to lose on a purchase. Even if i was to sell which i have no plan too, at 20% less than i paid for it i wouldnt lose. 

If i had to buy a condo now I'd probably rent. Thailand is asking western prices for 2nd rate quality and finish.

Impossible to be full of expat owners.

[Captain 776]

9 hours ago, VYCM said:

 

Must be a large outstanding Condo for 50 large.

My mate is living in a 1 yr old 3 Br 2 Ba house with a pool for 30,000 in E Pattaya.

1 br Condos rent all day long for 10-12 thousand a month.

[Onrai]

9 hours ago, GeorgeCross said:

 

LOL - do you know how long it actually takes to find then buy a piece of land, then clear it, find an architect, get planning permission, prep it (flatten/drainage), then actually build it, put the gardens in, design the interior, deal with all the BS at EVERY STEP, etc, etc..

 

thats where the two times price comes in! - 2 years of

 

 

You comments makes it sound as if you are doing everything yourself. You a a real broker to find the land, you have an architect to draw up the plans, you have a surveyor, you have an engineer and then maybe you work as the general contractor or not. IN the USA if you make a 12-17% profit you have done well. Name one  investment that returns 300-400% in two years. 

[DaRoadrunner]

2 hours ago, Number 6 said:

Property is still 30-60% overpriced. Prices really are not softening which means they will crash.

 

Condo rentals are often 50% more than same size apartments which on premises manager take care of everything fast.

 

Phuket, Pattaya, HHin, utter joke. Homes 5km from water for huge sums of money.

 

The quality of building is a total laff.

 

49% foreigner quota lol

 

Can't own a tiny property without being in Thai name.

 

But it's not just the prices. It's the visa hassles, TM30, air pollution that will never go away, lack of green space, unpleasant footpaths with rotting garbage, grease and cooking oil, motorcycles and caved in cement.

 

Immigration is totally inconsistent. So much stupidity. The entire process is so poorly thought out. Much of the O extension could be done online.

The public transportation is horrible at peak hours and will become even worse as the new lines come to completion.

 

 

This November first coolish season since I can remember but BKK is HOT.

 

Healthcare. It's not just that forced policies may be coming it's that they will be expensive and worthless.

 

So why should I buy an overpriced tiny condo in Bangkok with no windows or balcony for 200k USD again?

 

Oh did I mention the thb so strong it's literally driving people out of retirement and back home?

 

Such greed. But now Thais are starting to complain about the economy and Thailand has forever damaged it's relationship with foreigners with money. The single male sex junkies will return on any terms. They have no dignity. But the others are leaving or gone.

Very well put….. To which I would add…. I wish I were a single male sex junkie again! I seem to recall this being what got most of us into this Thai mess in the first place!

 

The Thais got greedy asking more than western prices for poorly built properties. With the unstable unpredictable visa situation we are not buying anyway.

 

On top of this, Thai law allows us to buy a house, but not the land it is on. Just where do they expect you to put your house then, suspend it in mid air?

 

This country has a history of going from boom to bust and back again. We are due a bust (once the Prayut Govt has emptied the coffers), then we might buy…. If we are all still here that is!

 

[BritManToo]

1 minute ago, DaRoadrunner said:

The Thais got greedy asking more than western prices for poorly built properties.

Got to say, my house in Chiang Mai (total cost under 40,000 pounds) is as well built as anything I've ever lived in.

My last house in the UK cost 600,000 pounds, and needed much more maintenance.

[Number 6]

Thanks to poster above roadrunner...

 

We've not even touched on the abnb phenomenon. I could only imagine what it's like to have paid 4m thb to live in a Chinese hotel.

 

Further, anything that should end up litigated won't. Everything else isdecided against you.

Edited November 24, 2019 by Number 6

[DaRoadrunner]

5 hours ago, NCC1701A said:

you have to drive around and look for signs and speak Thai to find a house in that price range.

Which is exactly how I found every house I ever rented in Thailand.

[Number 6]

2 minutes ago, BritManToo said:

40,000 pounds) is as well built as anything I've ever

I'm happy for you but it's Chaing Mai. Few interested living there, certainly not me. I've been once in thirty years. Dull, depressing and the air pollution is just foul.

[DaRoadrunner]

3 minutes ago, BritManToo said:

Got to say, my house in Chiang Mai (total cost under 40,000 pounds) is as well built as anything I've ever lived in.

My last house in the UK cost 600,000 pounds, and needed much more maintenance.

Yeah, but can you breathe the air in Chiangmai? So many properties for sale there now, they drop the prices but still cannot sell.

[BritManToo]

4 minutes ago, DaRoadrunner said:

Yeah, but can you breathe the air in Chiangmai? So many properties for sale there now, they drop the prices but still cannot sell.

Never seen anyone ever drop the prices anywhere in Thailand.

Plenty of empty houses though.

 

Air's fine ......... so far.

 

Edited November 24, 2019 by BritManToo

[DaRoadrunner]

Take a look at Q House Sukhumvit near Nana station. Cheapest condo unit is 30m Baht.... up to 130m Baht! Thai greed has gone too far. This is an area with severe pollution, the street is filthy, there are beggars and hookers and ladyboys around..... Naturally it appears to be empty.

 

Convert that into Pounds or US$ and imagine what you could buy for that money back home.

 

[deej]

9 minutes ago, DaRoadrunner said:

Yeah, but can you breathe the air in Chiangmai? So many properties for sale there now, they drop the prices but still cannot sell.

Chiangmai property market either House.s or Condo.s for sale or rent .is a shot bird

presently its a Buyers/Rental   market with very few takers in both .

And FWIW  worse to come

[tabarin]

What I wonder more is who they think all those houses and condos are going to rent. As of low income thais, they can't even pay the rent on there entire salary.
For those with the better jobs, they are able to buy themselves and do so most times. 

All that is left is basically foreigners, who are not allowed to own houses, only 49% in condo's and now getting hassled over visa's and insurance + poor FX rates.

Yet I see entire buildings, half of new villages, sit empty, like nobody is in a rush to pay back the bank (or somehow it is paid for already). 

Either all real estate is really in hands of a few, or some Thais have secret money press machines.

Most 'normal' landlords also ask rent at 2-3x the mortgage, guess that supplemented their income in all the previous good years, now they get shaken down.

It really surprises me how lazy they can be. I remember a house I wanted to rent, but demanding 1 extra AC to be installed for a 2 year contract.
This was for 9K a month, by now the house still sits empty, 14 months later. He could have refurbed the entire house of that rental income.

This is Thailand... really hope on a huge property crash though, then we get to buy a bargain in a year or so.

Edited November 24, 2019 by tabarin

[Isaan sailor]

Despite the outrageously high Baht, we have an oversupply of hotel rooms and rental apartments.  

I have taken full advantage of this...