Chiang Mai Property Market

[Chrisgk52]

Hello. Am considering buying a new-build house in Chang Kian. Could some of the experts give an opinion on present property values? Have they fallen dramatically since the Covid-19 pandemic? What percentage drop in property value? Many thanks.

[Destiny1990]

Yes u can buying them now owning them is another thing !

Good luck with buying houses for others.

[Bassosa]

It's all smoke and mirrors. No hard data available as previous posters have alluded too.

 

I imagine there's great deals out there right now, perhaps even better deals to be had a little later..... but good luck to you getting to the bottom of the things. You never really know what is going on with Thai real estate.

 

I was in the market for a purchase in 2015/2016 but stopped my search because it was all a bit too weird for me to trust. That might have to do with my skills and knowhow I should add...

Edited May 6, 2020 by Bassosa

[Thailand]

The Thai's will not drop property prices,why should they.They will sit on property for years.

And it's not as if potential buyers have disappeared with only 60 deaths nationwide.

Rental prices short term may see a hit but not for long. 

 

And I am sure you know you can build a house and own it but not the land it is on.

[Chrisgk52]

Thanks for the advice guys

[Logosone]

Hey Chris, I'm in Chiang Mai. I have a friend who's in the business. He's excellent if you're interested PM me and I'll shoot you his details.

[BritManToo]

Just now, Chrisgk52 said:

Been here long enough to own 2 condos and very aware of the negative and bitter morons who troll around on Thai forums because they have sad and empty lives. 

Also aware of the people who made bad decisions and defend their bad decisions against all comers.

Buying property in Asia is very hit and miss as VISA regulations constantly shift.

10 years back Thailand very easy place for white foreigners to live, today much harder and getting worse.

10 years back Cambodia very hard place for white foreigners to live, today very easy.

 

Wish I hadn't bought a house in Chiang Mai, price was OK, house is OK.

But the air pollution is now extreme and getting worse every year, and the government clearly don't want me living here.

If I'd saved my money, could have just jumped to Cambodia, Vietnam, the Philippines to track the current easy VISAs.

A white foreigner buying in Thailand at the moment, has got to be either gullible or stupid.

Edited May 6, 2020 by BritManToo

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[Chrisgk52]

6 minutes ago, BritManToo said:

Also aware of the people who made bad decisions and defend their bad decisions against all comers.

Buying property in Asia is very hit and miss as VISA regulations constantly shift.

10 years back Thailand very easy place for white foreigners to live, today much harder and getting worse.

10 years back Cambodia very hard place for white foreigners to live, today very easy.

 

Wish I hadn't bought a house in Chiang Mai, price was OK, house is OK.

But the air pollution is now extreme and getting worse every year, and the government clearly don't want me living here.

If I'd saved my money, could have just jumped to Cambodia, Vietnam, the Philippines to track the current easy VISAs.

A white foreigner buying in Thailand at the moment, has got to be either gullible or stupid.

Thanks for your opinion. Yes, i am very aware of all that you have stated. No market is perfect and certainly Thailand can be hard work. It seems most foreigners purchase houses because they have a Thai spouse. Not sure it is wise to consider a purchase of a house as a foreign couple so i am still debating it. What I am concerned with is paying a high price in a deflated market. Thanks for your input here.

[1FinickyOne]

5 minutes ago, Chrisgk52 said:

What I am concerned with is paying a high price in a deflated market.

Since the owners control the price, the market is hit and miss w/most all things over priced... when a seller is motivated, usually a farang, the price goes down to a reasonable level and those are the houses that sell... others are on the market for years. 

 

As a foreign couple I would definitely not buy unless it is a very very small % of your money... and then you have the issues of not owning the land... 

[BritManToo]

46 minutes ago, Chrisgk52 said:

Thanks for your opinion. Yes, i am very aware of all that you have stated. No market is perfect and certainly Thailand can be hard work. It seems most foreigners purchase houses because they have a Thai spouse. Not sure it is wise to consider a purchase of a house as a foreign couple so i am still debating it. What I am concerned with is paying a high price in a deflated market. Thanks for your input here.

I have a 3 bed detached house in a gated village just outside Chiang Mai.

1.8M 7 years back, people try to sell them for 2M now ...... but no buyers.

There's plenty of 3 bed houses around CM for under 2M.

Only problem is the Thais see a foreign buyer and suddenly the price is 3M.

If it's advertised in English or touted by an English speaking agent assume they've upped the price 50%.

Foreigners are not allowed to deal in real estate, it's a job reserved for Thai nationals.

 

Rental value on the same house was around 7-10k/month pre-COVID.

At those prices, and the difficulty selling, is there really any point in purchasing?

Edited May 6, 2020 by BritManToo

[Chrisgk52]

13 minutes ago, BritManToo said:

I have a 3 bed detached house in a gated village just outside Chiang Mai.

1.8M 7 years back, people try to sell them for 2M now ...... but no buyers.

There's plenty of 3 bed houses around CM for under 2M.

Only problem is the Thais see a foreign buyer and suddenly the price is 3M.

If it's advertised in English or touted by an English speaking agent assume they've upped the price 50%.

Foreigners are not allowed to deal in real estate, if they are then are by definition criminals, don't trust them.

 

Rental value on the same house was around 7-10k/month pre-COVID.

At those prices, and the difficulty selling, is there really any point in purchasing?

Good info there. I think nothing is selling here or anywhere in the world right now. A pal of mine in the UK had his farm under offer at 3.6 million gbp just before the virus flared. The buyers have just reduced their offer to 2.8 million gbp. Not a nice situation for my pal. 

[Lacessit]

The OP should also be aware many houses here are built with a 15 year life span. Warped doors, leaks and electrical faults then become the order of the day. That's why many Thais will only buy new.

I have a friend who has a solidly-built house in San Pu Loei he has been trying to sell for 3 years. It's tarred with the same brush. 4.5 million baht against a 3.0 million baht new house in a gated community, built with toad s##t and duct tape. He has no chance.

After I moved from Chiang Mai to Chiang Rai in March, my former landlord has 3 vacant condo apartments. His agent has been trying to find a tenant for the other two for 3 years.

IMO with all the uncertainty w.r.to entering and exiting Thailand, plus the usual one year tenure, one would have to have rocks in their head to buy any property here. The dice are loaded.

 

[Chrisgk52]

2 minutes ago, Lacessit said:

The OP should also be aware many houses here are built with a 15 year life span. Warped doors, leaks and electrical faults then become the order of the day. That's why many Thais will only buy new.

I have a friend who has a solidly-built house in San Pu Loei he has been trying to sell for 3 years. It's tarred with the same brush. 4.5 million baht against a 3.0 million baht new house in a gated community, built with toad s##t and duct tape. He has no chance.

After I moved from Chiang Mai to Chiang Rai in March, my former landlord has 3 vacant condo apartments. His agent has been trying to find a tenant for the other two for 3 years.

IMO with all the uncertainty w.r.to entering and exiting Thailand, plus the usual one year tenure, one would have to have rocks in their head to buy any property here. The dice are loaded.

 

Yes i have 30 years construction experience in the UK so i know exactly what you mean. I wouldn't touch many of the houses or condos here. If something is cheap then there is good reason for that. If a foreigner proceeds a purchase without expert building knowledge or is too stingy to pay a qualified surveyor then that is their own fault. Buyer beware!

[Ron jeremy]

Do yourself a favour and rent, you won't be stuck with anything, 

when the day comes that you want to leave, simply pack up the suitcase and leave. And may I ask, why buy or live in polluted chang Mai? Do u like wearing a mask in your golden years?

[Chrisgk52]

28 minutes ago, Ron jeremy said:

Do yourself a favour and rent, you won't be stuck with anything, 

when the day comes that you want to leave, simply pack up the suitcase and leave. And may I ask, why buy or live in polluted chang Mai? Do u like wearing a mask in your golden years?

I have an Elite Visa so i come and go as I please. I am not sure what advice you are offering regarding property prices in the present economic climate or were you just using my post to have a whinge in general? Do you live in Chiang Mai?

[cheeryble]

1 hour ago, Chrisgk52 said:

I have an Elite Visa so i come and go as I please. I am not sure what advice you are offering regarding property prices in the present economic climate or were you just using my post to have a whinge in general? Do you live in Chiang Mai?

 

I have the feeling you have your head screwed on and can judge

 

1. Property prices here compared to elsewhere in the world

2. Healthcare quality and cost

3. Relative sophistication of cultural and social life available

4. Relative sophistication of wordly goods available 

5. etc 

 

I've owned and own condos and own a house on wife's land.

It is very well built and at a cost and with materials I couldnt  think of in the west or Singapore/HK/etc.

I have so many friends, mixed and foreign couples, who have made a long term success of it it can obviously work

The dirty air is a nuisance but perfectly do-able or a good opportunity for time away. I think it will improve.

 

Good luck

Edited May 6, 2020 by cheeryble

[Chrisgk52]

5 minutes ago, cheeryble said:

 

I have the feeling you have your head screwed on and can judge

 

1. Property prices here compared to elsewhere in the world

2. Healthcare quality and cost

3. Relative sophistication of cultural and social life available

4. Relative sophistication of wordly goods available 

5. etc 

 

I've owned and own condos and own a house on wife's land.

It is very well built and at a cost and with materials I couldnt  think of in the west or Singapore/HK/etc.

I have so many friends, mixed and foreign couples, who have made a long term success of it it can obviously work

The dirty air is a nuisance but perfectly do-able or a good opportunity for time away. I think it will improve.

 

Good luck

Brilliant and positive attitude. Many thanks