Russian and Chinese buyers push up property prices, forcing locals out of the market

[jacko45k]

8 minutes ago, thaibeachlovers said:

Sorry, but I have no idea. Seems strange unless it's one of those very expensive options I couldn't afford.

I guess if one can pay millions for a house, a LT visa wouldn't be a problem.

One does wonder how many of the Russians are that rich though. The ones I saw in Pattaya didn't look very rich.

An Elite too would be an option for those who can afford pool villas in Phuket! Agreed the ones in Pattaya look less capable of spending that much.... nevertheless a visit to the Chonburi Provincial Transport Office and you will see there are many with longer term plans than a 45 day Exempt. 

[Eloquent pilgrim]

10 minutes ago, thaibeachlovers said:

One does wonder how many of the Russians are that rich though. The ones I saw in Pattaya didn't look very rich

 

They never do look rich, that’s because they have appallingly bad taste, and no sense of aesthetics  ¯\_(ツ)_/¯

[ChaiyaTH]

Forcing locals out of the market? That must be very rich locals then as it is usually always about 4-5M baht or higher properties. I think it is more about certain foreigners who rent all properties to sublet them illegal, that cause a issue for 'real locals'.

[shackleton]

As the old saying goes make hay while the sun shines 

The property Market now booming with Russians and Chinese moving in buying it up plus spending money has to be good for Phuket at least 

No doubt Pattaya is the same ???? ???? 

[digger70]

15 hours ago, Gknrd said:

This is exactly what Thailand wants. Rich foreigners. So who is complaining?

The same greedy people that are Dual Pricing foreigners.

[geisha]

I stayed many years in phuket Kata in the 90s till 2013.I have a lot of Thai friends who owned land , small hotels etc and eventually sold for massive amounts . Probably today worth 10 times more.

None of them live on the coast or beach towns ! They’ve built lovely houses with fruit gardens etc more inland and near Phuket town. Beach property doesn’t interest them. Same all over Thailand.

[samtam]

5 hours ago, wwest5829 said:

The reason foreigners can not buy land is because it will drive up prices for Thai citizens … wait, what?! In all fairness, Thailand is not the only country where I have experienced this. 30 years ago my Czech friends also said if they allowed foreign property ownership the Germans could have bough the country. There was some reason to this outlook.

Same with property prices in London, which are massively inflated by foreign ownership, (Arab, Chinese and Russian predominantly, but including rich foreigners from every country, including Thailand, of course). Foreign ownership is not illegal in UK, and in London those who have property benefit from the inflation of their asset. Those who do not own property, (predominantly the younger generation), can barely afford to make ends meet. And these include key workers like those in healthcare, public transport etc.

[NoshowJones]

15 hours ago, soi3eddie said:

Many corrupt ones, and they don't like having to pay more.

 

Soldiers and politicians in government spring to mind.

[NoshowJones]

4 hours ago, parafareno said:

deport all russians beack to their mighty leader....

If it is true that what some posters were saying last week, that the majority of the Russians agree with their invasion of The Ukraine, then yes, I would deport them back to their mighty leader in Russia.

But I still say that the vast majority of Russians do not agree with the invasion.

[racket]

It's a market, and when there is demand prices usually go up and when its too much supply prices stay flat or fall. It's basic economics. Go figure. Most of these properties have been discounted during the pandemic, so seeing prices going up +15-20 doesn't mean they are back to their all time highs yet. 

 

It's been a magnificent buying opportunity, and these properties will be a gold mines in years ahead.

[Chongalulu]

7 hours ago, hotchilli said:

Russians and Chinese are not pushing up the price of property.

There has been a glut of empty residences since Covid.

Property developers and sellers are gouging the market.

There you go with the ill informed 'gouging' argument again. 
You can rarely 'gouge ' a market when it’s subject to the rules of supply and demand,as here. If you ask a price beyond what the market dictates you simply won’t sell your property. If you owned one of these ,or any property that increased in value , would you sell it at below what people would pay to avoid being accused of 'gouging'? 

[hotchilli]

3 hours ago, nchuckle said:

There you go with the ill informed 'gouging' argument again. 
You can rarely 'gouge ' a market when it’s subject to the rules of supply and demand,as here. If you ask a price beyond what the market dictates you simply won’t sell your property. If you owned one of these ,or any property that increased in value , would you sell it at below what people would pay to avoid being accused of 'gouging'? 

Property has been built and lain empty since the on-set of Covid, developers unable to sell many vacant lots. After the borders opened they hoped some foreigners might help their ailing sales by buying some of the available properties.

Now with Chinese trying to get out of China and Russians trying to get out of Russia on a permanent basis the prices of said properties have mysteriously increased.

This not due to a shortage in properties [the usual reason for price increase] 

just price rises AKA gouging while the going is good.

 

 

[quake]

Greedy Thai's bang at it.

As usual. 

[Chongalulu]

19 minutes ago, hotchilli said:

Property has been built and lain empty since the on-set of Covid, developers unable to sell many vacant lots. After the borders opened they hoped some foreigners might help their ailing sales by buying some of the available properties.

Now with Chinese trying to get out of China and Russians trying to get out of Russia on a permanent basis the prices of said properties have mysteriously increased.

This not due to a shortage in properties [the usual reason for price increase] 

just price rises AKA gouging while the going is good.

 

 

Whatever your take on the reasons the fact remains that if they're overpricing and there are plenty of other similar properties available then they won't sell will they? If they do in fact sell at the price they're asking (noone is forcing anyone to buy) then that means they've priced correctly 

[hotchilli]

45 minutes ago, nchuckle said:

Whatever your take on the reasons the fact remains that if they're overpricing and there are plenty of other similar properties available then they won't sell will they? If they do in fact sell at the price they're asking (noone is forcing anyone to buy) then that means they've priced correctly 

Whatever, you believe what you like, but gouging is the fact.

 

Property owners or developers know the Russians in particular need to stay somewhere.

So they will screw them as much as they can.

 

[Chongalulu]

13 minutes ago, hotchilli said:

Whatever, you believe what you like, but gouging is the fact.

 

Property owners or developers know the Russians in particular need to stay somewhere.

So they will screw them as much as they can.

 

So they ARE selling at market rates then? If there's a price boom in neighborhood I take it your answer to the question is YES when asked if you'd sell at below what you could achieve? 

It's not a question in what I (or you) believe,it's simply someone selling at the price that another is prepared to pay. You sell at below market rates then?

[spidermike007]

16 hours ago, wwest5829 said:

The reason foreigners can not buy land is because it will drive up prices for Thai citizens … wait, what?! In all fairness, Thailand is not the only country where I have experienced this. 30 years ago my Czech friends also said if they allowed foreign property ownership the Germans could have bough the country. There was some reason to this outlook.

A little off topic, but I know a guy who bought many properties in central Prague around 23 years ago. He paid an average of $50,000 for a 4 or 5 story townhouse. Yes, they needed work. But, they eventually ended up being worth 15 million euros each, and he made himself a tidy $200 million. I do not foresee that ever happening in Phuket or Bangkok. 

[paulikens]

Great! more concrete eyesores to ruin the beautiful Island and the stunning views

[hotchilli]

9 hours ago, nchuckle said:

So they ARE selling at market rates then? If there's a price boom in neighborhood I take it your answer to the question is YES when asked if you'd sell at below what you could achieve? 

It's not a question in what I (or you) believe,it's simply someone selling at the price that another is prepared to pay. You sell at below market rates then?

The post said Russians and Chinese are pushing up the prices.

They are not.

Thais are hiking up the prices.

[bangkok19]

The same thing been happening here in Sydney for years (pre Covid).

Wealthy Chinese buying houses and apartments, many just left empty as an investment.

The aforementioned,  as well as the easy money (very low interest rates) have driven up prices!

 

 

[Chongalulu]

2 hours ago, hotchilli said:

The post said Russians and Chinese are pushing up the prices.

They are not.

Thais are hiking up the prices.

I notice you are repeatedly unable to answer the question about what you would do. I cannot help with your complete lack of understanding of supply and demand.

[hotchilli]

35 minutes ago, nchuckle said:

I notice you are repeatedly unable to answer the question about what you would do. I cannot help with your complete lack of understanding of supply and demand.

Nor me with yours.

end of subject.

[nauseus]

On 3/29/2023 at 5:53 AM, hotchilli said:

Russians and Chinese are not pushing up the price of property.

There has been a glut of empty residences since Covid.

Property developers and sellers are gouging the market.

Same outcome then.

[hotchilli]

24 minutes ago, nauseus said:

Same outcome then.

No not really.

A shortage of properties drives up the price of available properties,

Thailand has a glut of empty properties, Thais are fleecing customers due to their predicament.

[newnative]

14 hours ago, nchuckle said:

Whatever your take on the reasons the fact remains that if they're overpricing and there are plenty of other similar properties available then they won't sell will they? If they do in fact sell at the price they're asking (noone is forcing anyone to buy) then that means they've priced correctly 

Exactly.

[nauseus]

25 minutes ago, hotchilli said:

No not really.

A shortage of properties drives up the price of available properties,

Thailand has a glut of empty properties, Thais are fleecing customers due to their predicament.

Perhaps it's only me but that sounds so ar$e about.

[BangkokReady]

On 3/28/2023 at 7:11 PM, snoop1130 said:

The sudden demand is driving up prices by 15-20% in some areas

If it's a problem, then simply don't put the prices up.  The issue lies with the sellers' greed.  No need to blame foreigners.

[IAMHERE]

Still plenty of condos in the Thai 51% and falang can not own property.  Story much ado about little.

[BangkokReady]

16 hours ago, nchuckle said:

So they ARE selling at market rates then? If there's a price boom in neighborhood I take it your answer to the question is YES when asked if you'd sell at below what you could achieve? 

It's not a question in what I (or you) believe,it's simply someone selling at the price that another is prepared to pay. You sell at below market rates then?

Surely if all sellers put the prices up, and don't really care if they don't sell, then it is price fixing without competition and therefore not "market rates"?

[rabiedabruce]

On 3/29/2023 at 5:53 AM, hotchilli said:

Russians and Chinese are not pushing up the price of property.

There has been a glut of empty residences since Covid.

Property developers and sellers are gouging the market.

As everything else here.