Phuket Land Prices

[steelepulse]

Just glancing through the latest print edition of the gazette, I see the following: 2 rai bangtao 18 million; karon 10.5 rai, 250 million; karon 15 rai, 15 million per rai; 1/2 rai nai harn, mountain view 3.5 million; 1 rai rawai, no view 8.9 million; bypass road, 11 rai 16 million per rai.

I especially love the no agents bit when it is a foreigner selling the land, who is of course an agent.

Is this land really going at these rates, or is it the old, "here's the price but I can give you a big discount if you buy today".

Another one I love is an old shi_te condo in rawai that I saw being advertised a few years ago for 250K, which is now 580K and has not been sold.  Economics 101....Not.

I am just trying to get a pulse of what the market is actually like.

[LivinginKata]

Seems to me that the market has been quite soft across the board for the lat 6 - 12 months. Sellors are not getting the asking prices. The style here seems to be that owners (especially Thais) will not sell at discount unless there is an urgent need for money.

It's long time been the idea of asking high prices, then waiting a couple of years to sell, i.e. until property appreciates up (hopefully) to make it worth buyers stepping in. We all know that land is way overvalued on Phuket Island, and prime land (seaview etc) with good title and planning permission is becoming quite scarce, and commands a high price.

For 12 years I've been hearing that the 'bubble' will burst 'this' year, and the next year it goes up 20+%. I've never subsribed to that view, BUT I'm beginning to think that Phuket property is reaching a ceiling.

[LiveSteam]

I think they are just fishing. Prices have gone up though, especially for the half rai and less than half rai group. The prime stuff (land) is being swallowed up by Bangkok Thais, but has slowed down in the last months. This is just my observation.

LiveSteam

[LivinLOS]

Yeah the dream time pricing..

I was looking for a villa plot.. Was being shown partial rai plots around Patong hills 16m for 1/2 a rai.. Dodgy tor bor ha plots still at multi million prices.. Land miles over 80m (like +120m) with a 'dont worry.. no ploblem' assurances LOL !!! Just stupid numbers.

The reality is I know a 4 rai seaview plot in Patong changed hands a couple of months ago for 10m for the full 4 rai.. I have heard someone is in the process of buying a land plot of 25 rai for 7m (assume its over 80m and hes land banking it.. Has to be at those numbers.. He wont tell me until sale is complete).. I know a plot sold just weeks ago of 3.5 rai of 270 degree panoramic seaview, with concrete road and on a king of the hill location, marketed in the agents as being 12 - 15 per rai.. 10m for all 3.5 !!!

The problem is Thais have a face scene with selling.. If someone sells a land plot for an amount, then to sell your plot for less than that means yours isnt as good or your not as clever, so you claim it sells for sky high numbers... And then the next person selling has to ask / beat that too.. So theres this whole vicious circle of pretend numbers out there. Fresh off the boat farangs get caught up in wanting a home plot and think and englishmans home is his castle and all that, and end up paying some of them which re-inforces the whole thing.

Phukets prices are in excess of some nice parts of Europe.. Which makes the more stable investment ??

[LiveSteam]

Yeah the dream time pricing..

The problem is Thais have a face scene with selling.. If someone sells a land plot for an amount, then to sell your plot for less than that means yours isnt as good or your not as clever, so you claim it sells for sky high numbers... And then the next person selling has to ask / beat that too.. So theres this whole vicious circle of pretend numbers out there. Fresh off the boat farangs get caught up in wanting a home plot and think and englishmans home is his castle and all that, and end up paying some of them which re-inforces the whole thing.

Phukets prices are in excess of some nice parts of Europe.. Which makes the more stable investment ??

Incredibly correct! Very good observation LivinLOS.

LiveSteam

[SeanPhuket]

My opinion is of that land owners are seeing for themselves how much foreign developers are making from there villas, condos etc. you know 200m THB for a villa is quite a lot of money and they want a piece of that. So rather then have the foreigners come and take all the money, they can take it themselves and distribute it among their own.

For the plots mentioned above I would check the authenticity of the titles at those prices. That is even lower than the g'ment appraisal levels. Sounds like a bit of a conspiracy going on there!

[Royale]

My opinion is of that land owners are seeing for themselves how much foreign developers are making from there villas, condos etc. you know 200m THB for a villa is quite a lot of money and they want a piece of that. So rather then have the foreigners come and take all the money, they can take it themselves and distribute it among their own.

For the plots mentioned above I would check the authenticity of the titles at those prices. That is even lower than the g'ment appraisal levels. Sounds like a bit of a conspiracy going on there!

Why anyone would want to invest 200 million for a 30 year lease is beyond me,worse still, put it in their spouses name and sign a document saying the land was bought not with their money. With the laws as they stand i'm always amazed that anything sells here!

[LivinginKata]

200 million Baht for a single villa ???? Really ... think that's a massive exaggeration. More like 20 million average price, and 40 million baht top end.....

[HDRIDER]

Hi

Some time back there was a villa on the North Island it was 160 mill

[HDRIDER]

Hi

Here is a few over my budget

http://www.phuketoceanvillas.com/phuket-pr...a&sort=DESC

[Naam]

Here is a few...

-The new town house at West Sands is designed to be spacious...

-The master bedroom suite occupies the second floor and has private balcony

-Plot Size: 240 m²

-Number of Bedrooms: 3

-Purchase Terms: Leasehold

Price from : 33,000,000

:D

[cloudhopper]

I guess there's STILL one being born every minute...and they all seem drawn like flies to the stink of Pattaya and Phuket.

[LivinginKata]

Hi

Some time back there was a villa on the North Island it was 160 mill

160 million = 2.5 million pounds = 5 million dollars. That is no way even a high end house. That's a super duper super delux villa, most likely owned by a billionaire who can afford to just throw it (the villa) away it if things get tough..

Come on, let's get back to the reality of us regular guys with a few million .... baht !!!

[SeanPhuket]

200 million Baht for a single villa ???? Really ... think that's a massive exaggeration. More like 20 million average price, and 40 million baht top end.....

200m THB is no exageration ... YAMU project at cape Yamu ... And the are plentiful million dollar homes around!! really.

[logbags]

I was just in Nakhon Sri Thammarart where I saw 3 double story shophouses sold for 3.9 million the lot. 1.3 milion each. Right in the main street.

If you think the bubble aint gunna burst in Phuket you are insane. Half the villas are bought of the plan by speculators who then ramp up the price on completion hoping to pocket a few bucks when the inevitable sucker comes along.

My favourites are the Villa Shanti in Kalim and Sai Tarn in Cherng Talay. Villa Shanti has broken just about every building code in existence and still isn't finished. I last heard the developer was wanting 56 million a villa LOL. Give me a break.

Sai Tarn is advertised starting at 26 million and they are located so far from anywhere you wonder who would fork out that much dosh for one of their places.

At least the shifty prick who owned the restaurant opposite Sai Tarn has gone I'm told. He was running the old 2 menu system and even after I pulled him up about it he still charged me the prices on the farang menu. He charged my Thai friends the Thai menu price and I cursed him in front of all his staff calling him Ai jek kii gong LOL

Deva Yama on the road to Surin is a disaster waiting to happen. Even an earthquake of 2 on the richter scale would bring half of these places down. It's just a matter of time I expect. Soi Nam Yen is not much better in this regard.

[stevenl]

I was just in Nakhon Sri Thammarart where I saw 3 double story shophouses sold for 3.9 million the lot. 1.3 milion each. Right in the main street.

Phuket being an island, the space is limited. So the bubble may burst, but even if that happens it won't be violently, just a bit of air escaping.

[LivinLOS]

200 million Baht for a single villa ???? Really ... think that's a massive exaggeration. More like 20 million average price, and 40 million baht top end.....

Andarra villas START at 2m USD.. And those are the low end ones !!

I heard of one villa, on a rai plot.. Went for IIRC 27m USD !!!!

There sure seems like a surplus of crazy in the world.

[LivinLOS]

I was just in Nakhon Sri Thammarart where I saw 3 double story shophouses sold for 3.9 million the lot. 1.3 milion each. Right in the main street.

Phuket being an island, the space is limited. So the bubble may burst, but even if that happens it won't be violently, just a bit of air escaping.

Yeah like the values didnt change much between 96 and 98 huh ??

You keep telling yourself that..

[sadman]

Sai Tarn is advertised starting at 26 million and they are located so far from anywhere you wonder who would fork out that much dosh for one of their places.

At least the shifty prick who owned the restaurant opposite Sai Tarn has gone I'm told. He was running the old 2 menu system and even after I pulled him up about it he still charged me the prices on the farang menu. He charged my Thai friends the Thai menu price and I cursed him in front of all his staff calling him Ai jek kii gong LOL

I thought Sai Tarn was the development in Laguna. Mega-expensive, though.

And forgive my very poor Thai, but what does Ai jek kii gong mean?