I Would Not Want To Have Just Invested In Property In Bangkok

[lannarebirth]

Yeah, my observation as well. Many are buying and many are selling (it's about 50-50... funny how that works out), but the # of transactions seems to be going up.

There's blood on the street now, so everyone should draw their own conclusions as to what they should be doing.

Isn't that strange ?; it's the same in my own country....50-50. On a more serious note: the # of transactions in both Europe and the USA is dramatically DOWN...not UP.

LaoPo

Yes, but we were speaking of land, which is an all cash transaction, requiring no financing. I think a better comparison to land buying here would be savings rates in the west, which should be due to increase soon.

[bravingbangkok]

No facts needed James just common sense.

"When in doubt do what the Thais are doing"

Most buildings with Thai/farang quotas have not filled the Thai quota. I wonder why ???????

Most buildings? that would be ALL condo buildings? Common sense? LOL You really should come and live here before making up nonsense

I do live here !

Then you can explain "most buildings" and your common sense (that you are obviously missing) comments

But I guess you missed the boat

Not a cse of missing the boat, just a case of investing in something a lot different and probably getting more out of it

[zorro1]

No facts needed James just common sense.

"When in doubt do what the Thais are doing"

Most buildings with Thai/farang quotas have not filled the Thai quota. I wonder why ???????

Most buildings? that would be ALL condo buildings? Common sense? LOL You really should come and live here before making up nonsense

I do live here !

Then you can explain "most buildings" and your common sense (that you are obviously missing) comments

But I guess you missed the boat

Not a cse of missing the boat, just a case of investing in something a lot different and probably getting more out of it

What did you invest in?

[Gravelrash]

You are an idiot if you bought property in the last 2 years in Bangkok, get out now ! 100 000 up oer sq m has no relation to the Thai econmy or current unstable position, yes you have been mugged !

Why does it seem that anti buy property comments are often phrased as above? Reads to me the poster can't afford to buy and wants tobluster that in his unsubstantiated opinion those that did have been mugged. Tonight's source of enlightenment. Perhaps he is unaware that often people buy as they prefer their own place, others prefer to rent, no right or wrong, just personal preference. Investors are a different category, but any investment is a risk, they made they choice to invest in real estate.

I bought a house in my young child's name, I no longer have to pay rent here, that suits me, also my child will never have to pay rent either. Which ever way the market goes is completely irrelevant, I also bought well and certainly wasn't mugged.

[Heng]

It's akin to folks who no longer live here but haunt Thai related web forums trying to keep other people from moving here. It's like they are afraid guys are going to move here and steal (more likely take for a test drive) "their" girl.

These fanatically pro or anti (either way) guys are obviously dealing with personal issues. How likely is it that you feel THAT strongly about someone else's (strangers at that) personal decisions?

Edited September 3, 2008 by Heng

[mgjackson69]

Gravelrash brings up an interesting point...that being, so many people buy a house thinking they need to make a killing on it whenever they resell, putting no value on the use that they got from the house while living there for x years.

[dotcom]

The OP doesn't have a clue what he is talking about.

[bravingbangkok]

You are an idiot if you bought property in the last 2 years in Bangkok, get out now ! 100 000 up oer sq m has no relation to the Thai econmy or current unstable position, yes you have been mugged !

Why does it seem that anti buy property comments are often phrased as above? Reads to me the poster can't afford to buy and wants tobluster that in his unsubstantiated opinion those that did have been mugged. Tonight's source of enlightenment. Perhaps he is unaware that often people buy as they prefer their own place, others prefer to rent, no right or wrong, just personal preference. Investors are a different category, but any investment is a risk, they made they choice to invest in real estate.

I bought a house in my young child's name, I no longer have to pay rent here, that suits me, also my child will never have to pay rent either. Which ever way the market goes is completely irrelevant, I also bought well and certainly wasn't mugged.

LOOK EVERYONE I AM ONLY TALKING ABOUT PROPERTY/CONDOS VALUED AT 100 000 BAHT PER SQ METRE Sorry If have not been clear.

Once again I also do live here and have for 5 years !

[dotcom]

Your caps lock is offensive.

[zorro1]

It's akin to folks who no longer live here but haunt Thai related web forums trying to keep other people from moving here. It's like they are afraid guys are going to move here and steal (more likely take for a test drive) "their" girl.

These fanatically pro or anti (either way) guys are obviously dealing with personal issues. How likely is it that you feel THAT strongly about someone else's (strangers at that) personal decisions?

Second that strongly

Edited September 3, 2008 by zorro1

[zorro1]

"Not a cse of missing the boat, just a case of investing in something a lot different and probably getting more out of it "

What did you invest in?

Surprise surprise you still haven't answered my question.. but if you need more time go to google and type in "whats really really hot on the stock market right now" keep me posted

Edited September 3, 2008 by zorro1

[bravingbangkok]

"Not a cse of missing the boat, just a case of investing in something a lot different and probably getting more out of it "

What did you invest in?

Surprise surprise you still haven't answered my question.. but if you need more time go to google and type in "whats really really hot on the stock market right now" keep me posted

Commercial Shop contracts but I doubt you will not even know what I mean by that.

[bravingbangkok]

Your caps lock is offensive.

Doom 2 ...................Played that when I was hmmmmmm 9 years old.

[thaigene2]

Let me just say that for anyone thinking of buying one of these new condos I would take a serious look into buying a townhouse, For only 5million you can get 3 floors in an area like Sathon. This compared to 10million for an overpriced 60sqm 2 bedroom room in one of these new and fancy condo buildings.

While I share your general view about over-inflated prices, over-building of projects, etc., you need to bear in mind that a townhome falls under the same rules as buying a house/land - farangs cannot own land - that includes townhomes. I do agree they are appealing - though who knows that a couple of years after all the untis are sold, that your neighbour won't start repairing motorcycles for a living in his driveway? Meanwhile the neighbour on the other side starts selling noodles with a bunch of little metal tables set up?

[bonobo]

I bought a two-bedroom condo at MetroPark last year for 2.8 million, and I am basically happy with. It is easy for me to drive to work, and the facilities are adequate. I just want something a little bigger, particulary with a bigger kitchen.

Prior to buying at MetroPark, I considerd Rattana Kohsin in Pin Klao. I had rented there before, and it is convenient to much of what I do. I was looking at one of the penthouses which is large and has a tremendous view, but at 8 million, I wasn't sure, so I passed. Out of curiousity, I went there yesterday to see if it was still for sale.

Well, the property has gone downhill fast. What was once a nice pond on the drive in is an overgrown jungle now. And the beautiful pool which surrounded two sides of the building is a green sludge pocket with parts of the overhang smashed right off the side of the building. The place looks like a dump.

I am sure that the condo itself is still nice and can be a great living space, but if the building and grounds have gone downhill so fast, who is to say what it will be like in another year or two.

[zorro1]

Let me just say that for anyone thinking of buying one of these new condos I would take a serious look into buying a townhouse, For only 5million you can get 3 floors in an area like Sathon. This compared to 10million for an overpriced 60sqm 2 bedroom room in one of these new and fancy condo buildings.

While I share your general view about over-inflated prices, over-building of projects, etc., you need to bear in mind that a townhome falls under the same rules as buying a house/land - farangs cannot own land - that includes townhomes. I do agree they are appealing - though who knows that a couple of years after all the untis are sold, that your neighbour won't start repairing motorcycles for a living in his driveway? Meanwhile the neighbour on the other side starts selling noodles with a bunch of little metal tables set up?

would be perfect if you love noodles and own a chopper, But really its a matter of personal choice and circumstances. I live in 75 sqm condo in central suk. Im single so it suits me perfectly and surrounded by restaurants etc,. If some one offered my a million bht profit today I wouldn't take it. I love it where I am. If had 3 kids and a wife I would need to look at a Town house with 3 floors, I wouldn't be interested in a condo. I wasn't aware that a villa was classed as buying land so it would be a hassle to buy as an investment going the company route. Probably why its rarely mentioned as an alternative investment to condos

[HorseDoctor]

"When in doubt do what the Thais are doing"

Thais are on a buying spree of undeveloped ocean land in the south and agricultual land in the north. I have no idea what the're doing in Bangkok, but there is more buying activity going on in land than in the 6 years I have been here, from my personal observations. Maybe they're buying the top, I don't know.

..................This type of thing completely distorts the market and should not be allowed.

So you would advocate the market be price restricted? And by whom? I think the seller , perhaps foolishly- is hoping to have a lot of play, to their advantage.

YOu never know though, there are a lot of extremely rich peole, maybe it's an extraordinary property..

It's only good being rich if you can spend it..

[HorseDoctor]

"When in doubt do what the Thais are doing"

Thais are on a buying spree of undeveloped ocean land in the south and agricultual land in the north. I have no idea what the're doing in Bangkok, but there is more buying activity going on in land than in the 6 years I have been here, from my personal observations. Maybe they're buying the top, I don't know.

very interesting

I also hate the way investors buy property and then hike up the price afterwards, I mean Ok I know this is part of the game etc etc but they do it to such an extreme. For example a 3 bedroom condo in the new 'NEW YORK' on Petchburi Rd went for around 8mil when they started. I saw someone trying to shift it for 15 750 000 and it has only been two years max since he would have made the downpayment on the unit. This type of thing completely distorts the market and should not be allowed.

So you would advocate the market be price restricted? And by whom? I think the seller , perhaps foolishly- is hoping to have a lot of play, to their advantage. O r will be waiting it out .

YOu never know though, there are a still a lot of extremely rich peole, maybe it's an extraordinary property..

[RAZZELL]

Some call me the Thai Paris Hilton, but without the brains.

Not Perez Hilton?

RAZZ

[bKkRk]

"When in doubt do what the Thais are doing"

Thais are on a buying spree of undeveloped ocean land in the south and agricultual land in the north. I have no idea what the're doing in Bangkok, but there is more buying activity going on in land than in the 6 years I have been here, from my personal observations. Maybe they're buying the top, I don't know.

very interesting

I also hate the way investors buy property and then hike up the price afterwards, I mean Ok I know this is part of the game etc etc but they do it to such an extreme. For example a 3 bedroom condo in the new 'NEW YORK' on Petchburi Rd went for around 8mil when they started. I saw someone trying to shift it for 15 750 000 and it has only been two years max since he would have made the downpayment on the unit. This type of thing completely distorts the market and should not be allowed.

These units are all now sold sans 1 unit now at 20M so you can believe that people are buying. You may call them idiots if you like, but a nice older Thai woman offerered me 4M more than I paid for mine not long ago just because she liked the view better. I think the OP is just inflammatory and whlie caution is a good rule of thumb if you use "Real Estate for Dummies" as your guidebook, good money can be made even in this turbulent time. As many others have said here, to each his own decision. Nothing is to be gained by calling people idiots. I'm sorry for anyone who has lost money in Thai real estate as this is most certainly the exception not the rule. Regards.

[bravingbangkok]

...I think the OP is just inflammatory...

What is this 'OP' ????

[MEGALITHIC]

You are an idiot if you bought property in the last 2 years in Bangkok, get out now ! 100 000 up oer sq m has no relation to the Thai econmy or current unstable position, yes you have been mugged !

At the end of the day, the choice to buy or not, all comes down to what fits into your plans of living in Thailand. I just bought a condo which is situated about 200 meters from Thong Lor BTS. It's due for completion in May next year. I live in Pattaya but am increasingly spending more time in Bangkok because, after seven years living in the worlds largest brothel, have come to the conclusion that I can't stand the bloody place (can't move because I've got a Thai wife and a couple of kids there). I like decent standard of accomodation and a good hotel in Bangers runs at 3 - 4000 Baht a night. If I stay there for 10 days at a time every couple of months then buying a condo makes sense. I've got a nice little love nest which is a stones throw from the sky train, will have a large shopping mall on the lower levels, and two swimming pools on the sixth floor. I'm not concerned about the resale/investment angle in the least. It's just a good lifestyle choice.

[Pappiklon]

In answer to the original post you can't buy anything in London, not even a former council flat in a tower block for 100,000 bht psm, (£1666 psm). At the end of the day any property is worth what a buyer will pay for it.

[unforgiven]

"When in doubt do what the Thais are doing"

Thais are on a buying spree of undeveloped ocean land in the south and agricultual land in the north. I have no idea what the're doing in Bangkok, but there is more buying activity going on in land than in the 6 years I have been here, from my personal observations. Maybe they're buying the top, I don't know.

very interesting

I also hate the way investors buy property and then hike up the price afterwards, I mean Ok I know this is part of the game etc etc but they do it to such an extreme. For example a 3 bedroom condo in the new 'NEW YORK' on Petchburi Rd went for around 8mil when they started. I saw someone trying to shift it for 15 750 000 and it has only been two years max since he would have made the downpayment on the unit. This type of thing completely distorts the market and should not be allowed.

not allowed? It's a free market isn't it?

[roamer]

You are an idiot if you bought property in the last 2 years in Bangkok, get out now ! 100 000 up oer sq m has no relation to the Thai econmy or current unstable position, yes you have been mugged !

Ok I'm an idiot and while I collect the rent from all my condos at over 12% ROI i'll think about what you said.

Ok finished thinking, there that didn't take long now did it?

23 eh.... hmmmm i think you have a lot to learn yet.

Even though I advised against buying to *live* in a condo, investing in them is different.

Every deal is different. yabaaa is getting positive cash flow. Owner-occupied and positive cash flow from rentals are two different things.

And we are talking a "buy to let" market. Its simple , till it goes wrong, and if you can't see where its going wrong in Bangkok then maybe you need to take off the rose coloured glasses.

I am NOT, (repeat emphatically without caps) not argueing against anyone who has bought a condo here at whatever price because they want to live in it, thats fine. But to believe there is a future in the buy to let market in Bangkok is wishful thinking taken to the extreme. Given the amount of condo building which will translate to condo letting where do the tenants come from ? London would serve as an example of an excellent buy to let market, densely populated. limited accomodation possibilities, high professional occupation....and its struggling. Too many people got in on it, too many too late. and when the rent ain't making the mortgage, when the voids are eating into the rentals....

Bangkok won't buck the trend, do the math, look around you, ok so people are buying, there was a time when people paid fortunes for tulip bulbs too....

[desertrat]

Some interesting reading, I believe that we expats are always treading on eggshells in everything we do or aspire to, Someone here said very wisely "If you can't afford to lose it, don't".

[Tango7]

My apologies if this has been mentioned already but there are too many posts to read through to check...

One thing I am surprised by is the way the developers advertise the properties, throw up a nice looking show room and when you start making enquiries, find out that they want you to book now but the project won't be finsihed for something like 18 months down the road.

Basically, they are asking you to finance the project.

I went to one on Sathorn road, across the river and right opposite the last new BTS station. It was a shell of a place but the sales room was teaming with people. Most units had sold out and at pretty steep prices but then to find out you have to pay a deposit and then 18 monthly payments before the project is even completed seems a bit thick. This seems common place too. Maybe not to the tune of 18 months but not far off either.

I also went to see the "twin tower" apartments on Naratiwas, slightly up from Empire tower. 5.1 million for 65 Sq M and 9.4 for 121 Sq M.

Expensive but not insane but my wife made an enquiry to find the land was leased land and after 57 years you'd have to renegotiate your contract.

I'll be dead in 57 years and so it's a mute-ish point but 10 million and not to own it ?

Final "issue" is the design of these places. How many times have you gone to look at a 120 Sq M apartment to find it's a 3 bedroom affair ? Miniscule living area, open kitchen and three bedrooms ??

Is there somewhere that has something in the region of 150 Sq M.. 2 bedrooms... separate kitchen and a nice large living area ? I find those nigh on impossible to find..

Edited September 8, 2008 by Tango7

[zorro1]

My apologies if this has been mentioned already but there are too many posts to read through to check...

One thing I am surprised by is the way the developers advertise the properties, throw up a nice looking show room and when you start making enquiries, find out that they want you to book now but the project won't be finsihed for something like 18 months down the road.

Basically, they are asking you to finance the project.

I went to one on Sathorn road, across the river and right opposite the last new BTS station. It was a shell of a place but the sales room was teaming with people. Most units had sold out and at pretty steep prices but then to find out you have to pay a deposit and then 18 monthly payments before the project is even completed seems a bit thick. This seems common place too. Maybe not to the tune of 18 months but not far off either.

I also went to see the "twin tower" apartments on Naratiwas, slightly up from Empire tower. 5.1 million for 65 Sq M and 9.4 for 121 Sq M.

Expensive but not insane but my wife made an enquiry to find the land was leased land and after 57 years you'd have to renegotiate your contract.

I'll be dead in 57 years and so it's a mute-ish point but 10 million and not to own it ?

Final "issue" is the design of these places. How many times have you gone to look at a 120 Sq M apartment to find it's a 3 bedroom affair ? Miniscule living area, open kitchen and three bedrooms ??

Is there somewhere that has something in the region of 150 Sq M.. 2 bedrooms... separate kitchen and a nice large living area ? I find those nigh on impossible to find..

To reply to one of your points, you don't need to pay for the lot, just 15% DEP untill you move in. That way if its cash you can lock the balance into high interest account and then you have 2 options at the end, Buy or sell for a profit. (flipping) seems logical to me

[Hardie]

You are an idiot if you bought property in the last 2 years in Bangkok, get out now ! 100 000 up oer sq m has no relation to the Thai econmy or current unstable position, yes you have been mugged !

I believe people should only buy property/condo if they can afford to lose it, and not lose any sleep.

Many expats think they need to "buy."

Why not just rent? To each their own of course.

Absolutly correct, they seem to come to thailand with the "put your money into bricks and mortar " mentality when in fact it dosent apply in thailand,. the buildings themselves are substandard and not an investment in most cases,.of course there are businessmen that will do it and make money.. but seems to me a lot give retail and sell for trade ! ( if they can sell ). to live in fine, saves rent i suppose, but is it worth the headaches we read about all the time,.?

I know people going through issues first-hand from this. I'll rent. I'll also keep my funds invested in my home country where they cannot be stolen.

[Hardie]

You are an idiot if you bought property in the last 2 years in Bangkok, get out now ! 100 000 up oer sq m has no relation to the Thai econmy or current unstable position, yes you have been mugged !

I believe people should only buy property/condo if they can afford to lose it, and not lose any sleep.

Many expats think they need to "buy."

Why not just rent? To each their own of course.

Absolutly correct, they seem to come to thailand with the "put your money into bricks and mortar " mentality when in fact it dosent apply in thailand,. the buildings themselves are substandard and not an investment in most cases,.of course there are businessmen that will do it and make money.. but seems to me a lot give retail and sell for trade ! ( if they can sell ). to live in fine, saves rent i suppose, but is it worth the headaches we read about all the time,.?

I know people going through issues first-hand from this. I'll rent. I'll also keep my funds invested in my home country where they cannot be stolen.

It doesn't take a genius to see what can happen in real estate bubbles; they pop. Thais have an edifice complex; they don't like bad 'huang juay' (feng shui) or bad juju from some previous owner's karma, i.e. they believe in ghosts. That means there are a lot of killer deals on rentals, up north at least. Don't listen to your Thai wife; buy her some gold or something instead. When in doubt, do the opposite of what the Thais do.