The Economic Crisis!

[Bengt]

What we se now is a collapse of the economic in US and many other countries.

Stockmarkets have loose a lot worldwide

Is there anyone that have knowledge if this will affect Thailand, i guess it will affect the entire world more or less.

Some countries can stand against but for how long?

In my country Sweden the stockmarket have go down a lot and prices of houses and apartments have drop at least 20% or more in some cities.

I have a condo here that I got for a good price and at that time it was no big problem to sell a condo but new condominiums are much more expensive and there is a lot for sale at the market.

Rumors telling bus that the tourism is decreasing in Thailand and not only the 2-4 weeks vacations, it will affect the long time tourism too as we use to call expats.

Many Swedish people that was looking forward for retirement in Thailand and bough houses and apartments for a big amount of money have now resigned and wants to sell their properties but who wants to buy a house that cost about 250.000 to produce for about a million THB??

For about 10 years ago some few companies started to do business here and I was interested myself but I didnt have that kind of money that was required to buy a condo or a house, it was much to expensive, for ex. an apartment that cost about 4.5 million THB and have a monthly maintenance about 12.000 THB.

The result was that many Swedish people was buying and suddenly hundreds of new companies start to do business here but a lot of them have now been forced to quit because there is not enough buyers anylonger.

This post may seems as very negative but its my hope that expats that have invest here dont easily give up because Thailand have goin trough a big collapse in 1997 but got recovered and I do beleive that Thailand will be a good country to reside as a retiree in future.

[thaihome]

I agree with your closing sentiments and am truly touched by your grasp of global economic theory.

TH

[jcon]

Hej Bengt, hur ar la get?

I'm sure somebody will soon post a graph of the SET(the stock exchange here) in Thailand in 1997 vs. now... and then you can judge whether or not we actually did recover or not from that crisis.

I can only agree with you that many Swedes are not coming to Thailand as they had planned before. I do not live in areas where many of the Swedish reside, so I cannot speak about the value of properties there.

I can only say that it's more important now than ever to be sure about developers, etc. before buying a house... many Swedish people who would not normally buy something off-plan (as you know it is not really Swedish nature to do so) have done so and they may be affected.

But I'm sure you also know the same thing happened (and is still happening) with Swedish people and houses in Spain. But Swedes who buy in Spain are a bit different than the ones that buy in Thailand, would you agree (this question would just be for the OP and other Swedes or people who know Sweden well - otherwise you may mis-interpret the statement)?

This market bubble (both Thai real estate + worldwide markets) have roots pretty far back, possibly a decade (or more...) and just as the prices in the financial markets have come down, so must the prices in the speculative real estate markets in Thailand. This is just my opinion, but anything is possible.

If you want to retire in Thailand, maybe some more information from you would help. Where are you from in Sweden? Where do you plan to live in Thailand? How old are you? etc. etc.

edit: oh come on don't be a jerk thaihome...

Edited September 18, 2008 by jcon

[Bengt]

Hej Bengt, hur ar la get?

I'm sure somebody will soon post a graph of the SET(the stock exchange here) in Thailand in 1997 vs. now... and then you can judge whether or not we actually did recover or not from that crisis.

I can only agree with you that many Swedes are not coming to Thailand as they had planned before. I do not live in areas where many of the Swedish reside, so I cannot speak about the value of properties there.

I can only say that it's more important now than ever to be sure about developers, etc. before buying a house... many Swedish people who would not normally buy something off-plan (as you know it is not really Swedish nature to do so) have done so and they may be affected.

But I'm sure you also know the same thing happened (and is still happening) with Swedish people and houses in Spain. But Swedes who buy in Spain are a bit different than the ones that buy in Thailand, would you agree (this question would just be for the OP and other Swedes or people who know Sweden well - otherwise you may mis-interpret the statement)?

This market bubble (both Thai real estate + worldwide markets) have roots pretty far back, possibly a decade (or more...) and just as the prices in the financial markets have come down, so must the prices in the speculative real estate markets in Thailand. This is just my opinion, but anything is possible.

If you want to retire in Thailand, maybe some more information from you would help. Where are you from in Sweden? Where do you plan to live in Thailand? How old are you? etc. etc.

edit: oh come on don't be a jerk thaihome...

"If you want to retire in Thailand, maybe some more information from you would help. Where are you from in Sweden? Where do you plan to live in Thailand? How old are you? etc. etc."

Hi!!

Thank you for replying and i can provide you whit following information.

I am a Swedish citizen and Born in Harnosand in 1951 so I am at age of 57 years today and I got 50% early retirement because of an easy linguried spinal and right shoulder so I am able to work part time but as unempolyment grows in my country i was looking closer to a life in Thailand and here I am at the moment and living in Chonburi.

I have been married to a Thailady for more than 4 years and shes well educated woman and very busy at her work so actually she dont have that much of time left over for me but i am use to take care of myself so no problem.

I am not rich in any ways and live a simple life whithout alcohol or nikotin and I have spend most of my time here in Thailand since 2003 and i use a Non-o multiple visa and will in some months apply for one year extension.

Bengt!!

[jcon]

Harnosand! I know the area of Soderhamn and Hudiksvall (I have ties to Cargotec/Kalmar/Hiab) well, and you are just a bit north of there...

It is a very nice life in that part of Sweden, but I can understand if you want a change at this point in your life. I very much miss the waters off the coast of Sweden. Very beautiful.

I'm not sure how the retirement pension will work when you fully retire, but if you have proper benefits, and you would like to retire in Thailand, then I think it is very possible and you should enjoy your life. My only advice would be to make sure of your financial situation and do not buy any real estate (houses, etc) until you have been living in Thailand for some time (a few years, at least). I'm sure you've heard of the stories of what can happen.

Keep your condo in Sweden. Stay in Thailand for as long as it takes for you to find out if you like it or not (for retirement). Don't buy anything in Thailand until you are sure, and even then, be careful and do your research. This forum can help you.

You sound like a nice normal person, so I think you should do what makes you happy. I know there are probably not a lot of Thai people in Harnosand, (I think in Hudik, we have maybe only a few Thai families) so your wife may like being in Thailand.

Don't worry too much about the financial markets. Protect your investments and enjoy your retirement.

[glyph]

"What we se now is a collapse of the economic in US and many other countries."

You're seeing no such thing.

"I do beleive that Thailand will be a good country to reside as a retiree in future."

I believe that Thailand is a good country to retire in right now.

[thaihome]

"What we se now is a collapse of the economic in US and many other countries."

You're seeing no such thing.

"I do beleive that Thailand will be a good country to reside as a retiree in future."

I believe that Thailand is a good country to retire in right now.

That's the problem when people only read the headlines. Imagine waking up and thinking the world is going to end every day.

TH