Is It The Right Time To Buy Property In Hua Hin

andrew rohan · February 17, 2009

Hi Lads,

Do you think if it is the RIGHT TIME to purchase a holiday apartment in HUA HIN.

I mean what is the property market like? Is it a buyes market,does anyone think that the prices will come down due to the current financial climate.

Thought's and comments very much appreciated.

Take care lads

hhfarang · February 18, 2009

It is a buyer's market and a lot of property sellers have lowered their asking price, however, there are also those who stubbornly keep their price unrealistically high. Guess they are not desperate to sell right now.

ZOOKA · February 18, 2009

I bought my house in 2006 for a good price and its increased by at least 50% so I am happy with my buy. That said I have no intenrtion of selling!

Some of the prices are dropping and its a buyers market now.

Personally I think that prices will drop further so I would keep your options open. Try and get a bargain if not just wait 6 months --1yr and then you will definetly get a bargain.

There is an over supply of properties in Hua Hin so I would take your time. Do your research or get someone who knows the market and then make your move. Get someone to help you with the legal stuff such as the transfer of the property.

Solicitor??

I did the transfer myself and its not ideal and I dont recommend it!

Also what are you buying? House or Condo?

Are you buying with Thai Co or leashold?

Good LucK!

johnnyk · February 18, 2009

Some developers are stubborn and holding to their prices but others need to make sales, hard to know unless you speak to them. But be careful if a project isn't complete, you don't want to live on a building site for years to come.

You could always look around for distress sales from owners who need to sell. I'm sure there are a few of those!

andrew rohan · February 18, 2009

I am thinking of a freehold Condo 2 bed around 3.5m THB. Thank you very much for your input.

ZOOKA · February 19, 2009

JohnnyK has some good points concerning distressed sellers!

If you check some of the real estate Web sites in HH there are some bargains available>

I think a Condo that is finished is a safe bet, plus its free hold and your budget is good. Im not sure that it will get you one by the sea though.

The exchange rate is bad at the moment. Maybe best to wait as it may improve.

Plus you will have more repossessions and distressed sales in the future.

So I would wait do some research check the market and get a good legal rep on board and you will be fine!

Siam property in HH are English and appear professional and also have their own solicitors! ( Apologies if I am not supposed to recommend agents).

I work in London and having a second home in HH works well for me!!

Cheers

loverboy44 · February 19, 2009

taxexile · February 19, 2009

you dont need to deal with an agent if you are buying a condo , just go into the offices of any condo that you are interested in and enquire about units for sale , these juristic offices are obliged by law to then give you accurate information about any unit you are interested in and you will be able to deal directly with the owner rather than through an agent.

andrew rohan · February 19, 2009

You are RIGHT mate,I won't employe a brief that the seller or the agent recommends/offer event if the service is FREE.

In January I put a deposit of 100,000 THB on a development due to complete in June/July, sale price at 3.5M THB. Freehold condo on land side,10 minutes drive to the town center,128sqm 2bed/2bath with private outside jacuzzi,build to european stands by a european company,very good construction.I wonder if the price is to much or by June/July if the prices will drop? Comments and Input please guys

loverboy44 · February 19, 2009

Actually the price is ok IMHO if the development is clean, means 51% Thai ownership, good quality, excellent management and so on and so on. But let it check by a lawyer that gives you his/her ok in a written form.

Actually i need the development name via PM then i can tell you more.

Many problems with developers who sold off plan and never finished. One made advertisement with Joe Cole and now closed their sales office.

basjke · February 19, 2009

Yes I think it is the right time to purchase property in hua hin as I see in the TV classifieds section that 90% of the property sold is located in hua hin.Do I need to explain more?

basjke · February 19, 2009

Have you even tried to sell it at that 50% premium or are you just dreaming.

Ave88 · February 20, 2009

Think its wishfull thinking. probably an estate agent or bodge buider.

Ave88 · February 20, 2009

A Condo "Freehold" , thats new, where would this be then????????????????????????????????

Ave88 · February 20, 2009

Anyone buying property in a third world Country in the current world economical climate and with the current currency rates is off their trolley.

Nothing is selling.

taxexile · February 20, 2009

could this mean that all those fancy flashy real estate offices that seem to have taken over the centre of town , and all those stickered up 4x4s that get all the best parking spaces , and all those pressed shirt wearing agents with their barbie doll big sunglassed thai wives , and all those thick as pigshit brit builder yobs with the tattood knuckles will be leaving town

please tell me yes.

Ave88 · February 20, 2009

One can only hope, think you will see a difference in a few month's.

Missed the Barbie Doll Wive's though, not seen anything like that in Town.

malcolminthemiddle · February 20, 2009

At a guess, this would be at 99.9% of all condos in Thailand.

patklang · February 20, 2009

How can it be a buyers market with currency valuation to the baht.If you got a bargain you still have to convert currency and buy.I am lucky as my funds are still at 69.9 and before that it was 74.9 so i have already bought a massive bargain.

andrew rohan · February 20, 2009

WYH can you NOT get FREEHOLD condo's,I Thought 49% can be sold as freehold?? Please clarify mate.

malcolminthemiddle · February 20, 2009

As I mentioned above, the vast majority of all condos in Thailand are sold with a freehold title, of these 49% are available to foreigners to own in their own names.

Edited February 20, 2009 by malcolminthemiddle

hhfarang · February 21, 2009

Ave88 wrote:

I don't know what Ave88 is talking about... Andrew Rohan and Malcolminthemiddle are absolutely correct about condo ownership. Condos can be owned (freehold) by a foreigner here. My wife has sold several to foreigners or foreign couples and they have all been freehold. A foreigner can on a condo, just not land. There is a rule on the books that says the building has to be 51% owned by Thais and 49% can be freehold owned by foreigners and even that never seems to be a problem here in Hua Hin as a lot of Bangkok Thais buy holiday condos here.

ZOOKA · February 23, 2009

Hi

My Thai Gf works in the Real estate buisiness and that s why I take an interest in it!

And No she does nt work for Siam Property!

We have had a lot dealings with most of the Agents down town and have found this one to be the most reliable thats why I recommended them? Just trying to help the newbie out!

Between the two of us we have bought and sold several properties in HH and Cha Am and the busienss is still doing well given the current climate. Sure things have slowed down. You just have to be realistic with your price, market it well and obviosly flexible with the selling periods.

I bought my house for just over 5 million in 2006 when the exchange rate was 69 Baht which equated to about £80K. The house sits on 900 Sq m of land with Pool and is 220 Sq m inside. So I think thats a reasonable price for a big house!

I now value it at 8 to 10 million = £160K to £200K

If I was desperate to sell which Im not but presume I want to sell it for 6 million then with the current exchane thats still £120K. A nice £40 K profit.

Either way it works well for me! And Yes property is still selling. We have just sold a large 4 bed on the Beverley Hills Development for a tidy sum. We dropped the price by half a million and it sold in 3 mths!

Some of the people giving advice here obviously dont work in the Real estate Buisiness so dont understand the true picture. Still its entertaining to hear your views!

Please dont give up your day jobs unless your thinking about going into comedy

I never realised that Condo s were Free Hold for farang?? Jing Jing!!

taxexile · February 24, 2009

the true picture is that although there might be some sales , albeit at lower or heavily discounted prices , generally speaking there are acres and acres of unfinished ghetto projects , seemingly deserted building sites with one finished showhouse and a couple of finished houses occupied by luckless purchasers condemned to a lifetime of staring at sandy plots , concrete chunks and empty guards shelters.

only a misty eyed fool would buy into one of those projects , and there is certainly no shortage of foreign fools around in thailand these days , but even the most foolish here are capable of showing some sense and will waste their money on women and wine before lining the pockets of surely the most despised people in thailand , the foreign real estate brigade , those spoilers of the landscape , those purveyors of greed and selfishness , those losers who couldnt even make it in a rising market in their own countries who have come here and spread like a nasty virus , pushing property and land prices through the roof , making life very difficult for locals who would like to live in the areas they were born in and uglifying every inch of land they touch by turning it into a cement and steel bombsite.

sell up , take your profits and go home please.

loverboy44 · February 24, 2009

So Mr ZOOKA, who is in the real estate business in Hua Hin as an expert, sitting in the UK, who's gf doing fantastic business in Hua Hin.

Interesting! Why are you in the UK if everything works out so perfect in Thailand?

And don't forget about your gf my dear. This country is called LOL by expats not LOS.

Shut up, come here, live with your gf and work as an agent.

By the way LOL = Land of Lies........LOS = Land of Smiles

andrew rohan · February 24, 2009

NICE ONE BRO

hhfarang · February 25, 2009

Yes, nice one. My wife works for one of the smaller agencies in town (she gets a lot of her business from the dissatisfied customers of the larger agencies when they come to her very frustrated about deals gone bad and time wasted). Be careful which agencies you use and search their names on any Thailand/Hua Hin forums you can find because a lot of them have a lot of unhappy customers or customers who lost their deposits when deals fell through, etc. One almost lost his life dealing with a developer who is part owner in one of the bigger agencies (and he bought the house he had the problems in using the biggest agency in town... um, I think it was recommended somewhere on this thread). My wife and any agent worth using does their homework and won't even show properties that have bad developers or have had complaints from the previous buyers. Use caution!

The market is slow, slow, slow, now and people are beginning to lower their prices but the only substantial reductions are from people who are forced to sell now because they desperately need the money.

I really like that "LOL instead of LOS"! How appropriate for the Hua Hin real estate market!

MysteryPlane · February 27, 2009

Engel and Volkes, they give you honest information and do not take back hander's. the staff are not ex BG's either. (ex BG WHATS THAT).

stgrhe · March 3, 2009

I am planning to buy a house in Hua Hin / Pranburi and have just spent two weeks doing my first survey of the market there. I took help from three different agencies by giving them inputs of my requirements and I also talked directly to developers. All three agencies I contacted were very professional and helpful so I really must question a lot of the negative talks about them on this forum. I also visited on my own a number of developments that the agents didn't recommend, based om my inputs that is, to found out for myself why these developments were not recommended. In none of the cases did I found the agents to be wrong.

It is sadly true that much too many property buyers have been cheated by wrong doing developers, but actually too many of the buyers really have themselves to blame. How can someone for instance:

(1) pay a deposit on something from outside Thailand without actually having seen the plot or the area;

(2) pay a large down payment (some developers ask for up to 30% down which I would never agree to with or without a guarantee) without some kind of guarantee from the developer, either through an escrow account (fair to say this option has not been available for such a long time) or e.g. an advance payment banker's guarantee; and

(3) fail to do due diligence?

If home buyers would only do their homework first and not be so naive most of the non-serious developers would probably be out of business and missed by none.

Since many of my Swedish countrymen have not chosen wisely when buying property in Thailand (remarks: in Sweden it is uncommon to use solicitors in property transactions because the customer rights are so strongly protected by the Swedish law) the Thai - Swedish Chamber of Commerce in Bangkok (http://www.swecham.com/index.php) have produced a booklet called "Best Practices Guidelines" (can be ordered from them for 2,500 baht) intended to be of a help for potential foreign house buyers in Thailand.

jumnien · March 3, 2009

How could you possibly buy a house in Thailand without being Thai?

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