In Thailand, Russian Buyers Have ‘disappeared’

[bingobongo]

game over................

In Thailand, Russian Buyers Have ‘Disappeared’

http://raisingtheroof.blogs.nytimes.com/20...-resort/

[DonTron]

Russians accounted for 80 percent of the purchases in Pattaya

Ok, they dont know anything about the figures in Pattaya then.

Largest group of buyers here are the Brittish, second largest are the Scandinavians...

Edited April 2, 2009 by DonTron

[Heng]

I doubt anyone will have accurate figures here, as they can't just do a survey at the Land Dept. since so many people are using one method or another of circumventing the land code. In the neighborhoods that we own, a good portion (maybe a little less than half) are Russian family type buyers.

[taxexile]

In the neighborhoods that we own,

nice of you to drop that little reminder in , just so we dont forget.

[Heng]

Why would I care whether you forget or not?

I should add that purchases are slowing down, but the Russians haven't disappeared by any means.

[rolypie]

Have a walk around Jomtien, half the signs are in russian

[midas]

I doubt anyone will have accurate figures here, as they can't just do a survey at the Land Dept. since so many people are using one method or another of circumventing the land code. In the neighborhoods that we own, a good portion (maybe a little less than half) are Russian family type buyers.

You're talking about done deals and what happened in the past-not relevant to what

the OP posted .

this is talking about the prospects for the future............

and take a look at how far the Russian stockmarket,oil revenues

and the rouble have all collapsed and you'll see why these people

will not be splashing any more money around for quite some time

[Jingthing]

Have a walk around Jomtien, half the signs are in russian

The Russkie tourists have their season (appears mostly over now) but I have noticed the businesses catering to Russkies are quite empty.

[trogers]

Have a walk around Jomtien, half the signs are in russian

The Russkie tourists have their season (appears mostly over now) but I have noticed the businesses catering to Russkies are quite empty.

Perhaps they have moved on to North Korea...

[Heng]

I doubt anyone will have accurate figures here, as they can't just do a survey at the Land Dept. since so many people are using one method or another of circumventing the land code. In the neighborhoods that we own, a good portion (maybe a little less than half) are Russian family type buyers.

You're talking about done deals and what happened in the past-not relevant to what

the OP posted .

this is talking about the prospects for the future............

and take a look at how far the Russian stockmarket,oil revenues

and the rouble have all collapsed and you'll see why these people

will not be splashing any more money around for quite some time

Actually I'm talking about the present as of today. And as mentioned, yes, sales are indeed slowing down but they haven't stopped. If that were the case, we wouldn't be building the next development we have in line... we'd just put everything on "pause" as none of our projects are bank financed.

Plenty of folks/developers will be hurting, no doubt.

[hhgz]

"what happened in the past-not relevant..."

Gosh, midas, that's the first time I've ever read that from you. The majority of your posts seem to whine on about the past real estate problems, and how the "notorious defective condo laws" are going to make it worse.

Just as night follows day, you, bingobongo and thinktoomut (and many many others) believe anything in print that's remotely negative about the Thai real estate market. However, if the same person says anything remotely positive about the real estate market, you and the others brand it as a lie. Yes, we know you lost a bundle in the rash of the Australian real estate market, and you think it's only "fair" that Thialand feels your pain too.

[midas]

"what happened in the past-not relevant..."

Gosh, midas, that's the first time I've ever read that from you. The majority of your posts seem to whine on about the past real estate problems, and how the "notorious defective condo laws" are going to make it worse.

Just as night follows day, you, bingobongo and thinktoomut (and many many others) believe anything in print that's remotely negative about the Thai real estate market. However, if the same person says anything remotely positive about the real estate market, you and the others brand it as a lie. Yes, we know you lost a bundle in the rash of the Australian real estate market, and you think it's only "fair" that Thialand feels your pain too.

I'm sorry if what I wrote is beyond your intellectual capability

Any losses I may have incurred on my properties in Australia are only notional

because I don't intend to sell them. The difference is the buildings in which they are situated

are very well managed, are in pristine condition and have beautiful views not like what is " thrown together " here

[think_too_mut]

Just as night follows day, you, bingobongo and thinktoomut (and many many others) believe anything in print that's remotely negative about the Thai real estate market.

Hey poor sucker, keep on sitting on your worthless and unsellable condo and keep on coming here to fight your nightmares.

How many times you have been banned? 5 times? 6 times?

Edited April 3, 2009 by think_too_mut

[bingobongo]

"what happened in the past-not relevant..."

Gosh, midas, that's the first time I've ever read that from you. The majority of your posts seem to whine on about the past real estate problems, and how the "notorious defective condo laws" are going to make it worse.

Just as night follows day, you, bingobongo and thinktoomut (and many many others) believe anything in print that's remotely negative about the Thai real estate market. However, if the same person says anything remotely positive about the real estate market, you and the others brand it as a lie. Yes, we know you lost a bundle in the rash of the Australian real estate market, and you think it's only "fair" that Thialand feels your pain too.

keep trying hhgz, you and the other bagholders can live in denial for only for so long (at least until the credit/debt/money run out)

this image provides a good likeness of the real estate bagholders......

[yabaaaa]

I doubt anyone will have accurate figures here, as they can't just do a survey at the Land Dept. since so many people are using one method or another of circumventing the land code. In the neighborhoods that we own, a good portion (maybe a little less than half) are Russian family type buyers.

You're talking about done deals and what happened in the past-not relevant to what

the OP posted .

this is talking about the prospects for the future............

and take a look at how far the Russian stockmarket,oil revenues

and the rouble have all collapsed and you'll see why these people

will not be splashing any more money around for quite some time

Heard a lot of Iranians are all cashed up??

[seri thai]

Have a walk around Jomtien, half the signs are in russian

Good heavens! Whatever next?

They'll be putting up signs in Thai soon

Not In My Backyard-Bloody Foreigners!

Coming over here flashing their money around...

I'll write to my MP etc etc

[JR Texas]

Have a walk around Jomtien, half the signs are in russian

Good heavens! Whatever next?

They'll be putting up signs in Thai soon

Not In My Backyard-Bloody Foreigners!

Coming over here flashing their money around...

I'll write to my MP etc etc

The original story was right on target, but the first response (printed on the same page) was so on target that I thought I would post it here:

It’s not only russians who have disappeared, it’s everyone.

The increasing violence towards foreigners, in particular in Pattaya and Phuket, together with the strongly biased attitude of both local authorities and people against foreigners is starting to show.

This is a country where foreigners are considered open game for any locals to exploit, cheat or increasingly now also kill for financial gain.

Never ever put yourself in a position where a Thai can get financial gain from causing you trouble.

Thailand is corrupt to the core and a country where rules apply only to people with no money. Justice is but a pipe dream for foreigners in legal disputes with locals.

This is not the Land of Smiles it maybe used to be 30y ago.

We are merely tolerated here because of the money that can be siphoned off us. Those unfortunate citizens of Laos, Burma or Cambodia who number in the millions here are treated like modern day slaves. Goes to show where we end up in the eyes of the Thais should we run out of money to spend.

I would advise everyone contemplating investing in Thailand to excercise extreme caution. I have yet to find a country where the international image is so detatched from the reality.

All is not well in Paradise.

— Amazing Thailand

[thaimate]

Have a walk around Jomtien, half the signs are in russian

Good heavens! Whatever next?

They'll be putting up signs in Thai soon

Not In My Backyard-Bloody Foreigners!

Coming over here flashing their money around...

I'll write to my MP etc etc

The original story was right on target, but the first response (printed on the same page) was so on target that I thought I would post it here:

It’s not only russians who have disappeared, it’s everyone.

The increasing violence towards foreigners, in particular in Pattaya and Phuket, together with the strongly biased attitude of both local authorities and people against foreigners is starting to show.

This is a country where foreigners are considered open game for any locals to exploit, cheat or increasingly now also kill for financial gain.

Never ever put yourself in a position where a Thai can get financial gain from causing you trouble.

Thailand is corrupt to the core and a country where rules apply only to people with no money. Justice is but a pipe dream for foreigners in legal disputes with locals.

This is not the Land of Smiles it maybe used to be 30y ago.

We are merely tolerated here because of the money that can be siphoned off us. Those unfortunate citizens of Laos, Burma or Cambodia who number in the millions here are treated like modern day slaves. Goes to show where we end up in the eyes of the Thais should we run out of money to spend.

I would advise everyone contemplating investing in Thailand to excercise extreme caution. I have yet to find a country where the international image is so detatched from the reality.

All is not well in Paradise.

— Amazing Thailand

what a load of old b-llocks,what violence ,i have seen very very little ,only once have we been ripped off and that was years ago by the guy who emptied our poo pit, our neighnours are kindness itself ,always bringing gifts of food and on my birthday i recieved 3 birthday cakes. my familly are always trying to pay restaurant bills and again wont stop buying things for us (all except the wifes young lazy brother) who is always on the scrounge and not just from me but the whole familly.

i dont know what part of thailand you live ,but its a million miles from us.

just forgot ,i was ripped of another time ,by a farang.

Edited April 5, 2009 by thaimate

[MeetJohnDoe]

what a load of old b-llocks...

I completely agree

In any economic downturn anywhere, but especially in one where many more live on the thin line between general poverty and out-right destitution, petty crimes against everyone will increase. I don't see any particularly targeting of ferengs...all one has to do is read the press to see that Thais are just as often the victim of various financial scams (and crimes) to see that.

It is the also the case for all countries that "foreigners" are always only tolerated to the extent that they have something to offer that benefits the host country...whether it be money or expertise...and there is nothing uniquely Thai to this quality.

Anyone residing long-term who makes the most minimal of efforts to learn the language and comport with the most basic of the cultural norms found in Thailand will have no troubles fitting in and find that most Thais are still very welcoming and pleasant hosts.

Finally, given the generally low quality of many expatriates (to say nothing of the tourists) it is a wonder the Thais are as accommodating to us as they have been up to now.

Edited April 5, 2009 by MeetJohnDoe

[Changian]

Not only Russians . . . can anyone spot the trend?

http://www.google.com/trends?q=thailand+pr...=all&sort=0

[VegasVic]

Have a walk around Jomtien, half the signs are in russian

The Russkie tourists have their season (appears mostly over now) but I have noticed the businesses catering to Russkies are quite empty.

Perhaps they have moved on to North Korea...

Nope! North Korea is Chinas proxy state, Russias proxy state is Iran (lucky for them as Iran has some nice seaside resort areas, and unlucky for the chinese as North Korea is just a wilderness in varying shades of grey and black)

[JR Texas]

Not only Russians . . . can anyone spot the trend?

http://www.google.com/trends?q=thailand+pr...=all&sort=0

Yes..........consistently down over several years w/ an even bigger downturn to come. The only people who still can't see this are the real estate hounds and they will not acknowledge it for reasons related to their self-interests.

[hhgz]

"Yes, consistently down over several years "

You are comically wrong, unlike bingobongo who has been consistently wrong. Keep up the good work.

[midas]

"Yes, consistently down over several years "

You are comically wrong, unlike bingobongo who has been consistently wrong. Keep up the good work.

Its academic anyway..........try " liquidating " your condo " asset " now ?

[bingobongo]

now now folks, lets not get nasty, lets think of alternate investments for the Russians other than oversupplied property

given the tanks are rolling, how about alcohol and gun running given they are not investing in property and will not

Russia economy to shrink 4.5 pct: World Bank

http://www.google.com/hostednews/afp/artic...LZwakCMmgbdjXWA

[jcon]

I doubt anyone will have accurate figures here, as they can't just do a survey at the Land Dept. since so many people are using one method or another of circumventing the land code. In the neighborhoods that we own, a good portion (maybe a little less than half) are Russian family type buyers.

You're talking about done deals and what happened in the past-not relevant to what

the OP posted .

this is talking about the prospects for the future............

and take a look at how far the Russian stockmarket,oil revenues

and the rouble have all collapsed and you'll see why these people

will not be splashing any more money around for quite some time

Actually I'm talking about the present as of today. And as mentioned, yes, sales are indeed slowing down but they haven't stopped. If that were the case, we wouldn't be building the next development we have in line... we'd just put everything on "pause" as none of our projects are bank financed.

Plenty of folks/developers will be hurting, no doubt.

Heng, you're in the real estate biz, and you're chinese-thai - so you must know P'Ko (well you're about his age, yes?) and his brother P'9 (kow - ex-bf of our own Paula Taylor)... Do you? Is your 'trakoon' bigger than theirs, as you see it? Just an honest question, as you come off as the resident land king on TV. I'm just wondering if you actually know your place?

[britmaveric]

Oil market got crushed - so went the russians.

[Heng]

Heng, you're in the real estate biz, and you're chinese-thai - so you must know P'Ko (well you're about his age, yes?) and his brother P'9 (kow - ex-bf of our own Paula Taylor)... Do you? Is your 'trakoon' bigger than theirs, as you see it? Just an honest question, as you come off as the resident land king on TV. I'm just wondering if you actually know your place?

Are you talking Bangkok or Cholburi? I do know a p'Ko but not Thai-Chinese, part of the Marine 'family.' I don't recall ever meeting any brothers, but they are likely all back in the UK. By the way, not all Thai Chinese -even the ones in the same business- know each other.

Not a land king by any means. I do know my relative place, it's decidedly run of the mill middle class.

*oh, I should say that's middle class Thai Chinese (middle of the group of 11-15 million Thais who control 90+% of the country's wealth) not middle class Thai in general

Edited April 20, 2009 by Heng