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[helpisgood]

Hello!

I am thinking of moving to CM this Jan.or Feb. I have not been to CM for almost two years, but I have been there often and have checked out the housing back then esp. rental condos as a starter place. Has there been much of a change regarding availability and rent since then? Do you know if the Bangkok flooding resulted in many new permanent farang arrivals?

[Lifer]

My opinion is that the housing will increase in price fast because many people in Bangkok and regions that can afford to move will buy up here. Supply and demand fundamentals will take over. I have also heard it predicted that the flood this year is only the beginning and that next year will be many times worse than it is this year.

Buy as soon as possible. Prices have been going up over the last few years. Many houses being bought on borrowed money that may create a larger problem in the future for Thailand.

[slapout]

The astute buyer will review the flood plain maps as the flood this year followed what has happened for donkey years. The exceptions are the drought years which have resulted in people forgetting that a river channel which is subjected to a greater volume than it can handle, is going to present overflow problems to those living near.

Houses in the flood plain may decrease in value to the potential buyer, but who knows what price the sellers will put on them. If they advertise a view of the water, you may want to be wary.

[Sparkles]

My opinion is that the housing will increase in price fast because many people in Bangkok and regions that can afford to move will buy up here. Supply and demand fundamentals will take over. I have also heard it predicted that the flood this year is only the beginning and that next year will be many times worse than it is this year.

Buy as soon as possible. Prices have been going up over the last few years. Many houses being bought on borrowed money that may create a larger problem in the future for Thailand.

Predictions,you say you have heard, that next year will be worse in regard to flooding is just pure speculation and not based on any evidence whatsoever. People will not leave Bangkok because that's where their employment/schools/families are. Prices have been going up over the last few years ? really ? try telling that to the many people whose properties have been on the market for a long time in CM with prices devoid of capital gain.Are you in Real estate ?

[Rama]

Prices for housing and condos do not appreciate rapidly in Chiang Mai because the vast majority of buyers are Thais and Thais in the north prefer to buy a new house (and more are now willing to buy new condos) and not an existing structure. There has been a good appreciation in land values. There has also been a good appreciation in shophouse values.

There has been no marked increase in people from Bangkok looking to buy in Chiang Mai. People live in Bangkok because of jobs and economic rewards - and will continue to do so. They can't just pick up and move to Chiang Mai.

Edited October 27, 2011 by Rama

[elektrified]

I couldn't think of a worse investment. Condos are vacant by the hundreds - maybe more? and difficult to rent out because there is so much competition. Furthermore, many people are trying to sell condos for less than they paid for them. I've met people who have had condos for sale for years without any bites.

Betting on "farang arrivals" seems like a good way to lose your money. My observation of the recent "farang arrivals" in C.M. is that many of them are so poor that they are living right on the edge and can barely afford to pay rent, let alone buy a condo from another farang.

I bet the guy telling you what a good investment they are is a seller or realtor. Sparkles obviously knows the real story here.

Edited October 27, 2011 by elektrified

[seekingfriends]

i would never buy a condo . esp with the thai climate . its like living in a box. or prison cell . a house is the way to go . i am sure living in a condo takes years off your life. james hat yai

[chiangmaiexpat]

I've been watching the market closely for six years and I think that Rama is right. Land is still a good investment in Chiang Mai; it definitely offers more ROI than any other "conservative" investment. The problem is -of course- that it cannot always be sold easily and that we can't own it as foreigners. So land investments are probably reserved for people with long term commitment, deep pockets, and trustworthy partners. Despite the current increased "flood tourism" to Chiang Mai, I don't see Bangkokians running to buy land and houses here. In the long term, Bangkok is doomed, of course. The city is sinking, the sea levels are rising, extreme weather and floods will become more common. But Thai people do rarely think long term, and thus I would not expect a boom any time soon.

Due to the continued demand, it is possible to realise profitable house sales in Chiang Mai, but the profit would probably come from the land appreciation. One needs to keep in mind that building a new house is relatively cheap here and many prople prefer to do just that. The price must be right and/or the house must be in a popular Moo Baan / area to make the sale.

Cheers, CMX

[Contractor]

i would never buy a condo . esp with the thai climate . its like living in a box. or prison cell . a house is the way to go . i am sure living in a condo takes years off your life. james hat yai

The horror stories I hear regarding farang property ownership in Thailand are to do with houses, not condos.

[Lifer]

My opinion is that the housing will increase in price fast because many people in Bangkok and regions that can afford to move will buy up here. Supply and demand fundamentals will take over. I have also heard it predicted that the flood this year is only the beginning and that next year will be many times worse than it is this year.

Buy as soon as possible. Prices have been going up over the last few years. Many houses being bought on borrowed money that may create a larger problem in the future for Thailand.

Predictions,you say you have heard, that next year will be worse in regard to flooding is just pure speculation and not based on any evidence whatsoever. People will not leave Bangkok because that's where their employment/schools/families are. Prices have been going up over the last few years ? really ? try telling that to the many people whose properties have been on the market for a long time in CM with prices devoid of capital gain.Are you in Real estate ?

We'll just have to wait and see, won't we? Thank you for you input.

[trainman34014]

My opinion is that the housing will increase in price fast because many people in Bangkok and regions that can afford to move will buy up here. Supply and demand fundamentals will take over. I have also heard it predicted that the flood this year is only the beginning and that next year will be many times worse than it is this year.

Buy as soon as possible. Prices have been going up over the last few years. Many houses being bought on borrowed money that may create a larger problem in the future for Thailand.

Predictions,you say you have heard, that next year will be worse in regard to flooding is just pure speculation and not based on any evidence whatsoever. People will not leave Bangkok because that's where their employment/schools/families are. Prices have been going up over the last few years ? really ? try telling that to the many people whose properties have been on the market for a long time in CM with prices devoid of capital gain.Are you in Real estate ?

We'll just have to wait and see, won't we? Thank you for you input.

Sparkles is right. predictions of bad weather a year ahead are mainly speculation, and mainly on the scaremongering list as well when it's said in such a way thus:- 'Next year will be many times worse than it is this year' !! Shame on you.

As far as Bankokians or Farangs rushing up here to buy goes, we may get the odd few but many Bangkokians already own second and even third homes in the North already. On our Moo Baan there are 7 empty houses that I know of that belong to these people and they only show up rarely to stay for a few days. Many Bangkokians invest in land and property in the North and many also have relatives up here to stay with should they need to. Farangs? well; they have to sell their crappy Bangkok Condo's first don't they? I have an English pal that has been trying to sell his for 2 years without success. Right now; who wants to buy a Condo in Bangkok?

[seekingfriends]

i would never buy a condo . esp with the thai climate . its like living in a box. or prison cell . a house is the way to go . i am sure living in a condo takes years off your life. james hat yai

The horror stories I hear regarding farang property ownership in Thailand are to do with houses, not condos.

contractor. it was the life style i was talking about .with condos. maby we got our wires crossed. james hat yai

[helpisgood]

Thanks everyone for your help! I appreciate it!