So .. When Will The Property Bubble Burst?

[h5n1]

Just opened the latest Pattaya Trader - 5 pages of small adds plus all the ads on the shark pages. The people that could not make it back home became real estate agents. The agents that could not make it back home came here.

'Town and Country' advertises as 'conservative' (QUOTE) a 10-20% (per annum going forward) on your investment. Hmmm... guess I should give them a call and ask them about the guarantee on that dubious statement.

So funny....That 1.5 million STUDIO, theres 100k of them and property in Pattya city alone for another 100k.

Buying upscale? Really nice till they put some crap building next to you and block your view you paid 5 million++ extra for.

Even better when they don't paint the bldg (assuming it was finished in the first place). Better yet when the lifts dont work - what floor did you buy on?

What's even more laughable is the price on the property once these poor saps have bought the place. Rentals with silly terms and joke prices. Well, it WILL come back into line.

As we say in the market - seems like PAttya operating now on 'greater fool' theory.

Good luck!

Edited December 30, 2005 by h5n1

[Drew Aitch]

Just opened the latest Pattaya Trader - 5 pages of small adds plus all the ads on the shark pages. The people that could not make it back home became real estate agents. The agents that could not make it back home came here.

'Town and Country' advertises as 'conservative' (QUOTE) a 10-20% (per annum going forward) on your investment. Hmmm... guess I should give them a call and ask them about the guarantee on that dubious statement.

So funny....That 1.5 million STUDIO, theres 100k of them and property in Pattya city alone for another 100k.

Buying upscale? Really nice till they put some crap building next to you and block your view you paid 5 million++ extra for.

Even better when they don't paint the bldg (assuming it was finished in the first place). Better yet when the lifts dont work - what floor did you buy on?

What's even more laughable is the price on the property once these poor saps have bought the place. Rentals with silly terms and joke prices. Well, it WILL come back into line.

As we say in the market - seems like PAttya operating now on 'greater fool' theory.

Good luck!

<{POST_SNAPBACK}>

I think buying and selling property in Thailand is theoretically no different to anywhere else on the planet.

* Buyer beware (do your homework!)

* Whatever people are prepared to pay is the market value at that time.

* Landlords the world over take whatever they can from the sale of their property whether they personally think it's a fair deal or not.

I know we’re talking about Thailand here but whenever we praise or criticise something or someone we are in fact making a comparison against something or someone else.

England can be a horrible place to buy property and sometimes lives are ruined in the process. It’s the unprotected practice of ‘Gazumping’ which basically, means the sellers raise the price just before the papers are signed and the deal is delivered.

This often breaks the chain and the property in question is sold to the new bidder at the drop of a hat despite what was agreed on the first deal. If they can’t match or exceed the new bid, the original buyers can be left out in the cold. Often, they have already sold their own home in order to buy the new one, so they are in fact homeless thanks to the Gazumper!

There are systems and laws in our so called civilized lands but we also have loopholes big enough for the scammers and cold hearted sellers to jump through.

To end on, I have a number of friends that have bought property around Thailand and are very happy with their home and or investment, so it’s not all bad all of the time. But yes, buyer beware and if he’s not, he could end up with a raw deal!

Aitch

[johnnyk]

Always remember, to real estate agents and their ilk, every day is a great day for investing in property.

[expatinasia]

Too, people that were too myopic to invest are now crying because they didn't invest sooner. Rather than hoping that the real estate market will expand, they pray it will collapse

[billrussell]

I remember Bangkok a couple of decades ago when half of the new buildings were "See through". They simply finished the outside, and left the inside empty because they could not give them away. What goes around comes around.