It is often said that there will never be another housing bubble in Thailand because Thais buy condos and homes predominately in cash. Is this true? Citation?

The ads all over Pattaya/Jomtien for new-build condos at just X000B/month would appear to indicate otherwise.

I think there is a very large amount of domestic debt in Thailand and precious little to back it up. Not that the West is in a better position, of course.

There are 3 types of Thai buyers: the rich forking out cash, the speculators forking out cash only for the down payments with the intention of flipping, and the middle-class group relying on mortgages.

The rich is now much less active looking at the very few new development of luxurious condo in prime locations.

Most new projects in the past couple of years are small units further away from the CBD. Thai buyers for these are mainly speculators and the middle-class.

And looking at all those "Resale Units" signs at the entrances of completed projects, speculators are getting burnt, and some middle-class buyers cannot secure ther mortgages.

looking at prakard prices seem to go up 10-15% a year like clockwork.

on prakard people list their units for sale and then close the topic when it sells. seems like it is all getting sold quickly.

i see units that used to be 90k/m2 asking price now 150k

looking at prakard prices seem to go up 10-15% a year like clockwork.

on prakard people list their units for sale and then close the topic when it sells. seems like it is all getting sold quickly.

i see units that used to be 90k/m2 asking price now 150k

Learn the meaning of the Thai word - "Tangchak" being employed in such forums. If units are being sold so quickly, you would not see heavy spending on advertising by developers for unsold units in their completed projects, nor signs for "Resale units" either.

Working in the industry with about a 70% Thai customer base, properties upto 5 Mil are a 50% split on cash/mortgages. Over 5 Mil tends to be cash purchase. Of the six houses we sold this month only one is mortgaged.

thanks. that does not sound "bubbly"