Property prices dropping

[loppylugs1]

Why anyone should want to buy property here is a mystery to me.

Maybe the bubble is slowly popping.

Several years ago, like 2005 I almost bought a place. My needs are modest. It would have been about 1 Mil baht ~35,000 USD depending on the exchange rate. I go to Thailand twice a year typically for holiday, once I stayed a bit longer than two months. Then I go back to my engineering contract work or my home. The idea of having a place was appealing. I pay a lot more percentage wise when I rent a hotel for a one week or two weeks because as most of you know, the weekly rates are not that great a discount. And since I often went during High season, having my own place would be that much more cost effective. And I have a few friends that I trust and would let them rent the place for a month or so when I am not there. I would charge just whatever it costs me for an average month. Great savings for them and it lowers my costs. But since I like to travel around Thailand when I go, I would end up paying for a hotel anyway in Phuket, Korat, Ko Samet or wherever I was going. Plus I just wasn't comfortable buying and trusting the locals while I was away. I would not have great value inside the place, just the usual 1 HD tv, minor kitchen appliance, DVD player etc. But I have seen too many nightmares about water supplies, so many vacant units the place cuts back on services, etc. Of course it would be fun to tell people here in the States that I own a condo in Thailand and I paid "1 million cash" for it.

Loads of words about nothing.

I bought a place here 15 years ago , I have no complaints.

apart from Jomtien is a bit more noisy now days. not a big deal.

My place has never been broken into, had no problems with the locals

no problem for water , electric , internet

The place is worth 3 times what I paid for it.

could sell next week for double what I paid for it, no problem

Most people who advise others, not to buy, don't do this, don't do that

have an axe to grind, (they made mistakes, but wont admit it )

they bought in the wrong place, paid to much, girlfriend ripped them off

and so on.

I will be buying more property in Thailand early next year.

!5 years ago is 15 years ago,prices low,Baht low to £ or $,now totally different,and attitudes of Thais different to farang,would not be surprised if it was 3 or 4 times increase if buyer could be found,and yes pigs are flying.

Never bought or ever will,the only thing that keeps me sane here is the fact I can move at a moments notice and after a recent visit to the Algarve that is more than most definitely on the cards,the place is a dump

[Bernard Flint]

Pattaya is now about twice as expensive to rent & buy as in Chiang Mai. I can get a nice studio in CM for 3500 baht a month. I'd get a filthy whore room for the same amount in Pattaya. I think the prices need to drop a tad bit more..

Or Chiang Mai pricing to increase ????? get a better clientele there

[KittenKong]

I bought a place here 15 years ago , I have no complaints.

.....

The place is worth 3 times what I paid for it.

could sell next week for double what I paid for it, no problem

Leaving aside the obvious disparity between what you think it's worth and what you say you could sell it for, I think that there is a huge difference between buying property 15 years ago and buying it now.

15 years ago (more or less) the Baht was at an all-time low against most major currencies. The Thai economy was reeling from a major recession and there was not much demand for property from foreigners.

But since then the Baht has risen to near all-time highs against several major currencies and most asking prices for new property (not necessarily sale prices) have increased along with asking prices for land. Supply has increased by many times and demand, recently, has dropped significantly from previous all-time highs.

Therefore I would say that even if 15 years ago was a good time to buy now is probably not a very good time to buy, unless you can find a fire sale property and intend to keep it for a very long time.

In places like the UK people would seriously consider buying a place that they only intend to keep for a year, rather than renting; the cost of buying in the UK is very low (you can easily do it for under 2% for a modest property) and sales are very quick and easy to achieve if the price is correct. But here I would put the tip-over point at nearer to 10 years as the cost of buying/selling is very high (taxes and fees can easily get to 10% or more) and sales are often very hard to achieve at any price.

[loppylugs1]

I bought a place here 15 years ago , I have no complaints.

.....

The place is worth 3 times what I paid for it.

could sell next week for double what I paid for it, no problem

Leaving aside the obvious disparity between what you think it's worth and what you say you could sell it for, I think that there is a huge difference between buying property 15 years ago and buying it now.

15 years ago (more or less) the Baht was at an all-time low against most major currencies. The Thai economy was reeling from a major recession and there was not much demand for property from foreigners.

But since then the Baht has risen to near all-time highs against several major currencies and most asking prices for new property (not necessarily sale prices) have increased along with asking prices for land. Supply has increased by many times and demand, recently, has dropped significantly from previous all-time highs.

Therefore I would say that even if 15 years ago was a good time to buy now is probably not a very good time to buy, unless you can find a fire sale property and intend to keep it for a very long time.

In places like the UK people would seriously consider buying a place that they only intend to keep for a year, rather than renting; the cost of buying in the UK is very low (you can easily do it for under 2% for a modest property) and sales are very quick and easy to achieve if the price is correct. But here I would put the tip-over point at nearer to 10 years as the cost of buying/selling is very high (taxes and fees can easily get to 10% or more) and sales are often very hard to achieve at any price.

Christ sake KittenKong,leave people with pipe dreams alone,the absolute truth alongside the absolute lie can be quite breathtaking,as well as hilarious

[onemorechang]

Keep grinding the axe boys.

Watch out the sky if falling in

[onemorechang]

I bought a place here 15 years ago , I have no complaints.

.....

The place is worth 3 times what I paid for it.

could sell next week for double what I paid for it, no problem

Leaving aside the obvious disparity between what you think it's worth and what you say you could sell it for, I think that there is a huge difference between buying property 15 years ago and buying it now.

15 years ago (more or less) the Baht was at an all-time low against most major currencies. The Thai economy was reeling from a major recession and there was not much demand for property from foreigners.

But since then the Baht has risen to near all-time highs against several major currencies and most asking prices for new property (not necessarily sale prices) have increased along with asking prices for land. Supply has increased by many times and demand, recently, has dropped significantly from previous all-time highs.

Therefore I would say that even if 15 years ago was a good time to buy now is probably not a very good time to buy, unless you can find a fire sale property and intend to keep it for a very long time.

In places like the UK people would seriously consider buying a place that they only intend to keep for a year, rather than renting; the cost of buying in the UK is very low (you can easily do it for under 2% for a modest property) and sales are very quick and easy to achieve if the price is correct. But here I would put the tip-over point at nearer to 10 years as the cost of buying/selling is very high (taxes and fees can easily get to 10% or more) and sales are often very hard to achieve at any price.

Christ sake KittenKong,leave people with pipe dreams alone,the absolute truth alongside the absolute lie can be quite breathtaking,as well as hilarious

You calling me a liar ?

[loppylugs1]

I bought a place here 15 years ago , I have no complaints.

.....

The place is worth 3 times what I paid for it.

could sell next week for double what I paid for it, no problem

Leaving aside the obvious disparity between what you think it's worth and what you say you could sell it for, I think that there is a huge difference between buying property 15 years ago and buying it now.

15 years ago (more or less) the Baht was at an all-time low against most major currencies. The Thai economy was reeling from a major recession and there was not much demand for property from foreigners.

But since then the Baht has risen to near all-time highs against several major currencies and most asking prices for new property (not necessarily sale prices) have increased along with asking prices for land. Supply has increased by many times and demand, recently, has dropped significantly from previous all-time highs.

Therefore I would say that even if 15 years ago was a good time to buy now is probably not a very good time to buy, unless you can find a fire sale property and intend to keep it for a very long time.

In places like the UK people would seriously consider buying a place that they only intend to keep for a year, rather than renting; the cost of buying in the UK is very low (you can easily do it for under 2% for a modest property) and sales are very quick and easy to achieve if the price is correct. But here I would put the tip-over point at nearer to 10 years as the cost of buying/selling is very high (taxes and fees can easily get to 10% or more) and sales are often very hard to achieve at any price.

Christ sake KittenKong,leave people with pipe dreams alone,the absolute truth alongside the absolute lie can be quite breathtaking,as well as hilarious

You calling me a liar ?

Have one less Chang ..Chang...your 15 years is showing

[onemorechang]

Well are you calling me a LIAR ?

[onemorechang]

Well Im off out to have a beer .

We will carry this on latter.

Cat got your tongue ?

[loppylugs1]

Why anyone should want to buy property here is a mystery to me.

Maybe the bubble is slowly popping.

Loads of words about nothing.

I bought a place here 15 years ago , I have no complaints.

apart from Jomtien is a bit more noisy now days. not a big deal.

My place has never been broken into, had no problems with the locals

no problem for water , electric , internet

The place is worth 3 times what I paid for it.

could sell next week for double what I paid for it, no problem

Most people who advise others, not to buy, don't do this, don't do that

have an axe to grind, (they made mistakes, but wont admit it )

they bought in the wrong place, paid to much, girlfriend ripped them off

and so on.

I will be buying more property in Thailand early next year.

Hope you have not waited in all day for a definitive answer, and as you say most people who advise others have an axe to grind,

me? no way just feel slightly bemused how anybody could spend 15 years in a screeching 3rd world hell hole as this and come out smiling,perhaps after a few beers helping matters along reaching other parts that are worn out

You say your place is worth 3 times what you paid for it,good for you and could sell it for double the price,no problems,why not go for 3 times the price? Would the place be worth anything now you reckon it is worth,with just 15 years of a 30 year lease existing? and land registry rules being tightened and applied,for farangs would it be even possible to sell,and lastly a 15 year old building with no flaws well and truly apparent it must be one of the best constructed buildings this side of the Rio Grande

Well are you calling me a LIAR ?

Well of course not...but if the cap fits....LOL

[MTH]

Why anyone should want to buy property here is a mystery to me.

Maybe the bubble is slowly popping.

I will tell you why

MY Purchase of 8 years ago has obviously saved me 8 years rent, hence the property owes me nothing now, so pure profit.Why do you not grasp this?????

Exactly!

We’ve owned our hose now for almost 9 years, and are now at about break even with what it would have cost to rent a similar place.

Bonus, we still own the house, and it’s gotta be worth something, yes?

[loppylugs1]

Why anyone should want to buy property here is a mystery to me.

Maybe the bubble is slowly popping.

I will tell you why

MY Purchase of 8 years ago has obviously saved me 8 years rent, hence the property owes me nothing now, so pure profit.Why do you not grasp this?????

Exactly!

We’ve owned our hose now for almost 9 years, and are now at about break even with what it would have cost to rent a similar place.

Bonus, we still own the house, and it’s gotta be worth something, yes?

I never wanted to have anything that kept me in Thailand on a permanent basis,house inc.ever,the disgusting thing is I'm still here,but travelled extensively up until a fair few months ago just seeing if I stopped the travels would it improve my view of Thailand,fact is it dimmed it considerably,thank you Thailand for the opportunity to travel exclusively SA Aussie,Europe west coast USA etc etc etc,not that it was wanderlust just an excuse to get the hell out of Thailand for a while. Now back less than 24 hours ago from look-see Algarve,now that place impressed me ,wonderful,but anything would after this crock of shit,and now making plans for final departure.

Here I rent,it 4/5 bedroom,gated community,pool,well furnished,nice place,pay just a small proportion of my income on it,a one bed condo/shop house/,studio would have had the rope out im sure,seeing if this would improve my outlook on Thailand,got the toys,comps etc,but still want out,but the bloody baggage weighs heavily. After my return here yesterday I would gladly got another couple of cases out,paid the overcharge and pissed off immediately

Everything comes to a finish,this place too hopefully sooner than later

Plus I have the money I would have used on purchase here,last look even with stock market going down up 186% last 3 years

Edited September 24, 2015 by loppylugs1

[Rimmer]

Flame removed, for reminders the topic is about property prices dropping not about going to live elsewhere. (again!!)

[loppylugs1]

Flame removed, for reminders the topic is about property prices dropping not about going to live elsewhere. (again!!)

Sorry Rimmer,Ill keep it on track,do not know what the flame was about,or if directed at me.

The only time I could evenly imagine that I could easily sell a place here next week with a double the price I paid for it would be where the 2000 month flop house exists Thais only,(few farang too) Creatures from the Black Lagoon types I'm sure,some could even be typecast in that role too

Farang selling is purely in the imagination ,sure if you bought ,and now sitting counting the satang you are saving by not renting,all well and good,life must be fantastic We see the govt,here now trying for a major stimulus in the housing market,flop houses to the rescue.

Prices are not dropping,they are bombed out,endless,back to back ,stocked up to eternity,all ex pats stuff,its endless. 41 house estate 6mil up to 18 mil,not a hope in hell,not one selling,nor renting either,('cept me) and I know when lease is up looking at 25% reduction in rent. They could NOT give it to me for free,but ill do as Rimmer states

should have inserted the word NOT there it is

Edited September 24, 2015 by loppylugs1

[onemorechang]

Flame removed, for reminders the topic is about property prices dropping not about going to live elsewhere. (again!!)

Sorry Rimmer,Ill keep it on track,do not know what the flame was about,or if directed at me.

The only time I could evenly imagine that I could easily sell a place here next week with a double the price I paid for it would be where the 2000 month flop house exists Thais only,(few farang too) Creatures from the Black Lagoon types I'm sure,some could even be typecast in that role too

Farang selling is purely in the imagination ,sure if you bought ,and now sitting counting the satang you are saving by not renting,all well and good,life must be fantastic We see the govt,here now trying for a major stimulus in the housing market,flop houses to the rescue.

Prices are not dropping,they are bombed out,endless,back to back ,stocked up to eternity,all ex pats stuff,its endless. 41 house estate 6mil up to 18 mil,not a hope in hell,not one selling,nor renting either,('cept me) and I know when lease is up looking at 25% reduction in rent. They could give it to me for free,but ill do as Rimmer states

Sounds like sour grapes to me.

Plenty of people with plenty of money will buy a bargain.

but you don't get that.

All doom and gloom, no , plenty of people are happy and content with what

they have bought in Thailand.

Keep on grinding

[loppylugs1]

Flame removed, for reminders the topic is about property prices dropping not about going to live elsewhere. (again!!)

Sorry Rimmer,Ill keep it on track,do not know what the flame was about,or if directed at me.

The only time I could evenly imagine that I could easily sell a place here next week with a double the price I paid for it would be where the 2000 month flop house exists Thais only,(few farang too) Creatures from the Black Lagoon types I'm sure,some could even be typecast in that role too

Farang selling is purely in the imagination ,sure if you bought ,and now sitting counting the satang you are saving by not renting,all well and good,life must be fantastic We see the govt,here now trying for a major stimulus in the housing market,flop houses to the rescue.

Prices are not dropping,they are bombed out,endless,back to back ,stocked up to eternity,all ex pats stuff,its endless. 41 house estate 6mil up to 18 mil,not a hope in hell,not one selling,nor renting either,('cept me) and I know when lease is up looking at 25% reduction in rent. They could give it to me for free,but ill do as Rimmer states

Sounds like sour grapes to me.

Plenty of people with plenty of money will buy a bargain.

but you don't get that.

All doom and gloom, no , plenty of people are happy and content with what

they have bought in Thailand.

Keep on grinding

Sour grapes,about what? Doom and gloom? yes ill say,the exit of the ex pat especially here in Patts is not exactly breathtaking but remorseless,reminds me of the Syrian mass invasion now under way.not that it coming this way

Yet of the many and I mean many people who have vanished without trace ,and yes published here,for a fair few years not one has ever come back and stated they regret leaving,or miss the place.

Not exactly price reduction,but just let the place rot away ,at not giving it away,and I'm not writing about 2000 baht a month flop houses eithere

[fang37]

Asking "price" for property in Thailand? I have zero idea what to list my property at.

My experience. It ain't easy to sell the property. Buying is too easy if you have the $$$.

When buying property, the agent says it is perfect. When selling the same property, it is inferior.

I do not understand.

[Jiu-Jitsu]

I think there is a clear distinction between people who buy to inhabit and people who buy to let and/or to flip.

[loppylugs1]

I think there is a clear distinction between people who buy to inhabit and people who buy to let and/or to flip.

The people around me who originally bought had no intention of ever renting that's for sure,but time and events move on,they want to move or have gone and let agents take a hand at selling or renting,might as well put the white flag up.

Feel sorry for the punters who originally put up their 8,9 or ten mil,only to see it standing like an edifice of a forgotten period when renting was classed as not having a pot to piss in,even that time the writing was on the wall for them.Now not a cat in hells chance and if things could get any worse it surely will,got to live your life out in a place that is impossible to get shut of

The only distinction I can see if you paid one and a half mil max,you may just may get shut to some headbanger,anything after that so solly

[gk10002000]

Why anyone should want to buy property here is a mystery to me.

Maybe the bubble is slowly popping.

Several years ago, like 2005 I almost bought a place. My needs are modest. It would have been about 1 Mil baht ~35,000 USD depending on the exchange rate. I go to Thailand twice a year typically for holiday, once I stayed a bit longer than two months. Then I go back to my engineering contract work or my home. The idea of having a place was appealing. I pay a lot more percentage wise when I rent a hotel for a one week or two weeks because as most of you know, the weekly rates are not that great a discount. And since I often went during High season, having my own place would be that much more cost effective. And I have a few friends that I trust and would let them rent the place for a month or so when I am not there. I would charge just whatever it costs me for an average month. Great savings for them and it lowers my costs. But since I like to travel around Thailand when I go, I would end up paying for a hotel anyway in Phuket, Korat, Ko Samet or wherever I was going. Plus I just wasn't comfortable buying and trusting the locals while I was away. I would not have great value inside the place, just the usual 1 HD tv, minor kitchen appliance, DVD player etc. But I have seen too many nightmares about water supplies, so many vacant units the place cuts back on services, etc. Of course it would be fun to tell people here in the States that I own a condo in Thailand and I paid "1 million cash" for it.

Loads of words about nothing.

I bought a place here 15 years ago , I have no complaints.

apart from Jomtien is a bit more noisy now days. not a big deal.

My place has never been broken into, had no problems with the locals

no problem for water , electric , internet

The place is worth 3 times what I paid for it.

could sell next week for double what I paid for it, no problem

Most people who advise others, not to buy, don't do this, don't do that

have an axe to grind, (they made mistakes, but wont admit it )

they bought in the wrong place, paid to much, girlfriend ripped them off

and so on.

I will be buying more property in Thailand early next year.

So you think loads of words about nothing eh? Well you don't have to read them. And you certainly shouldn't be commenting negatively on it. Very rude and crude. You are free to do what you want.

[onemorechang]

Several years ago, like 2005 I almost bought a place. My needs are modest. It would have been about 1 Mil baht ~35,000 USD depending on the exchange rate. I go to Thailand twice a year typically for holiday, once I stayed a bit longer than two months. Then I go back to my engineering contract work or my home. The idea of having a place was appealing. I pay a lot more percentage wise when I rent a hotel for a one week or two weeks because as most of you know, the weekly rates are not that great a discount. And since I often went during High season, having my own place would be that much more cost effective. And I have a few friends that I trust and would let them rent the place for a month or so when I am not there. I would charge just whatever it costs me for an average month. Great savings for them and it lowers my costs. But since I like to travel around Thailand when I go, I would end up paying for a hotel anyway in Phuket, Korat, Ko Samet or wherever I was going. Plus I just wasn't comfortable buying and trusting the locals while I was away. I would not have great value inside the place, just the usual 1 HD tv, minor kitchen appliance, DVD player etc. But I have seen too many nightmares about water supplies, so many vacant units the place cuts back on services, etc. Of course it would be fun to tell people here in the States that I own a condo in Thailand and I paid "1 million cash" for it.

Loads of words about nothing.

I bought a place here 15 years ago , I have no complaints.

apart from Jomtien is a bit more noisy now days. not a big deal.

My place has never been broken into, had no problems with the locals

no problem for water , electric , internet

The place is worth 3 times what I paid for it.

could sell next week for double what I paid for it, no problem

Most people who advise others, not to buy, don't do this, don't do that

have an axe to grind, (they made mistakes, but wont admit it )

they bought in the wrong place, paid to much, girlfriend ripped them off

and so on.

I will be buying more property in Thailand early next year.

So you think loads of words about nothing eh? Well you don't have to read them. And you certainly shouldn't be commenting negatively on it. Very rude and crude. You are free to do what you want.

You should read your own post again.

maybe you will understand the negativity in it yourself.

[Lorn]

Why anyone should want to buy property here is a mystery to me.

Maybe the bubble is slowly popping.

I will tell you why

MY Purchase of 8 years ago has obviously saved me 8 years rent, hence the property owes me nothing now, so pure profit.Why do you not grasp this?????

Exactly!

We’ve owned our hose now for almost 9 years, and are now at about break even with what it would have cost to rent a similar place.

Bonus, we still own the house, and it’s gotta be worth something, yes?

It's not as simple as that. If you buy using a mortgage, then you must consider the interest. And if you are using cash, you need to consider the money you have lost by not investing it on something else. Those who talk about pure profit are remembering a bygone era when we were taught housing was a safe investment because prices were always going up.

[MaeJoMTB]

You should read your own post again.

maybe you will understand the negativity in it yourself.

Everyone is out to steal from a foreigner.

I've never seen a property bargain in Thailand.

Sellers doubled their asking price when they saw a foreigner in the picture.

Foreigners were already trying to sell at double the going rate(because they had purchased at double price).

Even my wife tried to work in a 500,000bht commission for herself in any property deal on the cards.

I wish I were still renting!

Is that negative enough for you.

Edited September 25, 2015 by MaeJoMTB

[fang37]

In Oz, I always purchased.

In LOS, I followed a similar strategy. Stupid.

Easy to buy - very difficult to sell.

Last purchase was 10 years. My goal is to break-even.

[KittenKong]

Everyone is out to steal from a foreigner.

I've never seen a property bargain in Thailand.

I dont think that everyone here is out to steal from farangs, though there are certainly a very large percentage of people involved in real estate here (both farangs and Thais) who are out to do that.

That said, I have certainly seen a few real bargains here over the years and all of them sold in a matter of days/hours.

Even my wife tried to work in a 500,000bht commission for herself in any property deal on the cards.

[MTH]

Why anyone should want to buy property here is a mystery to me.

Maybe the bubble is slowly popping.

I will tell you why

MY Purchase of 8 years ago has obviously saved me 8 years rent, hence the property owes me nothing now, so pure profit.Why do you not grasp this?????

Exactly!

We’ve owned our hose now for almost 9 years, and are now at about break even with what it would have cost to rent a similar place.

Bonus, we still own the house, and it’s gotta be worth something, yes?

It's not as simple as that. If you buy using a mortgage, then you must consider the interest. And if you are using cash, you need to consider the money you have lost by not investing it on something else. Those who talk about pure profit are remembering a bygone era when we were taught housing was a safe investment because prices were always going up.

You are correct. It’s more complicated than I implied. Just trying to make a point, but guess I simplified it too much...

As an example, considering compounded interest and say a conservative investment rate of 5% per annum.

If we’d sell the house today for ½ of what we bought it for, we’d still be breaking even compared to what it would have cost to rent.

As houses are still selling now and then in our village for more than we paid for ours back when, it even looks like a good investment.

But you’d never know until the time comes when you’d want to sell.

[lovelomsak]

I bought house but for my own reasons. the reasons being i wanted a place I could do what I wanted with. I wanted an addition I put on a addition. I want to paint it a new color I paint it a new color. I want to renovate I renovate.I didnot buy as an investment everything in the house and the house my wife can have when I die or if we separate. Houses to me are like a hobby they keep e busy and give me something to do I feel.anyone who looks at real estate as an investment while in Thailand is making a risky investment. Most foreigners buy new or get one built. Thais donot like to buy used. So who will buy a used condo or home?

[huawei]

I bought house but for my own reasons. the reasons being i wanted a place I could do what I wanted with. I wanted an addition I put on a addition. I want to paint it a new color I paint it a new color. I want to renovate I renovate.I didnot buy as an investment everything in the house and the house my wife can have when I die or if we separate. Houses to me are like a hobby they keep e busy and give me something to do I feel.anyone who looks at real estate as an investment while in Thailand is making a risky investment. Most foreigners buy new or get one built. Thais donot like to buy used. So who will buy a used condo or home?

Many buy used condos..if the location is good and well maintained..and is a value buy....

[zierf1]

Buying property in Thailand is a mug's game. Lots of risk and very little reward. You can make a greater ROI by investing your money in bonds and renting. But fools are born everyday in the LOS aren't they?

[loppylugs1]

I bought house but for my own reasons. the reasons being i wanted a place I could do what I wanted with. I wanted an addition I put on a addition. I want to paint it a new color I paint it a new color. I want to renovate I renovate.I didnot buy as an investment everything in the house and the house my wife can have when I die or if we separate. Houses to me are like a hobby they keep e busy and give me something to do I feel.anyone who looks at real estate as an investment while in Thailand is making a risky investment. Most foreigners buy new or get one built. Thais donot like to buy used. So who will buy a used condo or home?

Many buy used condos..if the location is good and well maintained..and is a value buy....

....and just how is the "buy" being accomplished?. ON BBC web page today re Thailand farang property purchase

I woulds not trust my own shadow here