6 hours ago, Pinot said:

The property market in Phuket is a disaster. It's just a huge bubble that continues to grow by the day. Buy a condo and immediately own an asset you can't get rid of. It's like driving a new car off a dealer's lot. It's now a used car. Buying is always a bad financial decision. 

 

I think the only thing propping up the condo market at this point is Chinese money trying to get out of China. 

 

Please, if there are any property owners who have actually earned their 7% let us know. I've never heard of it happening. As in NEVER!

 

The developers continue to build although I'm starting to see places not being finished and work stopping in a few cases as these developers run out of money. 

 

My advice (see below) is to never buy property in Thailand. Screw the developers. Thousands of more condos are hitting the market this year driving down all the condo owners property values as well as adding to the immense environmental issues facing Phuket. 

 

10 Reasons I'll Never Buy A Condo In Phuket

Chinese are not buying here, They are buying in countries where they can own any type of property or land in their own name, Aust, USA, UK etc but the sales are starting ti slow down in these countries as well because of restrictions in taking money out of China

31 minutes ago, madmax2 said:

Chinese are not buying here, They are buying in countries where they can own any type of property or land in their own name, Aust, USA, UK etc but the sales are starting ti slow down in these countries as well because of restrictions in taking money out of China

 

Well they could also own a condo on their name here but indeed they are buying in western countries like USA, CA, UK and NZ because those are relatively stable plus in many cases they can also get permanent residency or citizenship which is very valuable to have in case they ever want to leave China permanently. They wont get that in Thailand (and isn't that attractive anyways) nor is it likely that most of the properties here are worth much in a decade or two. The people who are shoveling cash out of China are a bit desperate and accept less than ideal deals but they are not stupid.

Several years ago, we were looking at properties in Phuket.  We saw a really nice development on a golf course.  We weren't really interested in getting this as a rental property, but I asked the sales rep about the guaranteed 7% return offer.  Here's the conversation:

 

Her: yes, 7% guaranteed return every year.

Me: but this year seems to be a tough one for the RE market.  So you still guaranteed the 7% return?

Her: yes, guaranteed, but not this year.

 

I almost fell down laughing.

If you really like the property you can often negotiate a much lower sale price on the unit by telling the developer that you dont want to participate in the guaranteed rental scheme.

2 hours ago, Mysterion said:

If you really like the property you can often negotiate a much lower sale price on the unit by telling the developer that you dont want to participate in the guaranteed rental scheme.

 

Yeah, good luck. It's all bullshit. These condos in Phuket are all going to be empty, overpriced and unsaleable. 

 

New project just breaking ground in Kamala. City Gate? 400 new condos? I asked the sales girls in Jungceylon how many of the condos are sold. They said they were selling them 5-10 at a time. 45% sold out. I was laughing as I walked away. 

1 hour ago, Pinot said:

 

Yeah, good luck. It's all bullshit. These condos in Phuket are all going to be empty, overpriced and unsaleable. 

 

New project just breaking ground in Kamala. City Gate? 400 new condos? I asked the sales girls in Jungceylon how many of the condos are sold. They said they were selling them 5-10 at a time. 45% sold out. I was laughing as I walked away. 

 

There was a booth of some condo development company in Central a while ago and I had a quick chat with the falang sales guy there. The lies they'll tell you... if that's not fraud then I don't know what is.

10 hours ago, eisfeld said:

 

There was a booth of some condo development company in Central a while ago and I had a quick chat with the falang sales guy there. The lies they'll tell you... if that's not fraud then I don't know what is.

 

Ha! It would be funny if it wasn't so sad. Phuket is buried under the trash they don't know what to do with. Runs out of water every April and regularly pollutes the ocean with inadequately treated sewage, but they just keep building. 

 

I use to advocate not buying property to stop these developers but I don't have to do that. No one is buying. 

15 hours ago, Pinot said:

 

Yeah, good luck. It's all bullshit. These condos in Phuket are all going to be empty, overpriced and unsaleable. 

 

New project just breaking ground in Kamala. City Gate? 400 new condos? I asked the sales girls in Jungceylon how many of the condos are sold. They said they were selling them 5-10 at a time. 45% sold out. I was laughing as I walked away. 

 

 

"45% sold out." - why didn't you say, "Oh.  So, there is only 4% of them left to sell.  They are nearly sold out" and watch the confused look on her face. 

The promised income has already been priced into the purchase price of the property. It's called marketing.

Exactly its like zero interest on motor vehicles.. Where do people think the money to pay the interest on the vehicles come from.. Not the dealer and not the bank..

Farang are a bit slow on the uptake on TV!

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4 minutes ago, zorro1 said:

Exactly its like zero interest on motor vehicles.. Where do people think the money to pay the interest on the vehicles come from.. Not the dealer and not the bank..

Farang are a bit slow on the uptake on TV!

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"Where do people think the money to pay the interest on the vehicles come from." - doesn't it come from a stupid farang, via Western Union. :)

 

You are right, "Farang are a bit slow on the uptake on TV!"  :) 
 

Get a bank guarantee from Bangkok Bank if you are concerned.