Knight Frank warns investors on Bangkok condo market

[williamgeorgeallen]

2 hours ago, bkkcanuck8 said:

 

That is wise not to pay the rest.  What should happen is if the building is ready to move in but the title cannot be transferred until later that the occupant pays "rent" (i.e. which get applied against the price) then pays the balance on title transfer.

they wont give keys till the balance has been paid so people pay up. i can see why if it is only the last 20%. pat i dont understand is not seeing a lawyer or doing a title search.

[jacko45k]

17 hours ago, DNPBC0 said:

Interestingly, the article fails to mention the likelihood of much of Bangkok being underwater by 2030 due to land subsidence and sea-level rise.

Ah, so upper floors only, thanks for the tip.

[KittenKong]

21 hours ago, rooster59 said:

Household debt continues to be high, and banks remain stringent on releasing credit, with a high volume of loan rejections, especially when it concerns budget condos outside Bangkok. 

 

When I read that people need to get a loan just to buy a 1MB condo, I wonder about the underlying strength of the property market.

 

When I read that these tiny loans are frequently rejected I stop wondering.

[retarius]

Haul them into court for defamation of Thailand.

[chiang mai]

1 hour ago, KittenKong said:

 

When I read that people need to get a loan just to buy a 1MB condo, I wonder about the underlying strength of the property market.

 

When I read that these tiny loans are frequently rejected I stop wondering.

 

So just how quickly do you think a person who earns 25k or 35k a month should save that million baht, just so they can pay in cash!

[zorro1]

"Price levels remain high and may rise because of the steady price increases for available (and increasingly scarce) land suitable for development."

He sums it up nicely. Economics 101..supply and demand will always dictate.

Prices will continue to climb especially when available land is exhausted. It's an excellent article!

[No1inbangkok]

On 07/01/2017 at 11:52 AM, KhaoNiaw said:

 

It keeps getting postponed though. The first time I heard that in the 1980s, I think the city was due to be inundated by 2000. Every few years the story comes up again and it's been pushed back by another decade.

 

Professional studies show that it would take 400 years to be underwater, if at all.

[lkn]

8 hours ago, williamgeorgeallen said:

they wont give keys till the balance has been paid so people pay up. i can see why if it is only the last 20%. pat i dont understand is not seeing a lawyer or doing a title search.

 

No need for a lawyer, just read your sales contract, ensure payment conditions are reasonable to you, and that your rights are not less than the standard off-plan sales contract published by the government (O.C. 22).

 

In my case, the payment terms was that I would pay the last 50% at the land office (on receiving my title deed) and I would get interests for delays (as per O.C. 22).

 

There was a ~6 months delay, and the developer paid me interests for this period, likewise, I did not pay the last 50% until we were at the land office, even though they did give me keys a few weeks before.

[xylophone]

17 hours ago, bkkcanuck8 said:

Did they not hire a lawyer?  I would expect a similar process here where you hire a lawyer, and the law firm does a title search and puts the money in escrow etc.

 

Sounds easy but then nothing ever is in Thailand – – this especially as the buyers of condos and apartments in the ACE condominium project and The Park in Patong have tried similar things but their money has still disappeared.

 

As far as the developers of the ACE project are concerned, well the police appear to know who they are and have questioned them but nothing has been forthcoming for two years now or thereabouts, which suggests that brown envelopes are/have been exchanged.

 

If only things were that simple, but then again it's no surprise because you can still go online and see lawyers encouraging farangs to set up nominee companies in order to buy property!! So if you think that hiring a lawyer is going to keep you out of trouble, then think again.....

[Autonuaq]

23 hours ago, chiang mai said:

Knight Frank is a British global real estate agent, they are different things in different countries, in Thailand they operate commercial and retail sales hence they are no more inclined to present a false picture of any market than anyone else. FWIW their professional reputation in the UK is very strong hence their analysis is generally worth considering along side of analysis from other sources. And if anyone has actually bothered to read the article they will note they do not slam the market, they simply say that existing and popular areas are prone to risk whilst other areas offer opportunities, pretty much the same sort of picture you would expect any large real estate consultancy to present about any buoyant or reasonably so market globally in current economic times..

I not doubt about your story. Nor doubt about the compnaies you mention.

As we all know Thailand is different and also the companies that operate here.

Keep in mind UK is not Thailand as well that products from for example Europa are not the same here.

Have a look at the references of cars for example.

 

 

[TheLairdofCockPen]

Only the naive are buying land in Bangkok these days, IMHO.

 

I've bought some in Lopburi and Khon Kaen. The wise are saying KK will be the next capital of Thailand.

 

BTW my brother was a director(Scotland) for Frank Knight in the UK. 

[sanemax]

On 1/8/2017 at 2:23 PM, Autonuaq said:

I not doubt about your story. Nor doubt about the compnaies you mention.

As we all know Thailand is different and also the companies that operate here.

Keep in mind UK is not Thailand as well that products from for example Europa are not the same here.

Have a look at the references of cars for example.

 

 

 

  Mate, could you try to post coherently ?

Im not sure whether Im drunk or whether some posts are hard to understand 

[DjChris28]

On Saturday, January 07, 2017 at 1:58 PM, ezzra said:

Tell us something we don't know, I have great difficulties in earth selling or renting

my properties that are considered to be in good location and well priced,

yet, they continue to build new condos everywhere and people are buying them

as the banks now days give you only 1% to 1.5% interests on your money and

by the time you factor inflation your money is earning nothing per annum....

 

Maybe if landlords started offering 6 month leases instead of always 12 months along the sukhumvit road, you might get a renter.. Im probably going to have to rent a 12 month lease and break the lease because there is no 6 month options..

[saakura]

On 08/01/2017 at 5:00 AM, jacko45k said:

Ah, so upper floors only, thanks for the tip.

Somebody please tell him about the risks for farangs living on higher floors in thailand.

[YeahSiam]

All going to end in tears.

I live across from the newly-completed Edge Sukhumvit on soi 23.

Probably about 5-10% occupied while the off-plan speculators use sites like prakard.com to try to sell hundreds of units on to greater fools.

[SaintLouisBlues]

11 minutes ago, YeahSiam said:

All going to end in tears.

I live across from the newly-completed Edge Sukhumvit on soi 23.

Probably about 5-10% occupied while the off-plan speculators use sites like prakard.com to try to sell hundreds of units on to greater fools.

Thailand is overdue for a repeat of 1997