It would be nice to read the headlines, "6-10% expected in housing prices, but the people won't pay it" It seems that wherever and whatever economic hike in something occurs, it's always the people having to bare the brunt. I'd say, enough is enough and just decline or refuse the legalized-extortion.
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Housing Prices In Thailand Expected To Rise 6-10% Next Year
Started by george, 2009-11-03 12:08
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57 replies to this topic
#52
Platinum Member Posted 2009-11-06 16:40:34
Location, location, location for condos in Bangkok. By 2015, hopefully all of the condo projects that have just started now will have sold out. I wish you luck.  You are joking? I live on Sukhumvit, Soi 24. Pretty good area. Most of the condo units here are dark all the time. A friend who is a Thai real estate agent told me many of the buildings are more than 50% empty. yet, they build more. I have to admit, I just don't understand the concept of the condo market here. You will understand the condo market here only when ownership restriction is lifted to allow 100% foreign own. The reason you are baffled is the Thai mentality and financial ability of buying, holding and leaving empty the 51% when rental value is falling. The locals here are not worried about a new project kicking off next door. In fact, the new project which sells for 20-30% more will help boost their morale to hang on. Many knows, the value of cash is falling fast and holding a real asset is the best way to preserve wealth. #53
Offline Member Posted 2009-11-06 16:45:58
Location, location, location for condos in Bangkok. By 2015, hopefully all of the condo projects that have just started now will have sold out. I wish you luck. You are joking? I live on Sukhumvit, Soi 24. Pretty good area. Most of the condo units here are dark all the time. A friend who is a Thai real estate agent told me many of the buildings are more than 50% empty. yet, they build more. I have to admit, I just don't understand the concept of the condo market here. You will understand the condo market here only when ownership restriction is lifted to allow 100% foreign own. The reason you are baffled is the Thai mentality and financial ability of buying, holding and leaving empty the 51% when rental value is falling. The locals here are not worried about a new project kicking off next door. In fact, the new project which sells for 20-30% more will help boost their morale to hang on. Many knows, the value of cash is falling fast and holding a real asset is the best way to preserve wealth. That might be true for land but for a 35 sqm condominium in a project that gets run down, falls apart in 10 years due to zero preventative up keep in the hopes that some farang will pay over the odds is better than keeping the money in the bank or playing with gold? I think alot buy in with the intention of trying to flip it before completion, good luck to them. #54
Platinum Member Posted 2009-11-06 17:04:09
Location, location, location for condos in Bangkok. By 2015, hopefully all of the condo projects that have just started now will have sold out. I wish you luck. You are joking? I live on Sukhumvit, Soi 24. Pretty good area. Most of the condo units here are dark all the time. A friend who is a Thai real estate agent told me many of the buildings are more than 50% empty. yet, they build more. I have to admit, I just don't understand the concept of the condo market here. You will understand the condo market here only when ownership restriction is lifted to allow 100% foreign own. The reason you are baffled is the Thai mentality and financial ability of buying, holding and leaving empty the 51% when rental value is falling. The locals here are not worried about a new project kicking off next door. In fact, the new project which sells for 20-30% more will help boost their morale to hang on. Many knows, the value of cash is falling fast and holding a real asset is the best way to preserve wealth. That might be true for land but for a 35 sqm condominium in a project that gets run down, falls apart in 10 years due to zero preventative up keep in the hopes that some farang will pay over the odds is better than keeping the money in the bank or playing with gold? I think alot buy in with the intention of trying to flip it before completion, good luck to them. If you are thinking about a 35m2 studio in the suburb, then yes, capital values will fall due to poor maintenance and non-payment of common fees. But if you consider those in town and near to BTS/MRT lines, then no. Many new projects in prime area targeting foreign tenants will be left vacant. The small studios along Rachada and Outer Sukhumvit will be occupied mainly by local tenants. Going rate at City Home Rachada Soi 10 is at Bt8-9k, and occupied mainly by locals. Edited by trogers, 2009-11-06 17:05:03. #55
Offline Member Posted 2009-11-06 17:11:11
Well I am just going by the previous poster on Soi 24 and what he said about the lights are off and nobody is home.
#56
Platinum Member Posted 2009-11-06 17:17:36
Well I am just going by the previous poster on Soi 24 and what he said about the lights are off and nobody is home. These projects in prime area are held mainly by wealthy locals, eg. Millennium Residence in Soi 18 and The Emporio in Soi 24. Such locals do not buy small condos in the suburbs and can fork out the common fees while leaving the units vacant if asking rents are too low. I know of one who is leaving her 2-bedroom unit at Millennium empty and went on to book a 2-bedroom unit at Sukhothai Residence for over Bt180k/m2. #57
Offline Member Posted 2009-11-06 17:20:28
Well I am just going by the previous poster on Soi 24 and what he said about the lights are off and nobody is home. These projects in prime area are held mainly by wealthy locals, eg. Millennium Residence in Soi 18 and The Emporio in Soi 24. Such locals do not buy small condos in the suburbs and can fork out the common fees while leaving the units vacant if asking rents are too low. I know of one who is leaving her 2-bedroom unit at Millennium empty and went on to book a 2-bedroom unit at Sukhothai Residence for over Bt180k/m2. What about that piece of crap on soi 13 with the blue all over it or the one on Petchburi near World Trade Center? Good investments. anyways, I am sure this will continue over the weekend. enjoy all, time for me to meet Mr. Heineken 
#58
Platinum Member Posted 2009-11-06 17:34:12
Well I am just going by the previous poster on Soi 24 and what he said about the lights are off and nobody is home. These projects in prime area are held mainly by wealthy locals, eg. Millennium Residence in Soi 18 and The Emporio in Soi 24. Such locals do not buy small condos in the suburbs and can fork out the common fees while leaving the units vacant if asking rents are too low. I know of one who is leaving her 2-bedroom unit at Millennium empty and went on to book a 2-bedroom unit at Sukhothai Residence for over Bt180k/m2. What about that piece of crap on soi 13 with the blue all over it or the one on Petchburi near World Trade Center? Good investments. anyways, I am sure this will continue over the weekend. enjoy all, time for me to meet Mr. Heineken Ah...the one in Petchburi may be one of the projects trying to sell in the real estate expo in Singapore 2 weekends ago. Feedback was that the Thai booths were visited only by 5 Singaporeans during the 3 days. The one in Soi 13 kicked off in early 2005. I think there was mismanagement as the developers are family members of the deceased owner of the Ambassador Hotel. Failure of this project is not due to any crisis as the market peaked in 2006 and hit bottom early 2008. I do not fancy a condo in a mixed development, especially one as a tower over a shopping mall. I think many locals have the same view. It is difficult to separate the common area and its expenses for residential and commercial. |
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