Sporty Posted September 12, 2006 Report Share Posted September 12, 2006 I am sure its not just my thinking. Does anyone else feel the Condo Market, with the new Visa changes, and new units being completed, is in for trouble. Maybe a collapse ? Link to comment Share on other sites More sharing options...
chuckwoww Posted September 12, 2006 Report Share Posted September 12, 2006 It should make people think twice about buying condos. But of course some people stop thinking when they discover the delights of Thailand. Link to comment Share on other sites More sharing options...
Bangkoktraveler Posted September 12, 2006 Report Share Posted September 12, 2006 There are two distinct groups to this argument. One group argues changes are coming and it is not going to be nice. The other group claims the first group are pessimist and believe somehow the first group's predictions are coming true. I suspect the Thais are going to make a lot of changes to reduce the money farangs make in the Thai underground economy. Making it hard for farngs to stay in the Kingdom if they have no apparent reason for being there is probably number one on their agenda. Link to comment Share on other sites More sharing options...
samak Posted September 12, 2006 Report Share Posted September 12, 2006 a lot of people buy condos in thailand not for the purpose to live in it, but as a financial investment. you could also call it speculation as prices of many high end condos have more then doubled in the last couple of years. Link to comment Share on other sites More sharing options...
Sporty Posted September 12, 2006 Author Report Share Posted September 12, 2006 Yes, I agree, and know what you say about speculation in the past is true. Now with all the investment and visa changes, along with loads of additional housing stock coming online. What do you think the immediate future (6 to 12 months) looks like ? Asking, because I am wondering, if to buy, or rent is best in that time frame. Right now, I am of a mind to rent, and just wait. Link to comment Share on other sites More sharing options...
ThaiHome Posted September 13, 2006 Report Share Posted September 13, 2006 If Thailand really goes after the entry stamp runners or serial tourist visa people (which is not actually confirmed) the effect on the condo market depends on how many of these people you think buy condos. Seems to me there are literally thousands of condo units available or under development right now and they are not dependent on western entry stamp runner farangs for their market. I see negligible effect if the policy as speculated is implemented. If some one has a couple of hundred thousand dollars to buy a condo in Thailand, he can easily get a long term visa. My recently completed fully sold out building (not in Sukhumvit area) has over 300 units and there are only about 10 farangs. They did not need us. TH Link to comment Share on other sites More sharing options...
Gadfly Posted September 16, 2006 Report Share Posted September 16, 2006 My recently completed fully sold out building (not in Sukhumvit area) has over 300 units and there are only about 10 farangs. They did not need us.10 Farang owners? I was visiting a friend late this afternoon who lives in the President Park condos on Soi 24. It seemed to me that at least 70% of the occupants - judging by who was using the pool (no sun out)- were ex-pats of some kind. I work with plenty of wealthy Thais. They are buying upscale condos, but most are buying them to rent to ex-pats. I know because they are constantly asking me if I know any prospective tenants. When CB Richard Ellis does market research on demand for up market condos, do you know what they primarily look at? The number of new work permits granted. The numbers have increased dramatically over the past few years, and that has been fueling demand. But it is also fueling a backlash, even though the absolute numbers of ex-pats here is very low. In a city of 11 million you would expect more than 70,000 foreign workers. But because the increase has been dramatic on a percentage basis off a low base, it has fueled the perception in some quarters that foreigners are "taking over" Thailand. And all of this is happening in an election year where the biggest news is the sale of Shin corporation to a company controlled by the Singapore government. We've seen the reaction to that. We are seeing all sorts of new restrictions on foreign investment and ownership and now we are seeing tighter visa restrictions. Indeed, months ago I posted about the new restrictions that were in the pipeline (and was basically told by many that this was all bullshit - and yet we now see it all coming to pass.) Property markets anywhere are fickle, but they have proven to particularly fickle here in Thailand. I was in here in the mid 90s when the property boomed and then quickly went bust. The underlying problems that caused the bust - connected lending - weren't fixed following the '97 crisis. Fixing the problem threatened too many vested interests. It was easier to blame outsiders - foreigners, the IMF, George Soros, etc. - for Thailand's financial crisis. Now the government is complicating matters by making life more difficult for the primairy consumers of up market condos. This is not a smart policy. In fact, we are seeing a lot of bad policy decisions being made now for purely political reasons. Expect more. Link to comment Share on other sites More sharing options...
Sporty Posted September 16, 2006 Author Report Share Posted September 16, 2006 I can not dispute, what ThaiHome, as said... I tend to agree with the fickled. I gotta believe, with all the 5 to 10,000,000+ baht units, comming online, thinking of SOI 24, as well as other places, in Suhkumvit Area. Some of those projects, are gonna go sideways, EVEN with the old rules for farangs, and more so with the unfriendly feeling, hard to buy, even with the retirement Visa in place. Once I get my retirement Visa, sorted out, I will rent for now, and wait to see. Link to comment Share on other sites More sharing options...
Bangkoktraveler Posted September 16, 2006 Report Share Posted September 16, 2006 Sporty, are you married? If you are, it might pay to buy. When we bought our house, the payments per month dropped by about 1/3. There is much controversy about buying but if you look at it as a place to hang your hat, it might be wort considering. Link to comment Share on other sites More sharing options...
Sporty Posted September 17, 2006 Author Report Share Posted September 17, 2006 Sporty, are you married? If you are, it might pay to buy. When we bought our house, the payments per month dropped by about 1/3. There is much controversy about buying but if you look at it as a place to hang your hat, it might be wort considering. NO, I'm not married... Basically, my plan, is to stay a minumum of 5 years, could be lots longer (Age 57). I have always, owned, where I live, for the last 30 years. Rather collect rent, than pay it. Will wait and see what happens, over the next 6 months or so, while keeping my eyes and ears open for an opportunity to buy. Link to comment Share on other sites More sharing options...
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