Property slump in the Eastern region

http://pattayamail.com/current/news.shtml#hd18

The above article says that there has been a slump in selling property in the high end of the market to foreigners and something needs to be done. However, "the other side" say it should pick up in the next 6 months now that a new government has been elected. etc etc.

... Fattman ... that's what they tell you .. bet if you wanted to buy three properties from that same block now, you could.

Similarly, with the bht being so strong that isn't going to help at all. Although its fairly a good rate to the Euro. But Brits are not going to buy apartments at a rate of 61-62 to the pound for sure.

[TrongpaiExpat]

The Nation Today has a huge real estate section of many of the high and very high end Bangkok, Pattaya and Hue Hin condos. Nice photos. A few articles talking about supply and demand. Take it with several grains of salt but it's hard to ignore that the luxury market is not being over supplied if you just look around. They work on the assumption you build it they will come.

They work on the assumption you build it they will come.

Wankers!

It isn't what I've been told, but what I have knowledge of. Many of the units are sold off the plans to investors, who then sell on before or during the launch at inflated prices. The sales teams get commissions for handling it on their behalf. The properties I'm talking about are totally sold out either at launch, or shortly afterwards whether to investors or genuine buyers. I'm talking top end, not VT or the like.

Fattman - its the same meat but different gravy - these people are gambling - they might/might not sell on, who knows - when did they buy off-plan - last month or 12 months or even 6 months ago, there is a difference believe me.

Lots of up market places are being built.

At the same time, we hear Thailand is making it more difficult for Farang to get visas & both the US & UK economies are struggling.

Property prices may well fall, if they are not successful in selling more to Russians, Chinese etc.

fattman[/b]]It isn't what I've been told, but what I have knowledge of. Many of the units are sold off the plans to investors, who then sell on before or during the launch at inflated prices. The sales teams get commissions for handling it on their behalf. The properties I'm talking about are totally sold out either at launch, or shortly afterwards whether to investors or genuine buyers. I'm talking top end, not VT or the like.

In that case it should be very easy for you to name the specific properties/developments you are "talking about" which are genuinely "totally sold out either at launch, or shortly afterwards" - after all, with relatively few genuinely "top end" developments it would be very easy to check. Many small investors do get burnt, while even more do not mind waiting or even losing when they sell on, for reasons explained at length elsewhere.

WhiteDesire, it is indeed what they tell you. A few years ago I was thinking of investing in some of the over rated doll's houses in View Talay (no view, and no talay) and was shown around and told the inevitable "great investment, guaranteed for two years then as good as, fully booked, no vacancies, etc". I then called the international rental office and asked about renting - "no problem, we have vacanies"; for a month in August - "no problem, we have vacancies"; two 1 bedroom, two 2 bedroom and 2 three bedroom houses for my company - "no problem, we have vacancies"; and the same in December - "no problem, etc"; close together - "no problem, etc". Thank you and goodbye!

I suppose that amongst the hundreds, literally, of estate agents and developers in Pattaya some must be honest, but it is all comparative; one who I had previously thought to be is conspicuously silent in another thread here. Even the major international real estate firms in Pattaya are headed up not by qualified chartered surveyors, as would be expected, but by lawyers.

http://news.bbc.co.uk/1/hi/business/7269894.stm

There is a BBC link video on the right of this, you should watch this, the point I'm making is a lot of people who have invested off plan, have little money if any at all, hoping to make quick money in the rental or selling market, it is now falling flat, especially because of the credit crunch - albeit this is in the UK.

Gone Fishing - I suspect you will assume the worst in my reply here, but I have very good reasons for not naming the company or its several projects.

I seldom assume anything, which is why I asked you to name these "top end" projects which are "totally sold out either at launch or shortly afterwards". "Top end" projects are limited in number and since you refer to only one company, which has "several projects" like this it narrows the field considerably. I can only think of one such and if it is that particular company (fronted by a farang but widely believed to be "financed" by a group of very influential Thais with money to launder), then it would be very difficult to know who is buying/investing/selling on and it would be a mistake to use it as a guide. Unless you enlighten us, which you apparently do not intend to do, who knows??

... bull???? that goes on, on boards, people will do anything to sell their business, the bulling that goes on when everyone knows there is a property lull at the moment, which is also identified from a forum of real estate people articlised in this week's Pattaya Mail, i.e. one of several reports in the media. Full of it (shame I can't swear on here).

The only thing I can say to that is that the company in question is Arab owned...as for money laundering... well anyone can make such allegations.

In that case it is definitely not the company I was thinking of. An Arab owned property development company with several top end projects in Pattaya, all of which were sold out at launch - no comment and no assumptions, as I have no idea what you are referring to.

The only thing I can say to that is that the company in question is Arab owned...as for money laundering... well anyone can make such allegations.

In that case it is definitely not the company I was thinking of. An Arab owned property development company with several top end projects in Pattaya, all of which were sold out at launch - no comment and no assumptions, as I have no idea what you are referring to.

You are too polite Gone Fishing, Fattman is full of ????

.... we've heard it all before ... of course we know what you're talking about ... as the record goes "It's all been said before"!