News Forum - Thailand real estate market saturated with unsold properties, may breach 1 trillion baht

[Marc26]

25 minutes ago, SkyDogJack said:

Marc26,

Your comments really resonate with me.  I grew up low middle class.  We always had food, but there were those nights, as a boy, I felt I was going to bed hungry.  We lived in marginal neighborhoods (I ran with Mexican gang as the only white boy) and learned to fight.  My dad was a barber and cut hair 12 hour a day.  I am lucky my Thai wife is about saving and not about appearance.  I do help support her father and daughter back in Thailand (plan to bring her here) so we run a tight budget in an expensive country.

When my wife and I lived in Bangkok, it was a nice condo rental, about 45 square, high rise with a balcony overlooking the river and had a built in water filter and a washing machine.  We hung dry our clothes on the balcony. We were happy.  We didn't need much there, nor do we here. We live in a 1br/1bath apartment now.

Now days, in the middle of the American quest for bigger and better, we are looking a buying a 3br, 2bath, 2 car garage in a nice neighborhood that is 50 percent of what many Americans' will pay (leverage their life) to have something twice the size for show.  To be and the misses, a 120 sq meter home is a mansion.  

To many here in the USA, they would look down on me and call me poor.  For me?  I am rich in more ways than I could ever have hoped for.

My step daughter is in her first year at a university in Bangkok.  She is making straight 'A's".  I am very proud of her, and she is studying English.  My wife, her mom does Zoom lessons with her a few times a week to help with her English studies.  I have too much to be grateful for to complain. Anyway, just sharing.

PS: We are looking at this type of home.

https://gentil.theagencytexas.com/search/detail/142826371

What University does she go to?

 

My stepson us a Junior, going to be a Senior at Thamassat University 

He is a Physical Therapy major

But is flirting switching to forensic science or pre-med

 

I've had him since he was 2 years old

Now he's 21!

 

Part of the reason I'm a heading over in a few weeks so we can sit down and discussing it 

[SkyDogJack]

6 minutes ago, Marc26 said:

What University does she go to?

My stepson us a Junior, going to be a Senior at Thamassat University 

He is a Physical Therapy major

But is flirting switching to forensic science or pre-med

I've had him since he was 2 years old

Now he's 21!

Part of the reason I'm a heading over in a few weeks so we can sit down and discussing it 

She goes to Phranakhon Rajabhat University. She is a freshman. Right now, she is in Humanities and Social Sciences.  Sounds like a great idea to sit down and have a one-on-one talk.  Being 21 years old, they need the best guidance they can get.  Good thing you're doing. 

Edited April 1, 2022 by SkyDogJack
More info

[Marc26]

7 hours ago, SkyDogJack said:

Marc26,

Your comments really resonate with me.  I grew up low middle class.  We always had food, but there were those nights, as a boy, I felt I was going to bed hungry.  We lived in marginal neighborhoods (I ran with Mexican gang as the only white boy) and learned to fight.  My dad was a barber and cut hair 12 hour a day.  I am lucky my Thai wife is about saving and not about appearance.  I do help support her father and daughter back in Thailand (plan to bring her here) so we run a tight budget in an expensive country.

When my wife and I lived in Bangkok, it was a nice condo rental, about 45 square, high rise with a balcony overlooking the river and had a built in water filter and a washing machine.  We hung dry our clothes on the balcony. We were happy.  We didn't need much there, nor do we here. We live in a 1br/1bath apartment now.

Now days, in the middle of the American quest for bigger and better, we are looking a buying a 3br, 2bath, 2 car garage in a nice neighborhood that is 50 percent of what many Americans' will pay (leverage their life) to have something twice the size for show.  To be and the misses, a 120 sq meter home is a mansion.  

To many here in the USA, they would look down on me and call me poor.  For me?  I am rich in more ways than I could ever have hoped for.

My step daughter is in her first year at a university in Bangkok.  She is making straight 'A's".  I am very proud of her, and she is studying English.  My wife, her mom does Zoom lessons with her a few times a week to help with her English studies.  I have too much to be grateful for to complain. Anyway, just sharing.

PS: We are looking at this type of home.

https://gentil.theagencytexas.com/search/detail/142826371

That house would be 1.5mil in Vancouver suburbs 

[Wanderer]

On 3/30/2022 at 1:47 AM, Marc26 said:

I agree 1000%

You see these guys banging on about the West and people showing off

They then go build a house 4x the size of any other house in their village

Any "millions" I spend above more than the average home would be on comforts, fittings and not size

I grew up in the projects and lived in downtown apartments my whole life, I don't need a big home

But my wife's village is pretty affluent(she is not affluent family!)

So there are many nice local homes, so nothing we build would be out of place

And who do they think is going to meet their valuation of the property if/when they decide to sell. 

[SkyDogJack]

On 4/1/2022 at 8:35 PM, Marc26 said:

That house would be 1.5mil in Vancouver suburbs 

I went to Vancouver for vacation a few times back in the many years ago.  I don't know how anyone can afford these prices now days.  1.5mil to me is insane.  I can afford, only just my retirement income 250-275k USD and we can love in a nice home and be comfortable.  My wife, with her income and my life insurance will be able to afford the mortgage after I pass too. This is a different world, to be sure bro.  

Edited April 3, 2022 by SkyDogJack
Spelling

[Marc26]

8 hours ago, Wanderer said:

And who do they think is going to meet their valuation of the property if/when they decide to sell. 

I think anyone who builds a house in the village looks at it as "money spent" with no expectation of selling

 

I lnow that is how I view it when we eventually build a house 

 

I said above I want to spend a bit more money to have a bit more quality/luxury 

 

So if I move back to North America in old, old age 

It's a house my stepson can have for a weekend house or whatnot

[JamesR]

On 3/29/2022 at 3:26 PM, butterfly said:

Thais have this idea that land prices will increase forever, since that's what happened over the last 40 years

they have no concept of economic cycle, it's always someone else fault, so they wait it out

since they don't have modern economic brains, the concept of time and the concept of value of money is completely "foreigner" to them

hence why they prefer to wait 25 years to sell at the same price, rather than take a small loss immediately and invest the money else where

 

This is yet another of similar replies on this site, Thais are dim, all Thais have been homogenised and are all a copy of one another and this applies all over the country it seems according to the comments. 

My Thai partner is far from dim it seems, she had a tourist business in Phuket for many years, she bought a plot of land in Phuket 20 years ago and built four houses on it which are rented out, the rents vary depending on the state of the market and current conditions.

She has another three bed detached house in a gated community which we use when in Phuket.

Near her home area of Surat Thani she has built a shop-house, and three more houses, she lives in one and rents the other three out.

She also has  an additional 12 rie of land where she grows coconuts and palm, a very good income, she is very dim it seems.

No mortgages, no loans, how dim.

The people who are dim are the farangs who meet bar girls from Issan and buy houses for them and then for the girls to run off, they do make me laugh though when I hear their dim stories while they cry into their beer. 

Some farangs do have a little sense, after buying the house for the girl they get a guaranteed thirty year lease on the house and land at a tiny fixed rent, but this must have its own risk, the farang can be bumped off in order get the house back, I have heard of two cases of it happening, but as I don't think all Thais in Thailand are all carbon copies I am not saying it happens all the time. 

 

[JamesR]

On 4/1/2022 at 12:55 PM, Benroon said:

You've clearly got too much time on your hands - whilst there will possibly be a place for digital cash (until governments realise it cuts them out and regulate it out of existence) - do you seriously think your average joe is going to hand over their hard earnt physical notes for a digital wallet ? How are the 80%+ people in the world with no access to technology going to handle that ? 

Cash is already digital to an extent isn't it?

I know the money I have in the bank is digital, it is just a number on a computer and when I transfer money from the UK to Thailand then it is just numbers on a computer moving from one bank to another's system.

I am guessing there is only a small fraction of the money in a banks accounts represented by physical money. 

I don't think I have used cash for decades in  the UK, I do in Thailand though as lots of places do not take debit cards.

[SkyDogJack]

2 hours ago, JamesR said:

This is yet another of similar replies on this site, Thais are dim, all Thais have been homogenised and are all a copy of one another and this applies all over the country it seems according to the comments. 

My Thai partner is far from dim it seems, she had a tourist business in Phuket for many years, she bought a plot of land in Phuket 20 years ago and built four houses on it which are rented out, the rents vary depending on the state of the market and current conditions.

She has another three bed detached house in a gated community which we use when in Phuket.

Near her home area of Surat Thani she has built a shop-house, and three more houses, she lives in one and rents the other three out.

She also has  an additional 12 rie of land where she grows coconuts and palm, a very good income, she is very dim it seems.

No mortgages, no loans, how dim.

The people who are dim are the farangs who meet bar girls from Issan and buy houses for them and then for the girls to run off, they do make me laugh though when I hear their dim stories while they cry into their beer. 

Some farangs do have a little sense, after buying the house for the girl they get a guaranteed thirty year lease on the house and land at a tiny fixed rent, but this must have its own risk, the farang can be bumped off in order get the house back, I have heard of two cases of it happening, but as I don't think all Thais in Thailand are all carbon copies I am not saying it happens all the time. 

Hi JamesR,

I'll keep this short.  My wife and her friends are all educated, hardworking and have an immense amount of self respect.  My misses is much smarter than me, especially regarding micro and macro economics.  But, as I said, short.  We either take responsibility for our own decisions or try to blame someone else., even an entire culture or race.  There are good Thai's and bad, just as with everyone.  Anyone who stands in judgement of another race, gender, culture, sexual orientation or national identity needs take a long look in the mirror. What they see is in my opinion, the exact thing they try and stigmatize others. 

Enough said,

Cheers bro!

Edited April 4, 2022 by SkyDogJack
Cleanup my post.

[Foolish_Farang]

Good time to invest - long term.

[Wanderer]

6 hours ago, JamesR said:

This is yet another of similar replies on this site, Thais are dim, all Thais have been homogenised and are all a copy of one another and this applies all over the country it seems according to the comments. 

My Thai partner is far from dim it seems, she had a tourist business in Phuket for many years, she bought a plot of land in Phuket 20 years ago and built four houses on it which are rented out, the rents vary depending on the state of the market and current conditions.

She has another three bed detached house in a gated community which we use when in Phuket.

Near her home area of Surat Thani she has built a shop-house, and three more houses, she lives in one and rents the other three out.

She also has  an additional 12 rie of land where she grows coconuts and palm, a very good income, she is very dim it seems.

No mortgages, no loans, how dim.

The people who are dim are the farangs who meet bar girls from Issan and buy houses for them and then for the girls to run off, they do make me laugh though when I hear their dim stories while they cry into their beer. 

Some farangs do have a little sense, after buying the house for the girl they get a guaranteed thirty year lease on the house and land at a tiny fixed rent, but this must have its own risk, the farang can be bumped off in order get the house back, I have heard of two cases of it happening, but as I don't think all Thais in Thailand are all carbon copies I am not saying it happens all the time. 

I am relieved to hear that farangs being murdered for a property does not happen all the time. 

But where are all the farangs who have terrible experiences. All I ever see online are farangs who marry savvy, financially independent businesswomen. I suppose like attracts like. 

[SkyDogJack]

7 hours ago, Wanderer said:

I am relieved to hear that farangs being murdered for a property does not happen all the time. 

But where are all the farangs who have terrible experiences. All I ever see online are farangs who marry savvy, financially independent businesswomen. I suppose like attracts like. 

Wanderer,

You are probably right.  I don't think it is about the Thai women being financially savvy or independent though, but about their attitude on life, self-respect and opportunity through work and education.  My wife describes herself as a "local girl". By that she means she cares about family, work and Buddha.  She saw education as a way to advance herself and worked as she put herself through her college and university program's.  Maybe that is what she and I have in common.  We both had to make our own way.  

Likes do attract. And there are farangs that have terrible experiences with women (or men).  Just as with all people.  Good comment.

Cheers...

Edited April 4, 2022 by SkyDogJack
Cleanup my post.

[Pinetree]

11 minutes ago, SkyDogJack said:

Wanderer,

You are probably right.  I don't think it is about the Thai women being financially savvy or independent though, but about their attitude on life, self-respect and opportunity through work and education.  My wife describes herself as a "local girl". By that she means she cares about family, work and Buddha.  She saw education as a way to advance herself and worked as she put herself through her college and university program's.  Maybe that is what she and I have in common.  We both had to make our own way.  

Likes do attract. And there are farangs that have terrible experiences with women (or men).  Just as with all people.  Good comment.

Cheers...

Good on her.  There are more Thai ladies that are like your wife than forums would have you believe. My g/f is a Registered Nurse, all done by her own efforts and her own money. 

[JamesR]

11 hours ago, Wanderer said:

I am relieved to hear that farangs being murdered for a property does not happen all the time. 

But where are all the farangs who have terrible experiences. All I ever see online are farangs who marry savvy, financially independent businesswomen. I suppose like attracts like. 

They are not online, they are at bars crying into their beer.

[JamesR]

16 hours ago, SkyDogJack said:

Hi JamesR,

I'll keep this short.  My wife and her friends are all educated, hardworking and have an immense amount of self respect.  My misses is much smarter than me, especially regarding micro and macro economics.  But, as I said, short.  We either take responsibility for our own decisions or try to blame someone else., even an entire culture or race.  There are good Thai's and bad, just as with everyone.  Anyone who stands in judgement of another race, gender, culture, sexual orientation or national identity needs take a long look in the mirror. What they see is in my opinion, the exact thing they try and stigmatize others. 

Enough said,

Cheers bro!

So we agree then, not all Thais are dim which is what I was defending in the first place with my comment. 

[JamesR]

4 hours ago, Pinetree said:

Good on her.  There are more Thai ladies that are like your wife than forums would have you believe. My g/f is a Registered Nurse, all done by her own efforts and her own money. 

Great, yet more proof all Thais are not dim as some seem to think. 

[JamesR]

4 hours ago, SkyDogJack said:

Wanderer,

You are probably right.  I don't think it is about the Thai women being financially savvy or independent though, but about their attitude on life, self-respect and opportunity through work and education.  My wife describes herself as a "local girl". By that she means she cares about family, work and Buddha.  She saw education as a way to advance herself and worked as she put herself through her college and university program's.  Maybe that is what she and I have in common.  We both had to make our own way.  

Likes do attract. And there are farangs that have terrible experiences with women (or men).  Just as with all people.  Good comment.

Cheers...

A similar story to my own. 

[Marc26]

12 hours ago, Wanderer said:

I am relieved to hear that farangs being murdered for a property does not happen all the time. 

But where are all the farangs who have terrible experiences. All I ever see online are farangs who marry savvy, financially independent businesswomen. I suppose like attracts like. 

I think we all do a bit of bragging about our TG's, or most do...........especially on these forums(I am guilty of it)

I think it's a natural defense, sort of the "my girl is different"

 

But I think Thai girls are pretty intelligent, overall

 

[Faraday]

A disparaging comment by a member has been removed.

Two further replies have also been removed.

Please, do not, make such comments about other members wives or indeed, family.

Moderator

[Vigo]

On 3/30/2022 at 2:04 AM, Thaidup said:

The one differing factor in Thai property is the no foreign ownership policy. Does it help? May have kept the prices lower than they could be now? Is it a bubble burst or dose it simply depend on who will sell? I can remember 2 years ago that the Australian realestate "experts" warning of the same thing and 2 years later the market is up over 20%

The determining factor everywhere will be the ability of the borrower to service debt. As lending interest rates increase, the number of borrowers who will be unable to service their existing or new debt will grow and more property will enter the market. All of the predictions on real estate bubbles made clear that they were dependent upon lending interest rates and whether or not there was a tightening of down payment requirements.  These interest rates are now starting to increase, and if the trend continues over the next 2-3 years, the real estate markets will cool down. Also the baby boomers defied expectations and held on to their homes because they were fit. they will start to age out in 5-10 years and the held back real estate from this population will enter the market.

On 4/1/2022 at 8:24 AM, Rainmaker said:

Things are going to start changing and I don’t know how this new world will effect Thailand. I also am curious if Thailand and the Thai people are willing to give up their freedom to belong to a new world government on March 30. They held the World Government Summit. And Thailand was there. I am sorry to say this but I am from the USA and living on social security. China has a digital currency and has already signed a contract with Thailand. And president Biden has ordered the USA to start researching the digital dollar and if you please research this at this world summit that was the first thing they opened the conference about. So I am wondering how my money will be counted here in Thailand if Thailand uses China digital yuan. How about other expat’s from every other country.  If you eliminate cash and everyone has Digital money.  A lot of people are going to suffer. Homeless people and how about people who are addicted to drugs and when they need to get their drugs and they don’t have cash and they have to use their digital money and then the government will be able to go after the drug trade. Remember the recent story about how assets were seized in the drug bust.  Things are going to start changing and we’re losing are freedoms and are voice.  They have changed the name from the Great Reset and now they are calling it a New World Order.  Research World Economic Forum and the Great Reset. Also look at Black Rock Group and see how much power and financial control they have world wide.  And here’s my proof please read this story about the Dubai summit 

Oh my. Are rectal probes and the implanting of nanochips part of the plan? 

On 4/4/2022 at 9:44 AM, Wozzlegummich said:

Good time to invest - long term.

Why? Rate of return on investments is finally increasing and is expected to increase over the next year. If anything options should be kept under 1 year to allow for taking advantage.  At the very worst, interest rates will flatten before they  reduce again and one can go multiyear at that time.

[Benroon]

On 4/3/2022 at 11:27 PM, JamesR said:

Cash is already digital to an extent isn't it?

I know the money I have in the bank is digital, it is just a number on a computer and when I transfer money from the UK to Thailand then it is just numbers on a computer moving from one bank to another's system.

I am guessing there is only a small fraction of the money in a banks accounts represented by physical money. 

I don't think I have used cash for decades in  the UK, I do in Thailand though as lots of places do not take debit cards.

No, each bank must have 'reserve requirements' so in the event of a run on the banks they must be in a position to pay out (perhaps not less developed countries) but for every digit you see on that piece of paper there will be a physical currency. It's all reflected in balance sheets and the banks must hold that money and submit proof of that every month, I think this was implemented following the collapse of Barings Bank). 

However your last line is what I'm saying - physical money will never be replaced in the next few lifetimes at least given that according to something I read from 2019, 50% of the worlds population have no access to a computer.

[Benroon]

On 4/4/2022 at 2:44 AM, Wozzlegummich said:

Good time to invest - long term.

Correct - put as much as you possibly can into tech stocks. They can only go one way, with the usual hiccups on the journey. All the top performing investment funds will be tech heavy.

I got into Amazon at $25 and are now worth around $3,300 - there will be plenty of those stories to come as the world moves that way. Cyber security stocks will also be a rewarding area for investors.

[Benroon]

10 hours ago, Marc26 said:

I think we all do a bit of bragging about our TG's, or most do...........especially on these forums(I am guilty of it)

I think it's a natural defense, sort of the "my girl is different"

But I think Thai girls are pretty intelligent, overall

I think there are different levels of 'intelligent' - if I asked my Mrs to name 5 South American currencies for example she would probably slap me for asking stupid questions, however I have never met anyone like her, from any country, that can assess a situation and come up with the right solution whether it a legal matter or something that needs careful analysis.She'll let me think it was me that came up with it, but lets just say she nudges me in the right direction lol. She's also an uncannily good judge of character - she can spot a fraud at 100 paces, someone who appears to be a really decent person to me. She susses them immediately and gets it right everytime. Intelligence stretches across many boundaries.

This notion that Thais are more dim than any other population is just crap peddled by intellectually challenged westerners in my opinion who continually spout the same story day after day after day so it looks like it is endemic whereas usually it's just the same 20 year old crap ! (The rent don't buy blah blah blah brigade')

For example if the subject of westerners getting fleeced turns up, it will nearly always revert back to the guy in Phuket who was turned over by his mrs and a crooked lawyer, missing the fact that whilst that incident happened, (and fraud is hardly exclusive to SE Asia - ask the thousands of westerners who get scammed by boiler room scammers relieving them of their pensions) a few million perfectly good transactions went through without a hitch.

The saying 'A Fool and His Money are Soon Parted' is an accurate one. What country you are in is totally immaterial, if you do your research and surround yourself with people that have earnt your trust you will stack the odds in your favour.

 

[Pinetree]

11 hours ago, Marc26 said:

I think we all do a bit of bragging about our TG's, or most do...........especially on these forums(I am guilty of it)

I think it's a natural defense, sort of the "my girl is different"

But I think Thai girls are pretty intelligent, overall

I don't think my girl is particularly different to many others in Thailand.  She is savvy, hard working and by her own efforts, has largely over come a poor background to get where she is. In this, she mirrors my own journey from a Yorkshire village to what I made of myself.  In this respect, we overcome our differing racial background and have a mutual understanding that leads to mutual support.  I see this in many Thai/Farang relationships.  

[Marc26]

58 minutes ago, Benroon said:

I think there are different levels of 'intelligent' - if I asked my Mrs to name 5 South American currencies for example she would probably slap me for asking stupid questions, however I have never met anyone like her, from any country, that can assess a situation and come up with the right solution whether it a legal matter or something that needs careful analysis.She'll let me think it was me that came up with it, but lets just say she nudges me in the right direction lol. She's also an uncannily good judge of character - she can spot a fraud at 100 paces, someone who appears to be a really decent person to me. She susses them immediately and gets it right everytime. Intelligence stretches across many boundaries.

This notion that Thais are more dim than any other population is just crap peddled by intellectually challenged westerners in my opinion who continually spout the same story day after day after day so it looks like it is endemic whereas usually it's just the same 20 year old crap ! (The rent don't buy blah blah blah brigade')

For example if the subject of westerners getting fleeced turns up, it will nearly always revert back to the guy in Phuket who was turned over by his mrs and a crooked lawyer, missing the fact that whilst that incident happened, (and fraud is hardly exclusive to SE Asia - ask the thousands of westerners who get scammed by boiler room scammers relieving them of their pensions) a few million perfectly good transactions went through without a hitch.

The saying 'A Fool and His Money are Soon Parted' is an accurate one. What country you are in is totally immaterial, if you do your research and surround yourself with people that have earnt your trust you will stack the odds in your favour.

My wife is the same when it comes to people

 

I think Thais are more cautious towards others than we are

 

So allows them to suss people out better than us

 

And again, like your wife

My wife knows what she knows when it comes to what she needs to know

Sometimes I get caught questioning her and I am almost always wrong