News Forum - How living the dream became a nightmare for Phuket property buyers

[Thaiger]

Dreams die hard, even in a pandemic. But for thousands of Phuket property buyers who invested in the promise of a tropical dream with endless sunsets, the stone-cold reality of failure is just starting to hit home. Amidst a backdrop of rusting steel, decaying concrete, and empty construction sites lays the dark side of the island’s real estate trade. To better understand the sheer size of the market, based on C9 Hotelworks latest research report shows there are currently 22 projects offering hotel-managed properties in Phuket with 6,529 units. As to how significant this is to the larger incoming pipeline […]

The story How living the dream became a nightmare for Phuket property buyers as seen on Thaiger News.

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[AlphaPapa]

The buyers have no-one to blame but themselves. To pay in advance to developers without any security is truly idiotic. It’s obvious that you lose everything if the developer goes bust. Only pay on transfer of title or if your deposit is secured in lawyer’s client account or escrow, or backed by a bank guarantee. This is the system in west and for this reason I only buy completed units in Thailand where title transfers on payment.

[Janneman]

Never invest in anything that eats.

[Guest1]

There is another topic, that needs to be linked to this one!

https://thethaiger.com/thai-life/property/what-is-the-procedure-for-purchasing-an-off-plan-property-in-thail

[Morpheus]

This article make a mochary of Tim Newtons recent You Tube video with a guest developer spruking that real estate sales in Phuket is on the way up with good growth.??? Lost me. Just saying. 

[GES]

Sadly this article loses all creditably as in the end in relates to and promotes FAZWAZ who is a shareholder in the whole setup, hey lets name and shame some of these mongrel developers that think having a Botanical to their name makes them honest but equally dishonest is the writing of articles promoting Fazwaz who will market and then sell whatever they can, LIKE ALL AGENTS . Making FAZWAZ out to be any different to the rest of the parasites ruining the unregulated Phuket market is nonsense.

Its a shame that we cannot have unbiased journalism that really isn't advertorial, only then you will get real results and we can name and shame the culprits

[oldschooler]

6 hours ago, Thaiger said:

Dreams die hard, even in a pandemic. But for thousands of Phuket property buyers who invested in the promise of a tropical dream with endless sunsets, the stone-cold reality of failure is just starting to hit home. Amidst a backdrop of rusting steel, decaying concrete, and empty construction sites lays the dark side of the island’s real estate trade. To better understand the sheer size of the market, based on C9 Hotelworks latest research report shows there are currently 22 projects offering hotel-managed properties in Phuket with 6,529 units. As to how significant this is to the larger incoming pipeline […]

The story How living the dream became a nightmare for Phuket property buyers as seen on Thaiger News.

Read the full story

Buy ONLY Finished Full Chanote Property. 

Avoid AGENTS 

Buy DIRECT from Owner

Full Payment on Title Transfer ONLY

Use Western Resident LAWYER 

[Steve555]

If I may add one other suggestion to the spot on list you gave, that would be to make a copy of the Chanote Title and take it to the Land Office to make sure that it is real as they have been faked before. Your advise is spot on I can tell you as I do own a home in Phuket and can tell anyone there are scammers out there and many of them are Farang.

[BIGGLES]

If you feel that buying a property is the right move for you, then you must use ALL DUE DILIGENCE, and do your research!

I personally, would never buy, only rent.

My approach in itself, has problems, if you use agents such as FAZWAZ, SIAM REAL ESTATE etc, as they give property owners totally and unrealistic expectations with regard to the level of rent achievable. If you make an offer, they treat you as though you have made an indecent proposal. It is absolutely no use having a property advertised at say 20,000 baht per month if after months there are no takers. Much better to accept a lower offer, and have money coming in.

Check out the YouTube videos, on how much people are paying and what they are getting for their money.

Eg, Charlong, three bed house, 200 sq feet. 10,000 bht per month for one year contract.  If they advertise that price, you can get a deal on even that price. FORGET THE AGENTS, unless they work very hard for you and your money.

Everything and anything, is only worth what someone will pay for it.

 

Edited May 7, 2022 by BIGGLES

[MelBurn]

Should not invest in a country that does not even give you a permanent resident permit and can deny an entry visa anytime. 

[HiuMak]

6 hours ago, MelBurn said:

Should not invest in a country that does not even give you a permanent resident permit and can deny an entry visa anytime. 

I beg to differ and take the practical approach and invest in anything that makes money.... Property, Cars, Watches, Equity.....I do not discriminate from country's regulation on residency

[Leeshard]

Only yesterday The Thaiger posted an article on the advantages of buying off plan in Thailand. Wonder how much money was lost doing THAT in Phuket alone? 

[rc1]

9 hours ago, BIGGLES said:

If you feel that buying a property is the right move for you, then you must use ALL DUE DILIGENCE, and do your research!

I personally, would never buy, only rent.

My approach in itself, has problems, if you use agents such as FAZWAZ, SIAM REAL ESTATE etc, as they give property owners totally and unrealistic expectations with regard to the level of rent achievable. If you make an offer, they treat you as though you have made an indecent proposal. It is absolutely no use having a property advertised at say 20,000 baht per month if after months there are no takers. Much better to accept a lower offer, and have money coming in.

Check out the YouTube videos, on how much people are paying and what they are getting for their money.

Eg, Charlong, three bed house, 200 sq feet. 10,000 bht per month for one year contract.  If they advertise that price, you can get a deal on even that price. FORGET THE AGENTS, unless they work very hard for you and your money.

Everything and anything, is only worth what someone will pay for it.

What's your suggestion on what to follow on YouTube to get the reality here on this? 

[BIGGLES]

4 hours ago, rc1 said:

What's your suggestion on what to follow on YouTube to get the reality here on this? 

Hi! It depends where in Thailand you want to live, but for argument sake, let's say Phuket. Just do a YouTube search. You will come across no end of people who vloging about rentals and how much they pay with recommendations of who they have used and what they're paying.

Also, drive round the area, take note of to let boards on property and ring the owner direct. Best deals are done direct with the owner.

Hope that helps.

Edited May 8, 2022 by BIGGLES