News Forum - Thailand’s monsoon baht debacle lights fire to Phuket real estate sector

[Thaiger]

As Thailand’s monsoon season continues with what seems to be an endless line-up of thunderstorms and massive rain showers, the real story in Thai real estate is the baht. The Thai currency is precariously sitting at a 16-year low against the US dollar and has depreciated by nearly twelve per cent this year. As the exchange rate hovers near the 38 baht to the dollar marker, the best the market can say is, to expect continued volatility. In other words, it may very well get worse. Heading down South to the resort-driven real estate sector in Phuket, the mounting global […]

The story Thailand’s monsoon baht debacle lights fire to Phuket real estate sector as seen on Thaiger News.

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[DoUKnowWhoIAm]

2 hours ago, Thaiger said:

it may very well get worse.

Ponzi schemes always pop,  just a question of time.

[Johnmc17]

Last week you published a story that phuket was nearly back to pre covid occupancy levels. Now this article says its  50%. 

I think we all know which one is the more accurate 

 

[Pinga]

Literally nothing in this piece seems accurate or real. Phuket feels rather empty right now, and with rising interest rates world-wide it makes zero sense that property prices or demand would rise - on the contrary. Political and economic uncertainty makes investors buy less, not more.

[BIGGLES]

When I was in Patong last week, it didn't seem busy to me.

Beach Road had some activity as did Rat-u Thit. However they were really quiet.

As for Bangla just take a look at any YouTube vlogg, and there are many, it is very quiet still. 

I have never seen it as quiet even allowing for low season. Yes, there is a very, very slow return of people but I do emphasise slow.

As for property, I viewed property to rent that has been on the market for 12/18 months or more and is looking nothing like it does in the marketing literature as several were unkempt and in need of maintenance, not all but enough.

These real estate types are talking up a dead market. They need to be more realistic with price for both sale or rent. At the moment, everything is well overpriced.

Hoteliers for example are still pricing as though a date on a calendar is going to bring more tourists.  High season will be nothing like it was.

Phuket will be lucky to see anything  like a recognisable tourism industry in five years or probably ten years.

 

[Marc26]

32 minutes ago, BIGGLES said:

When I was in Patong last week, it didn't seem busy to me.

Beach Road had some activity as did Rat-u Thit. However they were really quiet.

As for Bangla just take a look at any YouTube vlogg, and there are many, it is very quiet still. 

I have never seen it as quiet even allowing for low season. Yes, there is a very, very slow return of people but I do emphasise slow.

As for property, I viewed property to rent that has been on the market for 12/18 months or more and is looking nothing like it does in the marketing literature as several were unkempt and in need of maintenance, not all but enough.

These real estate types are talking up a dead market. They need to be more realistic with price for both sale or rent. At the moment, everything is well overpriced.

Hoteliers for example are still pricing as though a date on a calendar is going to bring more tourists.  High season will be nothing like it was.

Phuket will be lucky to see anything  like a recognisable tourism industry in five years or probably ten years.

I am very about high season

 

I land on Dec 25th, prices in Bangkok weren't all that high

 

Then down to Phuket, Kamala Beach, and I've seen some lower priced hotels get booked up

 

Going to island hop after and seeing prices in Phi Phi, Koh Lanta and Koh Lipe not that expensive for the highest of high seasons

 

 

[Janneman]

You buy a house to live in, not as an investment. If you want to invest in real estate there are better places than Thailand. Countries where the rules for foreigners change every 8 months are not a good place to make a long-term investment