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BANGKOK 26 April 2019 16:54
Brunolem

Real Estate Madness in the Land of Smiles

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Thailand real estate market is, well, not same, in the sense that prices only go up, whatever the demand may be. 

 

There are loads of half empty buildings where, years after completion, the prices haven't gone down one bit in order to try to fill up said buildings. 

 

That wouldn't be good for the actual occupants, who certainly prefer to carry the full cost of maintenance, or see their property rapidly decay for lack of maintenance. 

 

Not so long ago, a price of 100,000 baht per sqm was a rarity, that would allow the lucky buyer to get an appartment with its own private pool, in the best corner of Bangkok. 

 

Today, such a ridiculous price won't get you much. 

 

As a matter of fact, prices are getting so high, that they'd better be expressed in USD, so that one could make direct useful comparisons with prices in Beverly Hills. 

 

One notable difference though is that in Beverly Hills, one can expect to later sell one's home at a higher price, while here in Thailand one shouldn't expect to be able to sell later, at any price... 

 

Having said all that, if you have a few million (dollars) to spare, you might be tempted to buy one of these houses... 

Screenshot_20190314_150548.jpg

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3 hours ago, blackcab said:

n which case I don't expect that putting a couple of buffalo on 10 rai of land in the Central Business District is going to work.

And there I was thinking that bullsh** was a highly prized commodity on TV.........😮

:sorry:

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On 3/14/2019 at 1:53 AM, blackcab said:

The new land tax takes effect from 1st January 2020. From that date owners of unused vacant land will be taxed at an ever increasing rate. As the years go on, the vacant unused land will be taxed more and more.

 

This might have some effect on unused vacant land.

Just stick a couple of banana trees on the land . It’s a working farm that makes no money don’t you know ? 😉

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1 hour ago, chrisandsu said:

Just stick a couple of banana trees on the land . It’s a working farm that makes no money don’t you know ? 😉

 

I refer you to post 6.

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On 3/14/2019 at 3:39 PM, johng said:

1.thumb.jpg.bee538344c6bf3822bdb31415e3dad37.jpg

 

On 3/14/2019 at 3:31 PM, NCC1701A said:

Thailand is Bizarreo world and the Twilight Zone combined.

Hmmm........quite a few like that where I live as well as completely empty blocks which have been finished.

 

And to top the lot, and like NCC1701A has said, it's a completely different world here in Thailand as far as property is concerned, and as for buying off the plan, well there are a couple of "developments" which have been sold off the plan now for two years, and which haven't been built, or even started, although from time to time someone drives a digger onto the land and turns over some soil, and that's it – – probably to keep the investors happy.

 

According to a friend in the business, these will never be built??

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On 3/14/2019 at 3:27 PM, Brunolem said:

There are loads of half empty buildings where, years after completion […]

 

Not so long ago, a price of 100,000 baht per sqm was a rarity, that would allow the lucky buyer to get an appartment with its own private pool, in the best corner of Bangkok

Are any of these buildings, in the best corner of Bangkok with private pool for 100,000 baht per sq. m., still half empty?

 

Logic would dictate that if many buildings built over the last decade are still half empty, and developer hasn’t actually increased the price since completion, there should still be lots of great condos available.

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I think/read that for many of the derelict buildings the banks keep them on the books so as not to show a loss..not sure how it works

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