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Here Is Proof The Bangkok Condo Market Is Still Booming


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I think we would agree that over the last 5 years there has been a property boom. The Park began its launch around January 2004. The Park only achieved 78% sales in March 2006, and I believe is now sold out.

Actually I would question whether there really has been much of a boom in the condo market over the last 3 or 4 years in terms of prices. Hear me out.

Now I will admit there was a spike up in prices when the market first recovered from the 1997 crash in 2001/2002 but since then I dont think there has been any significant capital appreciation. New build prices are slightly misleading because condos are like cars in Thailand - as soon as you step into them they depreciate by 20%.

What is definitely missing in this thread is tales of people buying condos over the past 3 or 4 years and selling them off at significant profits - I suspect that is because it isnt happening.

The Park is as good an example as any - I suspect that if you had bought there way back in January 2004 and were just taking delivery round about now (dont know whether it is finished yet) - I suspect (and dont know again) that you couldnt resale your condo at any meaningful profit. 3 years no profit - clearly by no means a disaster - but hardly what I would call a boom.

For reasons at least partially tied to the business models of Thai developers - the Thai property market tends (over the last 15 years or so) to have 2 year bull markets and 5 year bear markets. Places like Hong Kong and Singapore tend to have two year bear markets and 5 year bull markets.

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Where exactly did I personally say I think the high end luxury market is booming? You'd make a terrible witness!

Second, based on facts - I am trying to find Grade A luxury condos to purchase that are prime properties in great locations where I can get a good cash discount. No one's biting.

Again, it goes back to smoke-and-mirrors - posters picking selective items to try and say 'I told you so! Look a depression!'. Referencing condos that are not in prime locations is just one example.

If the high end condo market was in a depression or a crisis, you'd see desperate owners selling for large discounts. Instead, all the good prime condos are sold out, or only left with the condos in undesirable positions (bad views, very low floors etc).

Plus not everybody buying in Thailand eats out of cans and only has enough money to buy 1 property. And there are a lot of Thais doing VERY WELL for themselves; and a lot of people who buy these types of properties are liquid. The strong baht right now is slowing external investment, but hey that's basic economics.

Plus, the high end condo market cannot be compared to the sub 2m baht Thai townhouse market, yet some posters use it as a reference. Or by referencing developments in bad locations compared to ones in prime locations.

I view this as an good time to buy at the high end, if I can find a decent discount from a developer.

If a prime condo sells out 100%, its amusing to see all of the nonsense spewed out that it must be some kind of trick, or that its not real, or it won't last, or they can't be re-sold, or it must be all flippers, or its like a conspiracy or something.

Could it possibly be that many of the people here who are so against purchasing luxury properties in Bangkok simply can't afford it, or are so thinly stretched financially that dropping 6m to 10m on a condo is a huge financial risk to them? These properties are not cheap, but neither are they wildly expensive by any international standard.

:o

But can you please make an allowance for those who are no less astute than you and equally afford

to buy a " portfolio " of condo's if they wanted to - BUT are sitting back and waiting until after there

is some clear direction regarding the POLITICS in this country ? :D

There is no need for anyone to jump in to any prime condo purchases until we know who

is going to be in charge of Thailand !

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Abrak - What a most interesting response. I think your comments

"What is definitely missing in this thread is tales of people buying condos over the past 3 or 4 years and selling them off at significant profits - I suspect that is because it isnt happening."

Could actually be the key to what is going on here? If people are Flipping for a profit in the high-end market, there can only be a handful of estate agents (people like Hamptons) who could manage the sale. By cross-referencing the projects we know about with these estate agents, we should see if Flipping is occurring? If it is not occurring then people are holding on to their properties and profit is not the motive.

Contractually it is not easy to Flip an apartment at The Park - Indeed purchasers were 'vetted' for their long term commitment to the property (We think completion will be in July) - speculators were given the run-around.

I did consider the second-hand condo market but am in essence a forward thinker. I did not need the property immediately. Going for a property off the plan (The Park) suited me down to the ground (allowed time to build finances etc...). The secondary market will consider older and newer grade A condominiums, for immediate occupancy, but from past threads this is a slow market, perhaps because anyone considering Thailand will by necessity be a forward thinker and arrive at the same conclusions as I did?

That said, as Thailand becomes a more mainstream market (like Singapore or Hong Kong) Then well run grade A properties will make the Thai market parallel those other markets - with all the obvious consequences…

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I would be surprised if there are not at least some of The Park units up for resell - even if there were few speculators because of large initial downpayments, some buyers will have had a change of heart or a change of circumstances over the past 3 years.

If they wait until they take possession of the condo before selling they will be subject to additional 'transfer' taxes equivalent to nearly 5% (transfer, stamp duty, specific business tax) of the value of the condo on selling - so they have a clear incentive to 'flip' before completion.

I have no idea which agent the developer - Hemraj - used to sell the project in the first place but given they are primarily an industrial estate developer I am sure they will have used one of Thailand's top independent estate agents like CBRE.

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I think I have come to my own conclusions here.

Cost of building a Condominium

Costs of land, labor and commodities have risen dramatically over the last 2 years. We know this to be true. Thus whilst everyone was raising their eyebrows at 100k THB per sq m two years ago prices are now substantially above that. This has possible implications in the long run for buildings built under the new regulations and or high quality grade A buildings.

Flipping High End

Flipping in an apartment block can be proved or disproved by browsing the apartments available through a relatively small number of high end estate agents. High-end condominiums probably have too high a deposit for Flippers to speculate .If you are contracted to complete, Flipping is highly unlikely due to tax implications on profit.

The market short term.

Low (40, 50%) initial sales appear (from my experience) to be a fact of life in Bangkok. For westerners location does matter along with infrastructure (Skytrain etc) and or a mechanism of accessing it. The market is cheap by G7 standards, those who have little or no pension provision can plan to buy here at little cost and provide for security and a very high standard of living in their old age. Whatever is said Thailand is a relatively stable country. Buying off the plan allows resources to be accumulated over the 3-4 year build time. There are lots of people nearing retirement age and I know Malaysia is heavily targeting this market. This market appears to one for the long haul not short term speculation. Since the ’97 crash no new projects have failed.

The market long term

As the market becomes more ‘mainstream’ it will start to compete with Hong Kong and Singapore. When you finally kick the bucket so to speak you should be leaving a very healthy asset as part of your estate. Effectively you are investing in Thailand’s long term future, I believe it has one. Downsizing will still be an option at a later date with this kind of property.

Just As Info - The Park

No agents were assigned by the local Thai industrial developer, they formed a sales team and sold it themselves globally - That has got to say something! Prices 2 years ago were considered steep 14.5m for a low floor 2 bedroom 142sm apartment. I have been told and seen elsewhere that prices in the area had increased by 14% so maybe a paper profit of 2m. However I am contractually obliged to complete so due to sales taxes etc this is not an instant money maker. Flippers (if they exist) will have gone nowhere. I have not been able to locate any The Park apartments for sale on the main estate agent boards.

Edited by pkrv
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Bangkok is NOT Hong Kong or Singapore and never will be. This market is inflated out of proportion. My advice is STAY OUT until a substantial collapse in pricing occurs. Time is on the side of non owners

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One has to remember that many Americans have seen the value of their condos appreciate over 20% in dollar terms in a very short period of time. Many posts quote Thai baht prices exclusively which is often largely irrelevant for farang investors.

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the boys in green are not going anywhere, which will do wonders for the property market, the economy is steadily sliding, but dreamers like to dream......

INTERVIEW - Post-coup uncertainty threatens Thai economy - finance minister

If the economy rose just 3.8 pct, it would mark the lowest growth since 2001, when the kingdom's gross domestic product (GDP) grew 2.2 pct.

http://www.forbes.com/markets/feeds/afx/20...afx3674915.html

Thai economy head for 6-year low

http://www.radioaustralia.net.au/news/stories/s1912398.htm

Edited by bingobongo
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The market long term

As the market becomes more ‘mainstream’ it will start to compete with Hong Kong and Singapore. When you finally kick the bucket so to speak you should be leaving a very healthy asset as part of your estate. Effectively you are investing in Thailand’s long term future, I believe it has one. Downsizing will still be an option at a later date with this kind of property.

I tend to agree with your analysis - especially the rising costs - apart from this point. Hong Kong and Singapore differ from Thailand in one important respect - a scarcity of land. Hong Kong is actually no bigger than Phuket. Even if - and it really is a big if - Thailand's economy was to approach first world status I dont think the property mnarket would begin to mirror theirs. If one wants to look at how Thailand's property market might mature I am sure it is better to look at Kuala Lumpar or even Manila....

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That said, as Thailand becomes a more mainstream market (like Singapore or Hong Kong) Then well run grade A properties will make the Thai market parallel those other markets - with all the obvious consequences…

right, sure, but the places you mention do not have a coup, a junta tightening power, and draconian capital controls

Edited by bingobongo
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I tend to agree with your analysis - especially the rising costs - apart from this point. Hong Kong and Singapore differ from Thailand in one important respect - a scarcity of land. Hong Kong is actually no bigger than Phuket.

Good point there. And the value of real estate in HK is further enhanced by its excellent public transportation infrastructure (esp. the MTR subway), as I always feel that no matter where I am in HK, I am usually no more than 30 minutes away from Central.

I continue to pray and wish for a young, energetic, forward-thinking and altrustic leader in Bangkok politics that would see the value in proper urban and transportation, and stay in power long enough to carry out the implementations. By now many Bangkokians should realize the value of Skytrain and the subway, but so much more still needs to be done for the areas that are not well connected by mass transportation of the rail kind. The current proposed Bangkok metro plan is fabulous, but will it get sabotaged by the next govt. in power after the elections?

Only when the proposed plan is realized then we will see a redistribution of land value from the CBD and Sukhumvit areas to the rest of Bangkok, where more people and companies will be happy to relocate to areas cheaper than CBD but still well connected and convenient.

Well, I can dream, can't I?

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Bangkok is NOT Hong Kong or Singapore and never will be. This market is inflated out of proportion. My advice is STAY OUT until a substantial collapse in pricing occurs. Time is on the side of non owners

JR Texas: Brad is totally correct on this one...........the "market is inflated out of proportion." I would add that the forces underpinning the upcoming crash (initial phase in progress now) have been in play since at least 2000.

These things take time to develop.....along the way the foaming at the mouth real estate hounds come out of the woodwork to throw money down sinkholes. And then they do everything in the power to paint a positive picture of the market (retire in paradise.....ha ha ha ha).

The top end market seems to still be there......but rich people only want to buy some many trophy condos and homes in Thailand.

CRRRRRRRRRRRRRRAAAAAAAAAAAAAAAAASSSSSSSSSSSSSSSSSHHHHHHHHHHHHHH!

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Bangkok is NOT Hong Kong or Singapore and never will be. This market is inflated out of proportion. My advice is STAY OUT until a substantial collapse in pricing occurs. Time is on the side of non owners

JR Texas: Brad is totally correct on this one...........the "market is inflated out of proportion." I would add that the forces underpinning the upcoming crash (initial phase in progress now) have been in play since at least 2000.

These things take time to develop.....along the way the foaming at the mouth real estate hounds come out of the woodwork to throw money down sinkholes. And then they do everything in the power to paint a positive picture of the market (retire in paradise.....ha ha ha ha).

The top end market seems to still be there......but rich people only want to buy some many trophy condos and homes in Thailand.

CRRRRRRRRRRRRRRAAAAAAAAAAAAAAAAASSSSSSSSSSSSSSSSSHHHHHHHHHHHHHH!

The market is weak... yes... prices will go nowhere for the next couple of years.... yes... but crash with a major (say 30%+ fall in prices) no way.

My reasoning...

(1) Land prices are relatively low as a percentage of total build cost.

(2) Prices are broadly supported by replacement cost.

(3) Prices look attractive if you compare rental yields to interest rates.

(4) Major developers are not distressed (unlike in 1997) with little leverage and low interest rates.

(5) Low and falling interest rates support asset accumulation.

(6) No significant oversupply (even if you take the most bearish figures for unsold condos - around Bt25bn - this only represents about 1 years demand).

I am sure that a lot of people would like to see a crash (me included) with assets available at bargain basement prices - I just dont see it happening...

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>>>But can you please make an allowance for those who are no less astute than you and equally afford

to buy a " portfolio " of condo's if they wanted to - BUT are sitting back and waiting until after there

is some clear direction regarding the POLITICS in this country ? :o

There is no need for anyone to jump in to any prime condo purchases until we know who

is going to be in charge of Thailand !

Yes, I agree totally with that. I just don't see quality condo properties falling in price. I went to see the tacky-plastic-fantastic The Address yesterday in Phetburi Road, and they only have a few 2 beds remaining, but they were not interested in discounting.

I met with a Thai/Chinese girl yesterday who owns 6 properties in Bangkok and made 20% to 25% profits on each of her last purchases/re-sales over the past year and a half. She was a young, energetic businesswoman who was confident prices were not going to plummet. She and her family live in two of their properties, and the rest are rented to Thais.

I think now is a great time to buy in quality prime locations in my humble opinion :D

Has anyone seen any real changes in the day to day life of Thais since the takeover last year?

The removal of the investment visa was a pain for many people, but maybe the next elected govt will introduce a new version of this visa at a higher investment level? Say 10m?

:D

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I just don't see quality condo properties falling in price.

While I agree with the overall sentiment I think there are bargains to be found. The thing about a depressed property market is that there are very few transactions full stop. (That is why this thread is so full of opinions rather than deals). The bargains IMHO are to had in the secondary market where prices are anything up to a 50% discount to new build (you have to ignore asking prices that you see from estate agents which usually represent no more than wishful thinking).

I have bought two condos in Phuket this year at a 'prestige' development - both for under Bt35k per sqm. New build is Bt80k+ sqm. Replacement cost I would guess at, at least Bt50k sqm. Now my guess is that if I sit on them a while, I will double my money. Now I know most people are looking to live in the condos they are buying which means a whole different set of equations - life style choices etc.. Still I think those investors waiting for the 'big crash' are going to be disappointed... we shall see....

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Hello Palm,

Funny how you claim Thai's don't buy luxury condos - my condo on the river is 90% owned by Thai people with big Mercedes, even a few Porches, one old Ferrari and even and old Rolls - all owned by Thais! Or maybe they bought them all on credit or Daddy's money and its a mirage?

If you read my post carefully, I did not say that Thais "don't buy", I said Thais "don't really like to buy". There is a difference.

I cannot speak for your riverside condo, however what I do know is that today CBRE Thailand suggested that the Thai Govt. should induce a measure to stimulate the condo market by increasing "foreign ownership quota within a building from 49 per cent to 70 per cent." If Thais are buying condos like they bought yours, why would CBRE Thailand need to suggest such a thing? Perhaps Thai daddies are indeed running out of money?

Here is the link for the article in Nation:

http://www.nationmultimedia.com/2007/05/03...ss_30033252.php

Regards.

Edited by cuica
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Hello Palm,
Funny how you claim Thai's don't buy luxury condos - my condo on the river is 90% owned by Thai people with big Mercedes, even a few Porches, one old Ferrari and even and old Rolls - all owned by Thais! Or maybe they bought them all on credit or Daddy's money and its a mirage?

If you read my post carefully, I did not say that Thais "don't buy", I said Thais "don't really like to buy". There is a difference.

I cannot speak for your riverside condo, however what I do know is that today CBRE Thailand suggested that the Thai Govt. should induce a measure to stimulate the condo market by increasing "foreign ownership quota within a building from 49 per cent to 70 per cent." If Thais are buying condos like they bought yours, why would CBRE Thailand need to suggest such a thing? Perhaps Thai daddies are indeed running out of money?

Here is the link for the article in Nation:

http://www.nationmultimedia.com/2007/05/03...ss_30033252.php

Regards.

I will be honest and say I did think of a mechanism where the market could be damaged. My logic went along the lines of if Thailand is too successful because it is one of the few countries in the area where you can own freeholds and it is fantastic value for money. Then although there are lots of very wealthy Thais (all with associated family commitments), they could not cope with a massive influx of interest from all G7 countries. I started a thread

http://www.thaivisa.com/forum/index.php?showtopic=118768

The Thai 49% Rule On Foreigners Legally Owning Condominiums. Is this Good For Economic Growth, or does it Stunt it? Is it Good or Bad for Thais?

to explore this issue.

What has sort of come out of it is that 60% sales on a condominium would sort of guarantee it to break even thus the 70% being proposed by CBRE would act as a stabilising force.. But perhaps I am going off thread here. I will continue this thought on the above thread.

But in summary I think the danger is actually that Thailand will become too successful...

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does this sound like a healthy market?......this house party is over

building lower priced properties since most exisiting properties are unaffordable (drop in home-buyer purchasing power).......check

builder incentives to get folks to buy (free transfer, mortgage and down-payment fees)........check

government incentives to get folks to buy.....(reduce transfer and mortgage fees and special taxes).....check

PROPERTY SECTOR

NC Housing changes focus

New projects target middle- to lower-income markets

"Meanwhile, the company will also run a special promotion campaign - free transfer, mortgage and down-payment fees - when customers sign up to buy at the Home & Condo Expo at Queen Sirikij Convention Centre from May 17-20. "

http://www.nationmultimedia.com/2007/05/10...ss_30033827.php

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>>If you read my post carefully, I did not say that Thais "don't buy", I said Thais "don't really like to buy". There is a difference.

Yeah I read it; my luxury condo is 90% owned by 'rich' Thais. Maybe they really don't like living in their 10 to 24m baht condos, and I am living in an parallel universe because the ones I know here sure look and sound happy to me.

I own property and land in a few countries, and have still been unable to get any decent developer here to go for a big discount (i.e. 20%) for a cash purchase on a prime condo downtown. Maybe, they don't want to loose face or I'm not trying hard enough?

Please let me know when you see developers start throwing themselves off the top floor of their luxury developments and I'll try again.

I snagged a bargain in Rio in 1999 and would love to do the same again here.

:o

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so in a boom do they just stop building for no reason?.......

Small builders shaky

Property experts recently reported that more than 100 projects with a combined value of up to Bt20 billion ceased construction in the first quarter.

http://www.nationmultimedia.com/2007/05/08...ss_30033651.php

Again Bingo, you have quoted the small developmet segment. Below is a section of the link you provided.

"Smaller property firms usually do not have the financial strength or capital base to cope with such market uncertainty and downturns in the business cycle. For example, some developers with a land bank of only 1 rai come seeking loans to build a residential project. In such cases, it would be unreasonable for the bank to grant a loan, he said."

We are talking high end developments.

Why don't you post a link detailing how high end condo's are going down the drain? you can't because it just isn't happening.

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lower those rates BOT, it isnt going to help the real estate market, but it will increase the cost of everyday living expenses of oil, food, etc, via inflation, thereby leaving less baht for bloated mortgage payments

straight from the developers mouth.....ood luck will all those concrete shells

POLICY INTEREST RATE

Cut tipped at half a percentage point

Move expected to help kick-start economy after delays in government spending

However, one developer believes the property sector will not benefit from the cut, but rather will remain in the doldrums.

http://nationmultimedia.com/2007/05/09/bus...ss_30033702.php

Edited by bingobongo
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>>We are talking high end developments.

>>Why don't you post a link detailing how high end condo's are going down the drain? you can't because it just isn't happening.

Yes come on show us some hard data bingobongo!

bingobongo, can you actually afford to buy at the top end in Bangkok in cash? Or is this just sour grapes on your part; it seems to be a common moan by falangs over here who say property here is overpriced etc and must fall. Property here is relatively CHEAP compared to other exciting worldwide cities. Bangkok can offer me everything London and Hong Kong can except the casinos and the ballet.

I went to see two more condos for sale for around 7m in Phethburi Road yesterday (that smelt bad and were kitted out in that nasty purple-plastic wood with oval mirrors - so would need completely gutting), and the owner wouldn't budge on price.

Why can't some of these whiners come out and give some hard facts of the high end luxury condo market (that retired or liquid falangs purchase). I don't see any *facts* showing any falls in the prices or demand for these prime condo units downtown. Are there going to be price drops coming down the line? If so, why; and what are these facts based on? Do any of you posters actually OWN any property in this price range either in Bangkok or abroad?

If there is going to be a huge drop in prime property prices here, please all you experts out there let us know when, by how much, and what your guess (sorry, expertise) is based on. It would also be great to know if your financial investment expertise has let you retire yet, or if you are still having to get by on a teachers salary and take the bus to get around town. (no offense to teachers intended)

:o

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Just to add to the list of projects already provided I am also aware of these:

The Manhattan, 35 Storey : Chitlom

http://skyscrapercity.com/showthread.php?t=177314

The Park Residence, 35+28 Storey : Chidlom

http://skyscrapercity.com/showthread.php?t=82189

The Athenee Residence , 40 Storey : Wireless Road

http://skyscrapercity.com/showthread.php?t=130008

Central Chidlom British Embassy, 85+46+39 Storey : Chidom

http://www.skyscrapercity.com/showthread.p...age=1&pp=20

The Address Chitlom, 24+21 Storey : Chidlom

http://www.skyscrapercity.com/showthread.php?t=373643

Sansiri Chidlom project

http://www.skyscrapercity.com/showthread.php?t=438889

If as Palm says "I went to see the tacky-plastic-fantastic The Address yesterday in Phetburi Road, and they only have a few 2 beds remaining, but they were not interested in discounting."

Then that project has yet to get started and has sold out already, can anyone else confirm?

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the housing boom is over......

the devil is in the details.........

LIGHTING MARKET

Sales tipped to fall 20%

Sylvania sees big contraction amid slowdown in retail, construction

Sylvania (Thailand) estimates that the Bt6-billion lighting market will contract 20 per cent this year - the worst slide in a five-year cycle - as shoppers stay home and property developers shelve their project plans.

http://www.nationmultimedia.com/2007/05/04...ss_30033328.php

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lower those rates BOT, it isnt going to help the real estate market, but it will increase the cost of everyday living expenses of oil, food, etc, via inflation, thereby leaving less baht for bloated mortgage payments

This is laughable. Domestic demand is so beaten off that a rate cut could hardly generate inflation (that just stroke a fresh new bottom).

I agree that consumer confidence is so low (new 5 year bottom just today at 77.6) that lower rates alone will do little help for real estate market.

But at least all people struggling for house mortgage and car leasing will have lower installments to pay and that will do good to bank/finance sector , and leave more money for other private consumption.

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Property here is relatively CHEAP compared to other exciting worldwide cities. Bangkok can offer me everything London and Hong Kong can except the casinos and the ballet.

What's the point ? Why Bangkok should be as expansive as Hong Kong or London ?

What is the logical link ?

Hong Kong has a GDP per capita of 36 000 USD (9 000 for Thailand). In London, prices are going up because it's a world financial center. In Hong Kong, there is a real scarcity in land...

Differents parameters, situations, history.

Basically you're saying : Bangkok is a city like Hong Kong and London, but it's much cheaper, I like Bangkok (even without ballet), therefore it's a good deal, and it will continue to be.

It's a bit short IMHO...

I went to see two more condos for sale for around 7m in Phethburi Road yesterday (that smelt bad and were kitted out in that nasty purple-plastic wood with oval mirrors - so would need completely gutting), and the owner wouldn't budge on price.

Why can't some of these whiners come out and give some hard facts of the high end luxury condo market (that retired or liquid falangs purchase). I don't see any *facts* showing any falls in the prices or demand for these prime condo units downtown. Are there going to be price drops coming down the line?

Your statement is rather funny.

Basically, you say : "He doesn't want to decrease his price, therefore....the market should be still booming" !

What were saying people in 1990 in Tokyo ? At that time, the value of Tokyo was superior to the value of real estate in the state of California.

What were saying people in march 2000, regarding the Nasdaq ?

"Will the price go down ? No of course not. It's impossible. They will continue to go up".

We all know what followed...

In the US, despite the fact that the bubble started to burst in Q3 of 2005... the real prices of house started to decline later.

It's a slow process.

For some time, the people are just like you : prices should continue to go up, therefore I will not budge on my price. And then... less transactions. Frozen. And then, some start to give up. And real prices are going down. And next step : panic. etc.

It's astonishing to see, over and over again, people that just erase their memory. Even the Nasdaq in 2000 seems totally forgotten. And 1997 in Asia ? A mere reminiscence.

Ah yes of course ! How silly am I. I forgot the new paradigm : "this time, it will be different". "This time, in Bangkok it will be different, trust me, believe me"

:o

Edited by cclub75
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this is going to end very very badly, banks offering zero interest mortgages for three months......but alas thos months are not "free" they will in fact be rolled up into payments down the road, apparently no one is buying all those overbuilt shells.....

kasikorn changing rates on a whim at 3am (someone at the bank must be having nightmares about the meltdown)? these lenders cant give mortages away........

only thing booming will be defaults as the economy continues its tailspin

Housing loans are the big attraction

Zero-interest promotions are being offered by rival large-sized banks to make the opening months of mortgage repayment more enticing.

At around 3am yesterday, Kasikornbank changed its original plan and offered a zero-interest deal for mortgage loans after earlier fixing its promotion rate at 1 per cent to 1.25 per cent.

http://www.nationmultimedia.com/2007/05/11/business/business_30033901.php

Edited by bingobongo
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>>If you read my post carefully, I did not say that Thais "don't buy", I said Thais "don't really like to buy". There is a difference.

Yeah I read it; my luxury condo is 90% owned by 'rich' Thais. Maybe they really don't like living in their 10 to 24m baht condos, and I am living in an parallel universe because the ones I know here sure look and sound happy to me.

Any hard data (i.e. name of your "luxury" riverside condo) to support your claim? It wouldn't be SV City, would it?

Regards.

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Perhaps in essence this is a thread about the future; I would have been annihilated by now if the present conditions (sold out or ready in 3-4 years build time) were not true.

I did compare Bangkok with Hong Kong and Singapore. OK taking out a very large wooden spoon, I think that is correct.

It was mentioned that Manila or KL should be used as a comparison, I think not.

Manila – As far as I am aware - No Skytrain, no airport express, does it even have the concept of freehold? I get the impression it is a beach resort, which is fine, but just not me.

KL. OK Bangkok and KL comparison – When I consider my financial future I look at the world in a certain way. I have seen comments that society is judged by the way it keeps prisoners, I disagree it is the way society treats its people whether a minority or majority. Unfortunately Malaysia is a country that bases its laws on religion not Secular thoughts. Whilst Thailand is not a shining example in this area it is far, far, far closer, Buddhism can be considered as a Philosophy.

Hong Kong and Singapore – Hmmm more tricky – From a European perspective Bangkok has Boots, City Chain, Giordano, Habitat, Tesco, Big C (Califor, sorry massive French supermarket don’t know if I have the spelling correct, not my strong point) and just about every big name you care to mention.

I’m afraid that Bangkok will wipe the floor with these places...

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