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It seems you see everything only from your perspective. Some of us work here and/or have Thai residency. Some want their own place to look exactly like they want and not someone else who owns it.

Another property thread. Yawn. When someone can explain to me the logic of owning a house without owning the land under it, or owning a condo apartment in a minority situation, in a country where

Not the most profound of statements, everyone sees things from their own perspective. I'm not sure what working in Thailand has to do with owning property, admittedly having Thai residency makes

10 minutes ago, DrJack54 said:

Buy where?

Buy what type of property?

What price range? 

Reason to buy. Rent out or live in? 

etc etc. You need to provide far more details to obtain meaningful replies.

Yes thats right, it all comes down to those factors and personal circumstances.

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Agree with @DrJack54 and @Thomas J   

As someone that used to invest in RE in the US, banks used to want to get bad assets off their books yesterday.  Because of leverage rules they could make way more money clearing a bad loan off their books and claiming that cash as liquid assets than they could sitting on it waiting to get their money back.    

Still, in 2020, the best way to find a deal is to have boots on the ground and ask around.  

People are lowering prices but they don’t want to advertise it.  

The place I recently rented told all homeowners in the development not to advertise rents below a specific price. We rented for 40% below that price. 😉   

We’re looking to buy but I can assure you I won’t be looking on any of the major property sites.  

Renting in the area for 6 or 12 months and putting out the feelers will result in way lower prices than showing up and announcing you’re in the market to buy.  

I’ve already seen two properties that were advertised online at one price being offered for considerably less via local contacts or calling the owner directly.  

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Bought a place at about 45% off price that was "starting at" price a year ago, could have been 50% had I bought it 6 months earlier when developer was closing the project, but bought resold unit and seller had to pay business tax so it was higher despite making no money on reselling it. Those who bought units at full price are obviously furious, but are hoping for prices to recover as they can't afford to sell at such a loss especially if they owe banks more than they would get for the unit. That could be behind resold units keeping relatively high prices. The developers are discounting projects that have completed already and are mostly sold, but doesn't seem to be that way for projects that aren't completed yet. A place very close is selling units at 250,000 baht/m2 still now, although it's not a building that would be worth half that, and one next to it, that just finished and looks eerily similar inside and outside, just from different developer, is going for half that. So... resold units - unlikely to drop much especially if banks financed them. New units still unsold could be bought for bargain. But if you're expecting that they'll drop to 1980's prices... I doubt you'll ever see that happen. Regardless of what TV real-estate expert commentators tell you.

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2 hours ago, Thomas J said:

I am not sure what the rules are here in Thailand. 

This is what I mean: the bank behaviour you describe doesn't make sense unless a) they're able to keep assets on their books at historical cost (with minimal loss provisioning), & b) they would have to take losses if they sold them. (ie normal historical cost accounting)

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22 hours ago, Thomas J said:

I agree with worgeordie,  there are a glut of properties but there seems to be a strong resistance to fire sale pricing.  Rental prices have definitely fallen, I guess some feel if they can stem the bleeding cash flow a bit, they are going to hang on.  Also, very peculiar here in Thailand that foreclosed properties don't' get auctioned off at good pricing.  In my village there are two properties that were foreclosed several years ago.  As a former banker in the USA I know it was a practice to liquidate non earning assets as quickly as possible to turn them into earning assets and to stem the costs of holding them.  Here, these banks have held on for years and of course the properties without maintenance are in disrepair but the pricing remains the same.  I suspect at some point with the number of Thai's hurt from the lack of income from Covid that it will result in even more foreclosures unless the government imposes a moratorium.  While good for the homeowner it will hurt the banks. 

Saw the same thing in 1997, during/after the Dom Yum Kung financial crisis. People trying to sell real estate absolutely refused to lower prices. I guess eventually some of the did, but some of the properties with construction going on didn't find a buyer for years afterward. 

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