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Thread: Is Phuket real estate now cheaper than BKK?

  1. #1
    Senior Member marc26's Avatar
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    Is Phuket real estate now cheaper than BKK?

    I was looking for a villa to rent in April then fell down the rabbit hole of looking at RE

    It really does seem that real estate may be cheaper than it is to buy in BKK now

    The properties on offer in the 15-20mil range in BKK is very underwhelming
    I can pretty much get better in Vancouver for that price

  2. #2
    Senior Member kris-one's Avatar
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    What website do you look at? 20mil is 400k GBP...and you can't get something swanky for that in BKK!?




  3. #3
    Senior Member marc26's Avatar
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    Quote Originally Posted by kris-one View Post
    What website do you look at? 20mil is 400k GBP...and you can't get something swanky for that in BKK!?
    Mostly Craigslist and of course, those are internet prices
    But I can get nicer places in Vancouver than I can in BKK for those prices

  4. #4
    Super Moderator LivinLOS's Avatar
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    Bangkok is so location dependant.. Out near the airport (which is now on the rail link) nice homes for 3 or 4 are not hard to find. Closer in and 6 or 7 mil condos very underwhealming..

    Hua Hin always seems cheap for small pool homes, easily rentable for a return.. Moobaan homes in Chaing Mai really cheap, would struggle to build them at that price.. But all so samey and estate like.

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    Senior Member NeedHoliday's Avatar
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    Patong has tons of vacant Condos, and more are being built, yet prices don't seem to go down - they're just left empty. Some of them get rented, but the prices for rental on some are pretty bad and thus remain empty all year (seems pointless having it empty when a little bit lower in price would at least get your *something* in return). Over the hill in Kathu you'll find a good bunch just built or being built that are pretty decent prices, both sale and rental. Not sure about Kamala/Karon etc.

    On top of that there's a current issue with one of the big advertised ones (Ace I think it was) that is on hold and behind completion due to apparent issues with the partners behind it. Owners are livid at the delays and want money back.

  6. #6
    Super Moderator LivinLOS's Avatar
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    Re Ace condos.. I distinctly remember a few years back the condo act got changed to include a buyer protection where off plan funds, were held in a fund, and the developer couldnt get at it, they had to use a bank to finance (assume risk) and the pre sales could only be used to negotiate terms with the bank, eg show sales interest and success.. I remember this rule change but seems it simply is ignored or ineffective ??

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    Senior Member marc26's Avatar
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    Quote Originally Posted by LivinLOS View Post
    Bangkok is so location dependant.. Out near the airport (which is now on the rail link) nice homes for 3 or 4 are not hard to find. Closer in and 6 or 7 mil condos very underwhealming..

    Hua Hin always seems cheap for small pool homes, easily rentable for a return.. Moobaan homes in Chaing Mai really cheap, would struggle to build them at that price.. But all so samey and estate like.
    Actually I don't know how easy rentable Hua Hin is
    We rented in Orchard Residences.....4bdrm pool villa
    There must have been 30 of them for rent in that one development

    Another thought on BKK real estate....for a country that loves their food, all the kitchens are shit

  8. #8
    Senior Member billpay's Avatar
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    IIRC, all the big boys in ACE were all jailed a few months ago. I don't think anyone will be getting their money back very soon if at all.
    The sooner you fall behind, the more time you'll have to catch up.

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    Senior Member Geespot's Avatar
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    Quote Originally Posted by marc26 View Post
    Actually I don't know how easy rentable Hua Hin is
    We rented in Orchard Residences.....4bdrm pool villa
    There must have been 30 of them for rent in that one development

    Another thought on BKK real estate....for a country that loves their food, all the kitchens are shit
    I think most people who live in condos just eat street food or eat out. As you say most kitchens are shit

    I guess it will change a little in the moo baans but there is a good reason why Thai's like their kitchens semi outside or annexe to the house. Only then do you more so mostly see cooking going on

  10. #10
    Senior Member marc26's Avatar
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    Quote Originally Posted by NeedHoliday View Post
    Patong has tons of vacant Condos, and more are being built, yet prices don't seem to go down - they're just left empty. Some of them get rented, but the prices for rental on some are pretty bad and thus remain empty all year (seems pointless having it empty when a little bit lower in price would at least get your *something* in return). Over the hill in Kathu you'll find a good bunch just built or being built that are pretty decent prices, both sale and rental. Not sure about Kamala/Karon etc.

    On top of that there's a current issue with one of the big advertised ones (Ace I think it was) that is on hold and behind completion due to apparent issues with the partners behind it. Owners are livid at the delays and want money back.
    This was the 1st time I can remember noticing prices being pretty reasonable in the 5-6mil range for decent places
    I saw a Kamala Hills 2bdrm for 4.4mil, which means you can get that for 4- 3.5mil likely..........although way in the back I'd be happy to live there for that price

  11. #11
    Super Moderator LivinLOS's Avatar
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    Quote Originally Posted by marc26 View Post
    This was the 1st time I can remember noticing prices being pretty reasonable in the 5-6mil range for decent places
    I saw a Kamala Hills 2bdrm for 4.4mil, which means you can get that for 4- 3.5mil likely..........although way in the back I'd be happy to live there for that price
    Problem there being management.. They apped the annual condo fees to 75k a year while I was there !! Thats 3 months rent given straight to Queen Bee on any ownership return.. Greedy management killing resale value and ownership returns.

  12. #12
    Senior Member marc26's Avatar
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    Quote Originally Posted by LivinLOS View Post
    Problem there being management.. They apped the annual condo fees to 75k a year while I was there !! Thats 3 months rent given straight to Queen Bee on any ownership return.. Greedy management killing resale value and ownership returns.
    That is only 238/mo
    What is normal?

  13. #13
    Senior Member Geespot's Avatar
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    Quote Originally Posted by marc26 View Post
    That is only 238/mo
    What is normal?
    2 recent places

    BKK Soi 11, rent was 32k, think saleable (not wish) value was about 8m. Maintenance was 32K per annum. I received the bill and forwarded to landlord

    Patts - moobaan pool villa, rent was 35k, same again places for sale about 8.5m, prob sell a bit less. Maintenance for estate was just over 30k per annum. Again I saw this bill which came to my post box

  14. #14
    Senior Member marc26's Avatar
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    Quote Originally Posted by Geespot View Post
    2 recent places

    BKK Soi 11, rent was 32k, think saleable (not wish) value was about 8m. Maintenance was 32K per annum. I received the bill and forwarded to landlord

    Patts - moobaan pool villa, rent was 35k, same again places for sale about 8.5m, prob sell a bit less. Maintenance for estate was just over 30k per annum. Again I saw this bill which came to my post box
    Ok.....puts that into perspective
    And a real concern with Thai owners.....who knows what they do

  15. #15
    Senior Member Geespot's Avatar
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    Quote Originally Posted by marc26 View Post
    Ok.....puts that into perspective
    And a real concern with Thai owners.....who knows what they do
    Both of them were Thai owners

  16. #16
    Super Moderator LivinLOS's Avatar
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    Quote Originally Posted by marc26 View Post
    That is only 238/mo
    What is normal?
    1/3 to 1/2 that usually..

    They blew the sinking fund, and now face high costs...

  17. #17
    Super Moderator LivinLOS's Avatar
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    My CNX moobaan.. Garbage / street electrics / pool house stuff.. 1400 per house.. Security provision 4800 per annum..

    Chiang Mai moobaan tho.. Not really same deal.

  18. #18
    Senior Member Thin White Duke's Avatar
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    Apparently laws are being changed in Bali to allow freehold purchase and outright ownership for foreigners for the first time.

    I wonder if this might ever happen in Phuket?

  19. #19
    Super Moderator LivinLOS's Avatar
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    Not in the next few decades..

    The nationalism is way too strong.. Listen to the anthem etc..

  20. #20
    Senior Member marc26's Avatar
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    Quote Originally Posted by Thin White Duke View Post
    Apparently laws are being changed in Bali to allow freehold purchase and outright ownership for foreigners for the first time.

    I wonder if this might ever happen in Phuket?
    That doesnt even factor into my thoughts anymore

    Even at 15-20mil.....I'd put it in my wife's name
    12 years in......if it went tits up, let her have it

    Although would suck if it went tits up because she was banging some dude in my 20mil place and then it is hers 555

    But seriously, at this point.....any money that I might sink into Thailand is hers.....the way I look at it

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