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THAILAND HOUSING SITUATION 2009 Property sales in most centres have slowed & but Thailand is not badly affected by the subprime crises as at April 2009. But properties may drop as people realize their financial situation deteriorates. In places like Pattaya as at November 2008 the tourism figures have dropped 50% and theres many condos not started construction and some have slowed due to the lack of buyers--Pattaya also has a gflut of buildings. More foreigners are staying home as the crises bites into all economies & Thai Banks are not saying much to help with lower interest rates & Bank fees which are over the moon -- the Thai families that own the Banks want to extract as much out of people as possible & even the fees to withdraw from another town are not documented and should not be passed on to account holders. It will be a buyers market next year as more Thais need to shed properties they don't need or cannot forfeit on their mortgage payments. Many condo complexes in places like Pattaya have stopped & there will be a surge of unfinished condo units soon as people are now wary of investing in condos that are not finished to completion. Developers rely on at least 22% pre sales to stay ahead of their borrowing and without unless they have the cash they themselves will end up in deep water. In Chiangmai the situation is no better and a lot of this is due to the political unrest which does n
FOR AN UP TO DATE ANALYSIS OF THAILANDS BANKING SITUATION GO TO: THAILANDS HOTSPOTS FOR FOREIGNERS 1/. The islands like Samui are still the best places for foreigners although the costs are expensive in Thailand terms. Up to and over the 85,000baht per sq for condos and theres no sign of the prices coming down. Remember too Thailand wasn't hit by the sub prime as foreigners cannot borrow off banks here to buy properties so theres no changes as at April 2009. 2/. Then comes Phuket and the bar scene of Pattaya for the single guys and gay scene. Many condos to choose from and good prices but Phuket is shades above Pattaya for prices. Pattaya prices should drop next year 2010 0 so wait around if you have spare cash and in no hurry as you can get the odd bargain from an expat who has to go home or had enough of life here. 3/. Hua Hin is the next favourite and prices are the same as Phuket and higher than Pattaya. As at April 2009 no new condos are being built which is a sign of the credit market at the moment 4/. Yes 4th place is Chiangmai. Most who come and buy here are retirees who like a cooler and not so fast city which Chiangmai is. However check condos on the river or near Nong Hoi as prome to flooding and as the green house gets even more devastated CONDOS BANGKOK, PHUKET AND PATTAYA; around 65000-85,000baht per sq metre. CHINAGMAI ALTHOUGH AROUND 65,000BAHT you can get from 35,000-45,000baht but theres not a lot one can choose from in Chiangmai
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