House prices in Issan

[randerson79]

I just noticed a house in the classifieds for 15 million baht. That is a half a million US dollars!! Houses in a crappy sub division I'm renting in now are asking 2.5-4 million baht. Is it just me or are the prices here getting crazy? Will they get higher? Are they just just inflated prices?

I lived through the housing boom in the USA. Made some money and lossed some money. I see the Thailand housing on the same route as USA 5 years ago. Any thoughts?

[douglas]

Hi,
Yes, during the last couple of years the price of land and houses have risen a lot. I bought my house, 3 Bedroom, two bathroom, new, five years ago. With curtains, one elect. shower, cooker,table & chairs, settee, fridge, bed, wardrobe and dressing table, and garden done, plus trans. of land and house into our name, this alone now will cost you about 30KB., for 980KB. The bare new house of the same type opp. us, went for 1.8MB. four months ago. No water tanks, showers or sinks etc. At this time i was getting 71B to 1 British pound. Now oly 49B to the pound. The house is just inside the ring road and I got the first one built, the best deal, appart from the wife, i have got in LOS. Right place at the right time.
Still it was far cheaper than renting, and giving a landlord the profit, and i will have something to pass onto the wife and kids if anything should happen to me.
Go around all the new estates and find the price, and check the build. They are quoting just under 2MB for a two storey house across the ring road from me. I'm to old to be bothered with stairs now.
If you go to a place they are just starting to build you might get a good deal as they seem eager to get people in at first, Good image if you have people living there. So you might be able to get a good price.

[stargate]

i have not seen the advert for the 15 million baht home so can not comment on it . the price does reflect on the fact there are some very expensive houses in udon. there is a house near my home that was built a year ago, it has three floors and when i first saw the front of it i was reminded of the antebellum huses i have seen in the states.

[Prenders88]

Udon is a good bet.
My house has risen in value by 400,000 baht in two years.
Proposed high speed train link, airport expansion and lots more flights.
New hotels going up around the town, huge sports centre being built in Nong Bua.
Cars flying out the showrooms, low unemployment.

[harmonyudon]

Amazing but true. House/property prices are rather high for a city like UdonThani.

Just sold for about 10m is this house on 4rai land on the ring road near Global House, also nearly all the land next to this house have been sold. There is still 1 rai left for 800.000BAHT or lease for 600.000baht.

[ronan01]

Do local THai's ever pay his sort of money f(10 - 15M) for houses, or only farangs?

[harmonyudon]

Never investigated but my feeling is that more locals buy houses of 10m+ and maybe only few farangs have houses 10m+ in Udon. A local bought above house.

[stattointhailand]

Police and council chiefs have to live somewhere I suppose.

Prenders wrote:-
Cars flying out the showrooms, low unemployment.

what gave you that idea?

[harmonyudon]

Police and council chiefs have to live somewhere I suppose.

Above house was from a business man and sold to another business man. There seems to be
capital in Udon. See also the topic about Adunyadet Road. Land sold for 50m+

[BillaRickaDickay]

What you ask and what you get are two different things, I dont see many properties with SOLD posted on the adverts on the various Property Websites, however I would agree that property has risen steeply over the past 5 years, probably driven by Falung demand and Chinese money, I dont think that the Property Websites give a true value of Land or Property prices as most are sold by word of mouth, private advertising and Bank Repo's. Ask High bid Low.

[harmonyudon]

What you ask and what you get are two different things, I dont see many properties with SOLD posted on the adverts on the various Property Websites

I saw it on a non commercial website that above house is sold

[Dr. James]

I would suggest that you visit some of the Thai property sites and you will get a better idea of what prices are for properties and land. Have your Thai wife or girlfriend translate for you. The differences are rather extreme. Always let your Thai wife or girlfriend search out the propety, review it and take pictures for you. If they think they are selling to another Thai, you will get a much lower price.

We are planning on building in the Udon area and sought out quotes from various builders and engineers. The farang syndrome is present when they are quoting prices. Luckily my wife's family is closely associated with a builder who quoted us a price 40% lower than the developers we visited. Now we are looking for the right property to purchase to build on.

Spend some time looking around and doing your research and you can find a very livable home at a reasonable price.

[harmonyudon]

Dr James,

Sorry its not my experience. I know a quality house builder who always qoute the same prices to locals and foreigners.

[randerson79]

I'll bet a buck within 18 months prices will drop 30-40%. All this is being build with paper just like in the states. People do not make this kind of money here. The sky is falling the sky is falling!

But what do I know????

[harmonyudon]

I'll bet a buck within 18 months prices will drop 30-40%.

If I bet 2 years ago on the BAHT ......maybe i am rich now ......
In TH you never know....amazing Thailand

[randerson79]

LOL! 2 years ago I said the same thing about gold!

[harmonyudon]

Amazing Thailand Randerson

[TicToc]

Another good source for land/house is all the major banks websites,thousands and thousands of repos and the banks just want to get their money back. i bought mine off BAM( bangkok asset management) got a good deal too.At least i think so.

[stattointhailand]

House on my soi got repossesed about 3 years ago from a Thai couple. It's still empty and deteriating fast, but the bank wont budge on the price (a fraction less than they are selling the new houses for on the same estate).

[tutone]

I'll bet a buck within 18 months prices will drop 30-40%. All this is being build with paper just like in the states. People do not make this kind of money here. The sky is falling the sky is falling!

But what do I know????

I agree. There seems to be too much building and capital investment for the amount of money that the Thai folks have to spend. I think Thailand is a few years behind the curve, so to speak, as far as the financial problems of the Western world is concerned. But back to topic, I am building a house now because it is more expensive to buy. I just can't see having to spend 2 million baht for a house in the projects that is a cracker box when I can build on a half rai, 200 sq. meter living space, for the same price, and only 6 km from town. I couldn't even find a decent piece of property inside the ring road for less than 1 million baht.

But what do I know????