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The Bachelor of Arts

Property Developers In Phuket, Thailand

26 posts in this topic

I'm in Phuket at the moment learning to kite-board as part of my summer holiday. I was accosted today by a local girl selling property. In return for going to a 90 min seminar, I will get a prize (a camera or something like that), and she will get $70 commission. I'm keen to go for two reasons:

1. I want her to get a commission, as the people here don't earn much, have a work ethic that we would be ashamed of, and are very nice.
2. I know about economics, bubbles, credit contraction and of couse HPC. So I want to chat with these estate agents.

I'll go over the next couple of days, so if anyone is interested in the resultant conversation, then post/bump and I'll give you an update.

My thoughts so far:

I've driven around the island in a hire car, and gone to some out of the way villages near the coast. All of these areas have new developments on them, which on their own are OK, but they are so generic when a group of 'villas' are put together in a gated village next to a local (v poor) one.

Most of the people here are Aussie (with a spattering of UK) holiday makers, and so I guess must be the target market for these 'developers'. The locals can't afford the $500k for a basic villa so it is reliant upon the foreign market to keep this new housing market buoyant. This is the same (or similar) foreign buyers who would MEW, and buy on credit. I think we all know the movie here.....

So my tactic is the following:

Find out who the market is.
Find out how the villas/flats are financed buy the buyers.
Find out how the property developers are financed.
Ask the estate agents to convince me why this isn't a repeat of Eastern Europe, Miami, or Spain.
Sit back and watch these wide-boys get flustered.
Tell them that I'll buy in 3 years time, for cash. Either from a distressed seller, or from the bankruptcy court when their company goes under.
Claim my free gift.
Ensure local girl gets her $70 commission.

Anyone fancy watching the fireworks???

<_< :o <_<

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If I remember rightly it is difficult or impossible for a non-Thai to own property in Thailand, so that probably scews things too (as in I imagine that you are buying a right to use the property rather than the property itself).

I went to one of these things in the Dominican Republic once, just to see if they are as bad as you hear. They are. Very high pressure, often several salesman per client. Don't expect the 'prize' to be much.

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[quote name='this_prisoner_is_opting_out' post='2029509' date='Jul 23 2009, 03:45 PM']You're unlikely to get a prize - I've worked in this "area". The girl is unlikely to get her "commission" either - want to help? Give her a fiver for shopping.[/quote]she won't get the commission - it's part of her patter to appeal to reasonable people. If you want to give her $70 for doing something else, she'll see the money. Otherwise, it's blollocks.

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I did this in Phuket a few years ago. As like you, I wanted the nice girl from Laos to get the cash which was $50 at the time, but it was high season. So long as you sit through at least an hours worth of hard sell she will get the cash. I got a few beers from the salesgirl the day after ;) .
I'll bet you win a baseball type cap with the companys logo on it (or maybe a T shirt) and you'll also get a voucher for a weeks stay in one of thier resorts, which must be taken within 1 year, and as part of the terms and conditions you also have to sit through another hours hardsell.

You can't buy free hold property in Thailand as a farang. but you can get lease hold.



edit to add last sentence. Edited by Discopants

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Having lived in Thailand now for 10-years and speaking fluent Thai, I can assure you of two things:

1. The girl won't get any cash.

2. You won't any free gift of any worth.

You will also be bored shitless and if you expect for them to listen to any of your views on the property market (or any other subject) you are delusional.

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Under Thai law, it is illegal for a foreigner to own land in Thailand.
That on its own should be enough to put anyone off

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I can only agree with the others.

They won't thank you for not buying anything and you won't thank yourself for wasting nearly 2 hours of your holiday there.

Go to the beach or have a nice lie in instead.

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Stop off here...

[img]http://grahamglass.blogs.com/photos/thailand_nov_2005/dsc00946.JPG[/img]

And pick Scaramanga's Solex Agitator please.

Don't leave your seaplane unattended and beware of a very short man in bowler hat! Edited by HostPaul TAFKA Rover2000

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[quote name='The Bachelor of Arts' post='2029433' date='Jul 23 2009, 03:18 PM']I'm in Phuket at the moment learning to kite-board as part of my summer holiday. I was accosted today by a local girl selling property. In return for going to a 90 min seminar, I will get a prize (a camera or something like that), and she will get $70 commission. I'm keen to go for two reasons:

1. I want her to get a commission, as the people here don't earn much, have a work ethic that we would be ashamed of, and are very nice.
2. I know about economics, bubbles, credit contraction and of couse HPC. So I want to chat with these estate agents.

I'll go over the next couple of days, so if anyone is interested in the resultant conversation, then post/bump and I'll give you an update.

My thoughts so far:

I've driven around the island in a hire car, and gone to some out of the way villages near the coast. All of these areas have new developments on them, which on their own are OK, but they are so generic when a group of 'villas' are put together in a gated village next to a local (v poor) one.

Most of the people here are Aussie (with a spattering of UK) holiday makers, and so I guess must be the target market for these 'developers'. The locals can't afford the $500k for a basic villa so it is reliant upon the foreign market to keep this new housing market buoyant. This is the same (or similar) foreign buyers who would MEW, and buy on credit. I think we all know the movie here.....

So my tactic is the following:

Find out who the market is.
Find out how the villas/flats are financed buy the buyers.
Find out how the property developers are financed.
Ask the estate agents to convince me why this isn't a repeat of Eastern Europe, Miami, or Spain.
Sit back and watch these wide-boys get flustered.
Tell them that I'll buy in 3 years time, for cash. Either from a distressed seller, or from the bankruptcy court when their company goes under.
Claim my free gift.
Ensure local girl gets her $70 commission.

Anyone fancy watching the fireworks???

<_< :o <_<[/quote]

Something tells me she's a stunner.
Have you cut a deal - I go to the crap seminar and listen to the hard sell, you have dinner with me?
Then YOU go for the hard sell. ;)

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They're running the same scam in Pattaya and Bali.

Lemme guess - a couple of nice girls come up to you in the street and offer you a glossy envelope you rip open along the sides? Inside it says you've won a prize but have to go collect? Wise up.

Think back to a few weeks ago while you were still slaving away in your job dreaming of your holiday.

Remember what you imagined you'd be doing and go do those things. Don't let them take control and ruin your trip. Edited by Dave Spart

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[quote name='BROF' post='2029583' date='Jul 23 2009, 04:24 PM']Under Thai law, it is illegal for a foreigner to own land in Thailand.
That on its own should be enough to put anyone off[/quote]

Yep, you can own a condo but not land.

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[quote name='HostPaul TAFKA Rover2000' post='2029801' date='Jul 23 2009, 06:05 PM']Stop off here...

[img]http://grahamglass.blogs.com/photos/thailand_nov_2005/dsc00946.JPG[/img]

And pick Scaramanga's Solex Agitator please.

Don't leave your seaplane unattended and beware of a very short man in bowler hat![/quote]

Whereabouts in Thailand is this?

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[quote name='JoeDavola' post='2029851' date='Jul 23 2009, 06:37 PM']Whereabouts in Thailand is this?[/quote]

From wikipedia

[quote]The scenes featuring the island hideout of Scaramanga were filmed in Phang Nga Province in Thailand, northeast of Phuket on the island of Ko Khao Phing Kan (Thai: เกาะเขาพิงกัน) and the adjacent Ko Tapu (Thai: เกาะตะปู). Scaramanga's hideout is on Ko Khao Phing Kan, and Ko Tapu is often now referred to as James Bond Island both by locals and in tourist guidebooks.[10] Both islands are significant tourists attractions in the area. The site was hit hard by a tsunami following the 2004 Indian Ocean earthquake.[11][/quote]

[url="http://en.wikipedia.org/wiki/The_Man_with_the_Golden_Gun_(film)"]Link[/url]

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[quote name='bkkandrew' post='2029582' date='Jul 23 2009, 07:23 AM']Having lived in Thailand now for 10-years and speaking fluent Thai, I can assure you of two things:

1. The girl won't get any cash.

2. You won't any free gift of any worth.

You will also be bored shitless and if you expect for them to listen to any of your views on the property market (or any other subject) you are delusional.[/quote]
Agree with this. And unless you have some kind of residency visa - avoid.

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[quote name='bkkandrew' post='2029582' date='Jul 23 2009, 04:23 PM']Having lived in Thailand now for 10-years and speaking fluent Thai, I can assure you of two things:

1. The girl won't get any cash.[/quote]

Could you please explain why she bothers?

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its not called f.ucket for nothing.

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Under Thai it is NOT illegal for a foreigner to own land. Its IS illegal to own more than 49% of land/property or business.

It's a law that has stifled foreign investment for years, and opens the door wide open to fraudsters and scammers, literally promising you the earth. If you have money to blow, great, it's a nice place is Thailand. But Phucket.....it's a glorified whorehouse with little interest unless you're into Ladyboys and prostitutes vying for the wad of fat German/Russian/Americans with f e c k all else to spend their dirty money on.

Try Vietnam for a long term investment.

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[quote name='MongerOfDoom' post='2029898' date='Jul 23 2009, 07:15 PM']Could you please explain why she bothers?[/quote]

She has a fancy for white **** ?

I have met a few Thai birds like that. Funny enough they actually expected [u]ME[/u] to pay.

The cheek.

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[quote name='MongerOfDoom' post='2029898' date='Jul 23 2009, 07:15 PM']Could you please explain why she bothers?[/quote]

Usually because she is shagging one of the Directors, but often sold a promise of comission in the eventual sale of properties/handing over of a deposit.

You would find that to be the next sob story/scam.

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[quote name='apr400' post='2029524' date='Jul 23 2009, 03:55 PM'][b]If I remember rightly it is difficult or impossible for a non-Thai to own property in Thailand, so that probably scews things too (as in I imagine that you are buying a right to use the property rather than the property itself[/b]).

I went to one of these things in the Dominican Republic once, just to see if they are as bad as you hear. They are. Very high pressure, often several salesman per client. Don't expect the 'prize' to be much.[/quote]

Anything is possible in Thailand if you have the money. There are ways round these things. You can own a condo, apartment in Thailand easily enough.

Owning land is more difficult, but can be done with sufficient funding, circa 40 million baht through the BOI, Board of Investment, Thailand, an example would be owning an approved business which would allow you one to buy up to 1 rai of land to build a house and also own the land the business is built on.

Lonterm leases are also a way to own land for between 30-60 years.

For me buying a condo is the best way to go as if there I d be situated in Bangkok. The alternative is just to rent which is a sound enough way with much more flexibility.

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Greg Rusedski wants his Phuket investment money back. :lol:

[quote]The first instalment of £533,943 went from Mrs Rusedski's account, which was followed by a sum of £73,551 from that of her husband's. A final amount of £133,564 went from the couple's joint account[/quote]

[url="http://www.dailymail.co.uk/news/article-2005357/British-tennis-giants-Rusedski-Lloyd-war-9m-Thai-property-deal.html"]http://www.dailymail...perty-deal.html[/url]

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