Thailand House Prices Rise.

Looking at the house prices on the internet, i have noticed Thai houses have held their price, even risen. The report from Global Property Guide proves this is indeed the case. The table below shows % increase or decrease between March 2008 to end March 2009.

Switzerland +4.3%
THAILAND +3.5%
Israel +2.8%
China +1.76%

Then this a selection of countries with falling property prices.

Japan -1.46%
NZ -6.3%
Spain -7.2%
Norway -7.5%
Australia -8.9%
France -10.4%
US (case-shiller) -19.01
UK (Nationwide) -19.09%
Singapore -22.7%
Dubai -35.3%
Latvia -50.4%.

probably applies to housing values in the higher income areas of Thailand.. I would think that in Udon, if you build a house for a couple of million Baht, your chances of getting your money back when selling it are pretty low.. Thai's wouldn't pay Farang prices, and other Farang wanto design and build their own extravagant places rather than buying someone else's dream house.

I think this reflects the increased costs in building the houses rather than resale values !

I imagine when Thailand finally admits it's in a recession the prices will drop the same as the rest of the World !!

Hi Fraz.
This also applies to houses in the lower bracket.. I bought my house, 3 beds 2 baths, Dec 05. the price was, including land, 1M Bhat. The same type of house on the same land is now selling for 1.75M Bhat. this is bare house price, mine was furn. alot of Thais are buying these houses. I was offered 1.8M Bhat cash by a Thai for mine a couple of months back, i declined the offer. The price is also down to the price of land, this has gone up over 100% inside the ring road. My land costs were less than 200,000B now the same size plot costs over 500,000B.
When i bought the B was 71 to the GBP. now exchange rate being mid 50's this makes a big differance.
As the saying goes I'm happy as a pig in s**t.
Cheers Doug.

@ aardvark - I'm not sure it is Thai's in denial about their economy that is keeping the price of farang housing high. However, that they are in denial, we can agree on!

I'm in Hua Hin, and there is a lot of property on sale. There's (established) estates here where it appears almost every structure is for sale. The thing is there are so few that *have* to sell (the locked in equity for most isn't that high), so they are sitting and waiting it out. However, rents have plummeted, because a sizeable percentage of those looking to sell are willing to accept really reduced amounts, just to cover costs, and to not have to transfer money in here at current exchange rates.

A year / 18 months ago, finding anything decent below 15-18,000 baht a month would have been difficult. Now you are spoilt for choice at 10k and below. I know of one case where a 3 bedroom villa (shared pool) is on rent for a shade over 3k a month. 3k Baht that is. I guess rental prices are lower there than Hua Hin, but in any case, I'd be surprised if the story isn't similar.