Advice needed for buying an apartment to re-sell in future (Bangkok, Hua Hin, Pattaya)

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tyroon

New Member
Hi Folks,

I am just looking for buying a 2 bedroom apartment in Thailand with a possibility of resell in near future. Which I was initially looking for was in Bangkok only. But how about the property market for Hua Hin and Pattaya? Are they also promising like Bangkok if I want to resell the apartment?

And I have never been to Hua Hin actually, how does the place look like comparing to Bangkok and other places like Pattaya and Phukat?

Thanks for the advices.

T.
 
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egeefay

Senior Member
I purchased property near Hua Hin 3 years ago. Since then the worldwide economic crisis has had a negative effect on property sales in Thailand. Although the property hasn't gone down in value, the number of interested buyers from abroad has dwindled.
Property values in American and Europe have suffered, leaving those investors with holdings in Thailand eager to sell. The number of properties on the market has gone up.
If you are interested in holding your investment until the property market improves, this would be a good time to buy. If you are looking to flip the property and make a quick profit...this isn't the time
 
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egeefay

Senior Member
I noticed your comment "But how about the property market for Hua Hin and Pattaya? Are they also promising like Bangkok if I want to resell the apartment?"

Currently there are a number of "lease back programs" in the Hua Hin area that sort of go like this:

Here's how it might work

1. You buy a condo in Hua Hin
2. If you want to participate in the "Lease Back Program", The developer will take over management of the unit and in return will pay you a fixed amount each year for, say, 3 years.
3. During that time you can stay in the unit a specific number of days a year without charge.
4. After the 3rd year , if the developer can find a buyer for your condo and you are willing to sell it , the developer will sell it, deduct the depreciation of furnishings and gives you what's left.
5. If you decide not to sell, you now own the unit without any restrictions and can occupy it full time, part time, rent it out yourself...etc. But it becomes totally yours and the "Lease Back program is over."
6. if the developer does not find a buyer within the first 3 years... and you would still like sell it, the developer will agree to buy it back from you AFTER , say, the 5th year the original sales price less depreciation on furniture.

Whether this has worked in the past is not clear. Chances of the developer finding a willing buyer after the 3rd year might never materialize in a bad real estate market...especially if the developer is having a hard time selling his own unsold units.
I'd move cautiously on any offer similar to this. And check things over with a good real estate lawyer in Thailand before you plunk down your money
 
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