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It Makes Me Laugh!!

Discussion in 'Dubai property' started by Sean@Phuket, Mar 9, 2009.

  1. Sean@Phuket

    Sean@Phuket New Member

    The people whom spent so much time in talking down the market are now offering their advice and talking it up!?!

    I never ever understood these type of people.
     
  2. Sixgun

    Sixgun New Member

    That's life Sean, we're all armchair experts.
    Are you located in Thailand, as your title suggests??
    Has the property market suffered there too?
    When I "almost" bought in Dubai in late 07', I also "almost" bought a place in Koh Samui.
    Amara Gardens was the name, if you're familiar with Samui .
    Well, that has also come to a grinding halt, so i'm fortunate (for now, but who the hell knows really) not to have indulged in either,
    I'm interested in Phuket, did it ever 100% recover from the Tsunami, and how is it going there now?
    I know it was always very popular with my fellow Brits.
     
    Last edited: Mar 9, 2009
  3. Sean@Phuket

    Sean@Phuket New Member

    Hi Sixgun

    Yes I am in Phuket. :)

    The market here has suffered in its own way. As you well know Phuket and Thailand's markets are a cash buyers market, so we have not had the huge problems facing places like Dubai. Without a doubt things have slowed a little but the market is still turning over which is good. The biggest problem facing Phuket/Thailand's market was the short political protest in November which of course is not the best of things especially as worldwide media appear to lick their lips over 'bad news' from Thailand.

    Prices have remained quite stable, some properties/developments prices have dropped a little though I feel this is more of a 'optional' decrease rather then a forced one.

    I'm not to familiar with Amara Gardens in Samui, I have one or two contacts there but am not aquatinted with individual developments.

    What was it that stopped you from buying Sixgun? In both Samui and Phuket?

    As for Phuket and the Tsunami, well the place just hasn't stopped since. Phuket is buzzing and has become a haven for all.

    Sean
     
  4. Sixgun

    Sixgun New Member

    Hi,

    "What was it that stopped you from buying Sixgun? In both Samui and Phuket?"

    Various un-connected reasons in the different locations.

    I got hooked on the Samui project through a friend who had bought, and of course the glossy brochures. I flew there for a holiday and to see with my own eyes. The project had been progressing well, probably about 70% complete, but had been stopped for a couple of months.
    I didn't really like the various reasons I was being given for these delays, plus I found out there that there was issues over true ownership, that it was more like a 30 year lease, plus, the actual location wasn't very appealing.
    So in a nut-shell I put it in the "too hard" basket and left it.

    With Dubai, I have documented on this forum a couple of times, my experiences with developers in Dubai (Damac followed by Profile) and even had cash invested in both.
    As time went on with both, I found too many problems and discrepancies cropping up, which the "sales" people couldn't answer, work seemed to just halt for no reasons, (See the "Stadium Point" thread, i was in that) and also i noticed the inconsistency of Dubai laws, RERA's lack of power etc,etc.
    Just beforwe the crisis hit, i decided I'd had enough of it all, pulled out, and after some serious wrangling, arguments, semi-threats, I got my funds returned.
    I was just lucky with the timing, another month or two and it would have been a different story i'm sure.
     
  5. Sean@Phuket

    Sean@Phuket New Member


    Hi Sixgun,


    I must admit Damac's reputation proceeds them, we have an agreement with them and do list one or two of their properties but that is as far as we got/go.

    For the moment, apart Dubai's forum here i'm pretty much staying out of Dubai.


    Property ownership in Thailand is of course different to other places, foreigners cannot own 'direct'. The way around this is of course the LEASEHOLD, on your average development you will be offered a 30 year renewable lease, the maximum number of terms is 3 so you would sign-up for 30 years x 3, totally 90 years. Though some developers will offer you just 1 term, which is great for them but not for you of course and the thing is - some will agree to that! Other ways around this is to open a company in Thailand and own FREEHOLD through that. No lease, the property would belong to the company and subsequently the owner of the company. To sell the the property you would sell the company. Please note Sixgun you can now own condominiums FREEHOLD under your own name.

    Sean-
     
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