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  1. #1
    Newbie Otto's Avatar
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    Chiang Mai investing

    Hi,

    I am interested to hear others thoughts on the purchase of property in A.Muang, Chiang Mai, (shitter house, land value only), sub 3 mio/Bt. Long term 10 yrs +, post ASEAN.

    Fx wise now is the best time I have ever seen to TX funds for purchase.

    Your thoughts.

  2. #2
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    Any lease over 3 years needs to be registered at the local land office and taxes will have to be paid. If it is not registered then regardless of what the lease may say it is only valid for 3 years.

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    Quote Originally Posted by Otto
    +, post ASEAN. Fx wise now is the best time I have ever seen to TX funds for purchase.
    ASEAN does not go into effect until 2015. You mean the lease is still valid? Are you paying a lease on top of the purchase price? What kind of interest? A better bank is handling the financing? I hope I am correct. More facts will get you a much better answer.

    There will be a Chaing Mai guy named Andy on here soon. He knows about Chaing Mai, and its surrounding areas.

  4. #4
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    Quote Originally Posted by dirtydog

    Any lease over 3 years needs to be registered at the local land office and taxes will have to be paid. If it is not registered then regardless of what the lease may say it is only valid for 3 years.
    Pay attention , them be words of wisdom .

  5. #5
    Newbie Otto's Avatar
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    Sorry guys, I will elaborate.

    Wife wants to purchase in CM, north of the moat, Chiang Phueak. 2-3 million baht range. House on land, land value only, very small block.

    Question is, what is your opinion of the possible future (capital gain) of such an investment. ASEAN is around the corner, and now is the best time IMO to transfer funds to Thailand for the purchase.

    My thoughts are that due to the nature of the property being in the city it will hold value and maybe make some sort of consistant capital gain. Also how would it compare to other areas on the outskits of CM, Hang Dong, San Sai, etc.

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    Current prices in the area of Chang Phueak north of the moat and the Super Highway is 3 million baht for 100 talang wah (TW), land alone: 30,000B per TW is the current rate. That is up 1 million baht in approximately five years.

    Your wife may find a small parcel for sale for less but it may have to be a row house or similar in the area.

    Land of less than 100 TW and a small house in a new housing estate well north of the inner city will set you back at least 3 million. As an example, at the 'border' of Doi Saket and the city, prices in Siriporn Garden 9 were initially 10K per TW, most sold out long ago; while in their newer Siriporn Garden 10 the land-only price is 30,000B per TW.
    So yes, gains may possibly be realized; but you may well have missed the boat concerning cheap city land. Best for your wife to check in person to confirm reality. Good luck...
    My inner cynic is always on alert .

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    Newbie Otto's Avatar
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    Cheers, I've been caught out allready with semi rural land that is a non performer. My wife and I are also using the current FX as a consideration point as she will be TX'ing funds from Oz and the FX rate does'nt look like it will do better than it is now.

    Thanks for the opinions, Property values are so variable in Thailand, its a hard one to pick.

  8. #8
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    Quote Originally Posted by Otto View Post
    Hi,

    I am interested to hear others thoughts on the purchase of property in A.Muang, Chiang Mai, (shitter house, land value only), sub 3 mio/Bt. Long term 10 yrs +, post ASEAN.

    Fx wise now is the best time I have ever seen to TX funds for purchase.

    Your thoughts.
    Only a fool would make such an "investment"

  9. #9
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    Quote Originally Posted by Chris L View Post
    Rule No1. Only lay out what you are prepared to walk away from.
    What the knowledgeable Chris said

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    Quote Originally Posted by Otto
    Question is, what is your opinion of the possible future (capital gain) of such an investment. ASEAN is around the corner, and now is the best time IMO to transfer funds to Thailand for the purchase.
    I'm no expert, but something else to consider is the arrival of the very fast train to BKK. I think it will change Chiang Mai, and push prices up particularly in city areas like where you're looking.

  11. #11
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    Quote Originally Posted by ataloss
    Land of less than 100 TW and a small house in a new housing estate well north of the inner city will set you back at least 3 million. As an example, at the 'border' of Doi Saket and the city, prices in Siriporn Garden 9 were initially 10K per TW, most sold out long ago; while in their newer Siriporn Garden 10 the land-only price is 30,000B per TW.
    The Moo-Ban I stay in Lamphun has some houses for sale. It's a 30 minute drive to Chiang Mai. You can get a decent 2br home on a small block for about 1.3M entry level.

  12. #12
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    Quote Originally Posted by 9999
    I'm no expert, but something else to consider is the arrival of the very fast train to BKK. I think it will change Chiang Mai, and push prices up particularly in city areas like where you're looking.
    10 years plus is my guess on how long before that thing is even built mate.

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    ^ Yeah, well, they're pumping money into a massive convention complex on canal road, Condos are springing up like wild fires...the smart (or big) money ususally knows something. It doesn't make much sense do develop the place so heavily unless growth was expected, imho

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    Quote Originally Posted by Otto
    Wife wants to purchase in CM, north of the moat, Chiang Phueak. 2-3 million baht range. House on land, land value only, very small block.
    that area is one of the poorer areas in CM, and will not rejuvenate for some time

    you also have to be careful of flooding in some parts

    It is a good long term investment though, it must come up as have other areas

  15. #15
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    Quote Originally Posted by 9999
    Condos are springing up like wild fires...the smart (or big) money ususally knows something.
    yes, I noticed a lot of that type of building in Spain

    although the prospects for Thailand look better

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    I know a rich guy with a big house below doi suthep right near the new complex. The value of his land there has sky-rocketed. Forget the figures I heard but land is insanely expensive on Nimmin heemen. No idea why that area does nothing for me.

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    Quote Originally Posted by aging one
    10 years plus is my guess on how long before that thing is even built mate.
    Even so, for long term real estate in the city, it must be a good thing.; Even in 5 years, if the fast train is looking like a reality in another 5 years, your land is good. These trains are running across China and very efficient - competition for the airline industry. Apparently they can make it the same price as the bus (I just paid 800 bt for overnight VIP bus Lamphunu to Bangkok).

  18. #18
    Newbie Otto's Avatar
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    Quote Originally Posted by DrAndy View Post
    Quote Originally Posted by Otto
    Wife wants to purchase in CM, north of the moat, Chiang Phueak. 2-3 million baht range. House on land, land value only, very small block.
    that area is one of the poorer areas in CM, and will not rejuvenate for some time

    you also have to be careful of flooding in some parts

    It is a good long term investment though, it must come up as have other areas
    Thanks for what sounds like good advice there. Long term is what we are factoring in. I don't mind if its a bit shabby now. At least it's not overpriced. The present home is a pole frame, flood ready.

    Cheers.

  19. #19
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    Quote Originally Posted by 9999
    Forget the figures I heard but land is insanely expensive on Nimmin heemen. No idea why that area does nothing for me.
    that is an area the developers have taken over and over-developed

    it has lots of nice cafes etc, but also lots of noise at night from the insanely loud music venues. It is also jam packed with lovely people who think that there is the place to be

  20. #20
    Newbie Oska's Avatar
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    Quote Originally Posted by Lorenzo View Post
    Quote Originally Posted by Otto View Post
    Hi,

    I am interested to hear others thoughts on the purchase of property in A.Muang, Chiang Mai, (shitter house, land value only), sub 3 mio/Bt. Long term 10 yrs +, post ASEAN.

    Fx wise now is the best time I have ever seen to TX funds for purchase.

    Your thoughts.
    Only a fool would make such an "investment"
    There is more supply than demand in Chiang Mai right now and what appears to be a building bubble about to burst. Might just hold on for the time being IMHO.

  21. #21
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    supply of what? condos, houses, land?

  22. #22
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    ^ I think he means condos. And it might not be a bubble, as flights become more popular and if they build that train, it's easy for cashed up BKKians to have a nice cheap condo up in the north a few hours travel away. Who knows?

  23. #23
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    I agree

    but investing is all about spotting the possibilities

    so Nimmanheim is out, already overdeveloped and continuing

    you would have to look at other areas with some shortage, some demand

    over near the Uni is a possibility

    near the train station? that would be good for a guesthouse if the hi-speed gets built
    I have reported your post

  24. #24
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    ^ Some of the outer places are good speccies I reckon. Places like Mae On, Banti, Lamphun, etc, within say 30 minutes drive that are still 'baan nok' and people who still think sip baht is worth haggling for, have rai.

  25. #25
    Newbie Oska's Avatar
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    Quote Originally Posted by DrAndy View Post
    supply of what? condos, houses, land?
    Indeed condos, Town Houses. Seems like too much being built on speculation.

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