Changing Bangkok - Sky-High living costs and Bubble that is unsustainable?

These past few weeks I've been rambling about the city.

Is it just me or are all these fancy-dancy skyscrapers they are building insanely raising the cost of living?

I stay in one of the 20th century era apartments that is great bang for your buck. Approx 10 - 12k per month serviced apartment. I go to these new ones and the fairly new ones and the monthly rentals are, at the cheapest end of the spectrum - about 30+ to 40 grand per month. The more up-scale ones are 50 grand to even 80 grand a month. There seems to be another two dozen or so going up in the meantime with the olde-world structures being pulled down.

Now I know some of the folks on here will be like 'So what Ramble, deal with it, move outside BKK etc.'
I will probably do just that, I already paid a month down and a month deposit so I'm here for 2 months as it is. But seeing it all changing makes me nostalgic for the old Bangkok I had great times in.

Here's the thing. The people in these new skyscraper places are, from what I've seen, mostly Chinese and Thai folks of a high-income bracket. Is this building boom even sustainable? I look out and see few of these new ones being occupied. Often no more than 30% occupancy, even after some years (from the ones built in the last five years or so) they are hardly occupied!
I've been in some of the commercial ones and they have had a few businesses shut down as the gamble didn't pay off. It looks like a borderline White Elephant thing to me folks.

TL;DR - I think we are seeing another bubble like in 1997 guys...

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Originally Posted by RamblinWriter

These past few weeks I've been rambling about the city.

Is it just me or are all these fancy-dancy skyscrapers they are building insanely raising the cost of living?

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It's not just you, the cost of living in Bangkok (as a Farang) is as expensive as Singapore these days.

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Originally Posted by Boon Mee

It's not just you, the cost of living in Bangkok (as a Farang) is as expensive as Singapore these days.

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Yeah I was actually thinking that Bangkok seems to be shifting towards the cost of living and some of the things of Singapore with some of the other stuff from Japan. The mass-transit isn't that bad at all, quite handy (although massively over-crowded now) at least.

To walk these streets in the summer of 2000 again... What a different world it was...

It's more expensive than some Tokyo nice neighborhood,

plenty of HK and Chinese idiots, and Singaporeans ready to spend silly money on shit :)

Some of us go back to the eighties, others the seventies...things get more expensive everywhere. (News Just In! ;))

However to say the cost of living in Bangkok is now as expensive as Singapore 'for a farang' includes a whole lot of daft assumptions that if you need explaining to you then you probably won't understand. ;)

In short, it's just complete nonsense. Only day-to-day grocery purchases are even comparable.

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Consumer Prices in Singapore are 35.41% higher than in Bangkok
Consumer Prices Including Rent in Singapore are 63.75% higher than in Bangkok
Rent Prices in Singapore are 129.36% higher than in Bangkok
Restaurant Prices in Singapore are 91.93% higher than in Bangkok
Groceries Prices in Singapore are 8.07% higher than in Bangkok

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You would need around 163,745.48฿ (7,071.45S$) in Singapore to maintain the same standard of life that you can have with 100,000.00฿ in Bangkok (assuming you rent in both cities).

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https://www.numbeo.com/cost-of-livin...ity2=Singapore

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Originally Posted by RamblinWriter

Is this building boom even sustainable?

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This I was asking some 40 years ago...

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Originally Posted by Boon Mee

It's not just you, the cost of living in Bangkok (as a Farang) is as expensive as Singapore these days.

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Bullshit, you dont know your ass from a hole in the ground. Pity the other forums you prefer are dying..




















"jews on the moon":smileylaughing:

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Originally Posted by Loxley Interiors

NDT?

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Freudian slip?

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Originally Posted by RamblinWriter

TL;DR

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Some real estate costs more than others and cost of living increases over time.

:dunno:

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Originally Posted by RamblinWriter

TL;DR - I think we are seeing another bubble like in 1997 guys...

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Thing is the cost-of-living is kinda self-controlling. Vendors will charge what the customers will pay, and not much more, else they don’t have customers and the business goes bust.

So, yes, the cost-of-living has increased in step with the purchasing power of the consumers.

Your concentrating on rentals. Builders for the past few years have been concentrating on high-end because they can put together a better business plan to attract investment monies. The Bangkokian “condo-bubble” is written about constantly – and, yes, there is a bubble, and yes, it will burst, and, yes, the economy will recover, and yes, overextended creditors will get hurt, along with investment money being lost.

But, this cycle is historic and history does repeat itself. Sit back and watch. Forewarned is armed. Just an FYI for comparisons -early 90’s I rented a luxury condo on the end of Silom for USD $500/mo. A few years ago, in the area, I stopped in as a potential future renter. They wanted USD $1,000/mo. The units had been renovated and were quite a bit nicer. But, basically, the price doubled over the course of two decades. Reasonable.

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Originally Posted by cyrille

Some of us go back to the eighties, others the seventies...things get more expensive

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Yup, always has and always will. In the early nineties the news was about how high prices are (covered in another thread so repeating myself), I remember the angst about taximotocy now wanting 10 baht, the price of chicken, pork, fish and rice becoming out-of-reach. Had a secretary who would walk two clicks to save the 10 baht motocy fare. Thai folks wouldn't eat at the food court (which cost on the order of 20/25 baht) and would walk for the street food and cheap Thai restaurants.

The point is - the only thing that really changes is the Date.

Yeah, I get that, but the cost of earnings isn't nearly keeping up with the cost of living though. Unless you are in a gold-plated, medium to high earning profession.

I know the statistics may give the impression of this not being the case, but a lot of those statistics don't track the regulation-costs that have hit a lot of earners hard in the past two decades or so.

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Originally Posted by RamblinWriter

Yeah, I get that, but the cost of earnings isn't nearly keeping up with the cost of living though.

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How did you come to that conclusion? (based on what and for who exactly?)

I take it you don't agree with that statement?

Empirical data. Work involving travel to dozens of different nations across the world, several major industries I've been involved in (petrochemical, construction, marine, agricultural, haulage etc), all have been massively impacted.

Realistically that equates to anyone who is Generation Z, a Millennial or even some of the Gen X types is pretty much fcked for having the quality of life (overall) and prosperity that the Baby Boomers had / have. Try going to university now for a job, get a shitload of debt, and if you are lucky a job in some low-tier retail outfit. I was lucky in my path, most weren't.

You seem to have rambled way off course above.

I don't see any empirical data.

The whole 'baby boomer' thing was ancient history when I was at University in the early eighties. :D

And are you sure your terminology fits Thailand, anyway?

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Originally Posted by RamblinWriter

the cost of earnings isn't nearly keeping up with the cost of living though. Unless you are in a gold-plated, medium to high earning profession.

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Originally Posted by RamblinWriter

I take it you don't agree with that statement?

Empirical data. Work involving travel to dozens of different nations across the world, several major industries I've been involved in (petrochemical, construction, marine, agricultural, haulage etc), all have been massively impacted.

Realistically that equates to anyone who is Generation Z, a Millennial or even some of the Gen X types is pretty much fcked for having the quality of life (overall) and prosperity that the Baby Boomers had / have. Try going to university now for a job, get a shitload of debt, and if you are lucky a job in some low-tier retail outfit. I was lucky in my path, most weren't.

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So your comment and your conclusion are not about or based on Bangkok or even Thailand then? Oops. I thought that was what the thread was about.

Within the context of cost of living, I've found that after 12 years of living in/on Phuket, prices have changed very little. However, as anyone who's income is derived from outside Thailand is aware, the spend power of our foreign currency has diminished to what's an extraordinary extent. It's now Thai inflation that's causing this topic, only the inexplicable fall of western currencies against the baht. In the case of the UK pound, one can think of the 'Brexit' effect, but that's not completely true. The loss of value of all western currencies, be it Euro, US/AUS Dollar etc are equal at best and in some cases worse.

For the times you are comparing that's right...but it depends which times you are comparing, of course.

From 84-97 the baht was pegged to the dollar, and $1 got you 25 baht.

From 56-73 it was pegged at 21 baht to the greenback.

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Originally Posted by PAG

the spend power of our foreign currency has diminished to what's an extraordinary extent. It's now Thai inflation that's causing this topic, only the inexplicable fall of western currencies against the baht

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In spite of all the political problems Thailand's $207 billion reserves is what is keeping it strong. However, likely will weaken this year as exports drop and political problems increase. A lot of moving parts when it comes to exchange rates. The US/China trade war will weaken the baht as well.

Spoke with a friend last week who is involved in this stuff. He thinks baht will be devalued to around 34 to $ by year end.

Who knows. Would be great but time will tell.

When I first hit up Thailand the exchange rate for Aussie dollars was 18 BHT. Even though things are more expensive now Thailand is still a screaming bargain compared to the real world.

One has a choice here, spend ya days in Theme pubs and Hi-So restaurants and yes you will pay real world prices. Up to you.

But to say Thailand is as expensive as Singapore one must be fuking delusional which is the case with many expats.

Got a fokin laugh at shitter who bang on about Thailand being very expensive. Fook. ???????

Terry, for cheap fuckers like you, living in the streets, eating 10THB soups, then yes you are correct, Thailand is still cheap, like Bangladesh would be for that lifestyle

if you go upscale, then it becomes quickly poor value

mind you, Singapore is poor value and overpriced shit, might as well stay in Monaco for better value and overpriced shit