Connect with us

Property

Phuket Property Watch: Same old game – new players, rules

Legacy Phuket Gazette

Published

 on 

PHUKET: It’s been said that all that glitters is not gold and real estate is an example of the vast wealth that simple plots of dirt can conjure up. But bringing on the bling can certainly attract some of the more adventurous souls out there.

Last week, an image of a Phuket property man’s life, which had taken a turn for the worse, flashed up on various news sites across the island. The mug shots with police and the threat of pending deportation are a sad reminder of the personal demons of paradise.

My mind’s eye turned back to the Phuket boom years after the new millennium, and I had a hard time reconciling the distant vision of success with the immediate prospect of certain failure.

For the most part, our property sector has taken a predictable course in cyclical growth from an emerging story line, with more entrepreneurs than institutional developers. Phuket has historically been unlike other parts of Thailand in that its tourism and property sectors have a large segment of foreign players. Despite the stories of meteoric rises from rags to riches, there were no corresponding large-scale defaults of epic proportions. Of course there have been some, which have inflicted considerable pain on naive purchasers.

More than a decade has come and gone since mad dogs and glory saw demand sprint far ahead of supply. Imagine Usain Bolt racing with a hippo. The fix was in.

Today, as we all know, the tables have turned, the baby has grown into a full fledged adult and the welcome mat, while still out, is now dominated by bigger players who have no trouble flexing their toned muscles.

Related Posts  Phuket Property Watch: Samui staying strong

Since the global financial crisis, Phuket’s expat real estate players have felt a continued pressure similar to global warming. The seas are rapidly rising and it has been a daily race to sink or swim. Of course, many have had to change course, going from sales into rentals, estate management, online anything or completely different businesses. The world they had known had disappeared and a ransom note was left by the nightstand.

In the unique Thai world of “same same but different”, everyone in the industry has had to take a reality check, change expectations and tune up or tune out. Sure there are hold-outs wanting the good old days to return. For them, the best advice might be anticipating when hell freezes over. It’s been no different for local Thai developers who hear the running of Bangkok bulls over and over each and every night.

Today, there remains money to be made on the island whether you are Thai or an expat, but the goalposts are higher and competition fierce. Sure the highways glitter with foreigners’ red license plates but most of these are funded through money from abroad. Things in the property trade are not as easy as they used to be, but for a few, success remains achievable, unlike many countries in the West where it’s best to just not bother getting out of bed, roll over and cry the entire day.

Life in paradise is not as cheap as it used to be, when it was forty baht to a dollar. Nor as easy as just showing up and opening the door with a flood of easy property sales. The vicious competition of new emerging markets, resales, cheap rentals and shoebox condos are enough to make most people dizzy.

Related Posts  Property Watch: How to lose a property sale

In days past, foreigners who traveled to the East had the opportunity to remake their lives, rewrite the book, and this remains the case to this day. But one thing for sure is that Easy Street is a dead end, and there are no short cuts.

Reality has bitten back and the truth is just like selling dirt. Making money on property here, as in most parts of the world, is a long-term proposition. Certainly there are exceptions, but for the most part hard work, good ideas and dogma are the only things that count in this race. Add in a little luck, but be very wary of getting too close to the edge; it’s a long way down.

Bill Barnett is the Managing Director of C9 Hotelworks and can be contacted through C9hotelworks.com.

Keep checking our online Phuket Property pages, join our Facebook fan page or follow us on Twitter @PhuketGazette for the latest local, national and international property news updates.

— Bill Barnett

 

Get more from The Thaiger

Looking for your next home in Thailand? Let us match you with a local expert in minutes!

Thank you for your interest!

One of our agents will
reach out to you soon.

I want to:
  • Thailand (ไทย)+66
  • United States+1
  • United Kingdom+44
  • Australia+61
  • Afghanistan (‫افغانستان‬‎)+93
  • Albania (Shqipëri)+355
  • Algeria (‫الجزائر‬‎)+213
  • American Samoa+1684
  • Andorra+376
  • Angola+244
  • Anguilla+1264
  • Antigua and Barbuda+1268
  • Argentina+54
  • Armenia (Հայաստան)+374
  • Aruba+297
  • Australia+61
  • Austria (Österreich)+43
  • Azerbaijan (Azərbaycan)+994
  • Bahamas+1242
  • Bahrain (‫البحرين‬‎)+973
  • Bangladesh (বাংলাদেশ)+880
  • Barbados+1246
  • Belarus (Беларусь)+375
  • Belgium (België)+32
  • Belize+501
  • Benin (Bénin)+229
  • Bermuda+1441
  • Bhutan (འབྲུག)+975
  • Bolivia+591
  • Bosnia and Herzegovina (Босна и Херцеговина)+387
  • Botswana+267
  • Brazil (Brasil)+55
  • British Indian Ocean Territory+246
  • British Virgin Islands+1284
  • Brunei+673
  • Bulgaria (България)+359
  • Burkina Faso+226
  • Burundi (Uburundi)+257
  • Cambodia (កម្ពុជា)+855
  • Cameroon (Cameroun)+237
  • Canada+1
  • Cape Verde (Kabu Verdi)+238
  • Caribbean Netherlands+599
  • Cayman Islands+1345
  • Central African Republic (République centrafricaine)+236
  • Chad (Tchad)+235
  • Chile+56
  • China (中国)+86
  • Christmas Island+61
  • Cocos (Keeling) Islands+61
  • Colombia+57
  • Comoros (‫جزر القمر‬‎)+269
  • Congo (DRC) (Jamhuri ya Kidemokrasia ya Kongo)+243
  • Congo (Republic) (Congo-Brazzaville)+242
  • Cook Islands+682
  • Costa Rica+506
  • Côte d’Ivoire+225
  • Croatia (Hrvatska)+385
  • Cuba+53
  • Curaçao+599
  • Cyprus (Κύπρος)+357
  • Czech Republic (Česká republika)+420
  • Denmark (Danmark)+45
  • Djibouti+253
  • Dominica+1767
  • Dominican Republic (República Dominicana)+1
  • Ecuador+593
  • Egypt (‫مصر‬‎)+20
  • El Salvador+503
  • Equatorial Guinea (Guinea Ecuatorial)+240
  • Eritrea+291
  • Estonia (Eesti)+372
  • Ethiopia+251
  • Falkland Islands (Islas Malvinas)+500
  • Faroe Islands (Føroyar)+298
  • Fiji+679
  • Finland (Suomi)+358
  • France+33
  • French Guiana (Guyane française)+594
  • French Polynesia (Polynésie française)+689
  • Gabon+241
  • Gambia+220
  • Georgia (საქართველო)+995
  • Germany (Deutschland)+49
  • Ghana (Gaana)+233
  • Gibraltar+350
  • Greece (Ελλάδα)+30
  • Greenland (Kalaallit Nunaat)+299
  • Grenada+1473
  • Guadeloupe+590
  • Guam+1671
  • Guatemala+502
  • Guernsey+44
  • Guinea (Guinée)+224
  • Guinea-Bissau (Guiné Bissau)+245
  • Guyana+592
  • Haiti+509
  • Honduras+504
  • Hong Kong (香港)+852
  • Hungary (Magyarország)+36
  • Iceland (Ísland)+354
  • India (भारत)+91
  • Indonesia+62
  • Iran (‫ایران‬‎)+98
  • Iraq (‫العراق‬‎)+964
  • Ireland+353
  • Isle of Man+44
  • Israel (‫ישראל‬‎)+972
  • Italy (Italia)+39
  • Jamaica+1
  • Japan (日本)+81
  • Jersey+44
  • Jordan (‫الأردن‬‎)+962
  • Kazakhstan (Казахстан)+7
  • Kenya+254
  • Kiribati+686
  • Kosovo+383
  • Kuwait (‫الكويت‬‎)+965
  • Kyrgyzstan (Кыргызстан)+996
  • Laos (ລາວ)+856
  • Latvia (Latvija)+371
  • Lebanon (‫لبنان‬‎)+961
  • Lesotho+266
  • Liberia+231
  • Libya (‫ليبيا‬‎)+218
  • Liechtenstein+423
  • Lithuania (Lietuva)+370
  • Luxembourg+352
  • Macau (澳門)+853
  • Macedonia (FYROM) (Македонија)+389
  • Madagascar (Madagasikara)+261
  • Malawi+265
  • Malaysia+60
  • Maldives+960
  • Mali+223
  • Malta+356
  • Marshall Islands+692
  • Martinique+596
  • Mauritania (‫موريتانيا‬‎)+222
  • Mauritius (Moris)+230
  • Mayotte+262
  • Mexico (México)+52
  • Micronesia+691
  • Moldova (Republica Moldova)+373
  • Monaco+377
  • Mongolia (Монгол)+976
  • Montenegro (Crna Gora)+382
  • Montserrat+1664
  • Morocco (‫المغرب‬‎)+212
  • Mozambique (Moçambique)+258
  • Myanmar (Burma) (မြန်မာ)+95
  • Namibia (Namibië)+264
  • Nauru+674
  • Nepal (नेपाल)+977
  • Netherlands (Nederland)+31
  • New Caledonia (Nouvelle-Calédonie)+687
  • New Zealand+64
  • Nicaragua+505
  • Niger (Nijar)+227
  • Nigeria+234
  • Niue+683
  • Norfolk Island+672
  • North Korea (조선 민주주의 인민 공화국)+850
  • Northern Mariana Islands+1670
  • Norway (Norge)+47
  • Oman (‫عُمان‬‎)+968
  • Pakistan (‫پاکستان‬‎)+92
  • Palau+680
  • Palestine (‫فلسطين‬‎)+970
  • Panama (Panamá)+507
  • Papua New Guinea+675
  • Paraguay+595
  • Peru (Perú)+51
  • Philippines+63
  • Poland (Polska)+48
  • Portugal+351
  • Puerto Rico+1
  • Qatar (‫قطر‬‎)+974
  • Réunion (La Réunion)+262
  • Romania (România)+40
  • Russia (Россия)+7
  • Rwanda+250
  • Saint Barthélemy+590
  • Saint Helena+290
  • Saint Kitts and Nevis+1869
  • Saint Lucia+1758
  • Saint Martin (Saint-Martin (partie française))+590
  • Saint Pierre and Miquelon (Saint-Pierre-et-Miquelon)+508
  • Saint Vincent and the Grenadines+1784
  • Samoa+685
  • San Marino+378
  • São Tomé and Príncipe (São Tomé e Príncipe)+239
  • Saudi Arabia (‫المملكة العربية السعودية‬‎)+966
  • Senegal (Sénégal)+221
  • Serbia (Србија)+381
  • Seychelles+248
  • Sierra Leone+232
  • Singapore+65
  • Sint Maarten+1721
  • Slovakia (Slovensko)+421
  • Slovenia (Slovenija)+386
  • Solomon Islands+677
  • Somalia (Soomaaliya)+252
  • South Africa+27
  • South Korea (대한민국)+82
  • South Sudan (‫جنوب السودان‬‎)+211
  • Spain (España)+34
  • Sri Lanka (ශ්‍රී ලංකාව)+94
  • Sudan (‫السودان‬‎)+249
  • Suriname+597
  • Svalbard and Jan Mayen+47
  • Swaziland+268
  • Sweden (Sverige)+46
  • Switzerland (Schweiz)+41
  • Syria (‫سوريا‬‎)+963
  • Taiwan (台灣)+886
  • Tajikistan+992
  • Tanzania+255
  • Thailand (ไทย)+66
  • Timor-Leste+670
  • Togo+228
  • Tokelau+690
  • Tonga+676
  • Trinidad and Tobago+1868
  • Tunisia (‫تونس‬‎)+216
  • Turkey (Türkiye)+90
  • Turkmenistan+993
  • Turks and Caicos Islands+1649
  • Tuvalu+688
  • U.S. Virgin Islands+1340
  • Uganda+256
  • Ukraine (Україна)+380
  • United Arab Emirates (‫الإمارات العربية المتحدة‬‎)+971
  • United Kingdom+44
  • United States+1
  • Uruguay+598
  • Uzbekistan (Oʻzbekiston)+998
  • Vanuatu+678
  • Vatican City (Città del Vaticano)+39
  • Venezuela+58
  • Vietnam (Việt Nam)+84
  • Wallis and Futuna (Wallis-et-Futuna)+681
  • Western Sahara (‫الصحراء الغربية‬‎)+212
  • Yemen (‫اليمن‬‎)+967
  • Zambia+260
  • Zimbabwe+263
  • Åland Islands+358

    image

    Join the conversation and have your say on Thailand news published on The Thaiger.

    Thaiger Talk is our new Thaiger Community where you can join the discussion on everything happening in Thailand right now.

    Please note that articles are not posted to the forum instantly and can take up to 20 min before being visible. Click for more information and the Thaiger Talk Guidelines.

    Click to comment

    You must be logged in to post a comment Login

    Leave a Reply

    Archiving articles from the Phuket Gazette circa 1998 - 2017. View the Phuket Gazette online archive and Digital Gazette PDF Prints.

    image

    Follow Thaiger by email:

    Thailand9 hours ago

    Thailand News Today | Thailand to target “wealthy foreign tourists”

    Travel9 hours ago

    5 beautiful glamping spots in Phuket to get closer to nature

    North East9 hours ago

    Man in northeast Thailand stabs wife on train

    Sponsored18 hours ago

    What’s behind CP’s successful Metaverse campaign?

    image
    Thailand10 hours ago

    Deputy PM demands officals to avoid being rude and offensive to residents

    Malaysia10 hours ago

    Malaysians continue to flood into Thailand

    Phuket10 hours ago

    UPDATE: Chief in Phuket says black water is “not from businesses”

    image
    Join the conversation on the Thaiger Talk forums today!
    Travel10 hours ago

    How do Thais name their kids? Here is an explaination

    Cannabis11 hours ago

    Download the ‘Plook Ganja’ app to legally grow cannabis at home in Thailand

    Thailand11 hours ago

    Spicy Pork Bone Soup Eating Challenge | This is Thailand

    Chon Buri11 hours ago

    UPDATE: Man who attacked Russian woman in Chon Buri confesses

    Property12 hours ago

    5 hottest locations for property investment in Bangkok 2022

    Phuket12 hours ago

    In Phuket, Indians are the top tourist group since Test & Go scrapped

    Tourism13 hours ago

    Love drugs found in hotel of Aussie man who plunged to his death

    Economy13 hours ago

    Thailand’s bottled palm oil price continues to skyrocket

    Coronavirus (Covid-19)14 hours ago

    BREAKING: Bars reopening in Thailand’s “Green” and “Blue” Zones, changes to Thailand Pass

    Thailand8 months ago

    Morning Top Stories Thailand | Police to end protests, Human Trafficking | September 14

    Thailand1 year ago

    Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

    Tourism1 year ago

    Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

    Phuket1 year ago

    Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

    Tourism1 year ago

    Phuket Thai food treats you need to try | VIDEO

    Thailand1 year ago

    Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

    Tourism1 year ago

    In search of Cat & Dog Cafés in Phuket Town | VIDEO

    Thailand1 year ago

    Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

    Thailand1 year ago

    Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

    Thailand1 year ago

    Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

    Thailand1 year ago

    Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

    Thailand1 year ago

    Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

    Thailand1 year ago

    Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

    Thailand1 year ago

    Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

    Thailand1 year ago

    Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11

    Trending