The Nation: Foreign developers on Samui suspend work

[Mr Lucky]

The Nation: Foreign developers on Samui suspend work

Mentions Phuket development as well. Confirmation that the property market has come to a standstill due to the government's fumbling.

[K2]

Surprising really that its taken this long for reality to bite. Not good news but some stabilisation in land price appreciation is overdue.

[LivinLOS]

Word from a buddy who used to work the property market (big office, influential partners, been at it for 10 years, not a jonny come lately) is nothing is moving expect condos and projects on leased land and even that is so slow as to be dead.

I see lots of property on the market this spring and prices seems discounted on last year.. Big 4 bed places at 7 mil ish..

[webner]

This is only a matter of time things will get worse

[Mr Lucky]

I feel bad for honest folks who have lost a lot of money, investing in land and being told by Thai developers that they owned it, only now to have to downgrade to a 30-year lease.

However, I don't feel at all bad for the greedy Thais who have been jacking up property prices to insane levels, and now have a lot of empty half-built houses on their hands.