so does anyone know if the property market has "perked up" with buyers or is it just even more sellers piling in
When we moved back to Thailand in August of 1997, the baht was rapidly losing value. Currency speculators had won. In six months Thailand exhausted its 32-billion dollar foreign exchange reserve. Some traders lost millions when Thailand, in a last stand, forced speculators to default on short positions by limiting access to the baht overseas. This only strengthened those with longer positions, most notably George Sorros. The baht was finally floated and quickly sank. In January of 1998, 56 baht bought a dollar. The currency had lost 50% of its value in less than six months.
Many articles recapping the devaluation still blame Sorros, but the crisis was rooted in crony capitalism and lack of regulation. In 1996 Bangkok Bank of Commerce (BBC) had finally been exposed. Rumors the bank was rotten were rampant. Books had been cooked to hide massive debt. Near the end, in a desperate attempt to re-capitalize, BBC did what banks never do: pay depositors a higher rate than they collect from borrowers. The Thailand government bailed out the BBC in 1996 at the cost of 10% of GNP.
It did occur to me recently to ask myself why the banks are now offering interest rates on deposits that are far in excess of the ECB rate and in some cases more than they charge for mortgages. I'm not saying that we are in this kind of a crisis but I just want to throw it out there and ask why this is happening?
Likes of rabobank offer the higher saving rate as a loss leader a friend who works in treasury told me. Then they try to sell you otehr financial products.This is an interesting article about the financial crisis in Thailand in the late nineties. It did occur to me recently to ask myself why the banks are now offering interest rates on deposits that are far in excess of the ECB rate and in some cases more than they charge for mortgages. I'm not saying that we are in this kind of a crisis but I just want to throw it out there and ask why this is happening?
Interesting, any other signs of a slow start to the autumn selling season out there?Early days so can only offer some anecdotal I'm afraid.
I viewed two houses in D6W in the past few days. They were the glorified Dublin semi-D type that we are told will always be in huge demand (yeah right!)
The first one I viewed on Saturday. It was fresh on the market - 'bout 4 families looking through it. The asking price was definitely placed below the asking price of similiar properties in the area that've been sitting for a while. No offers on yet.
The second one has been sitting on the market for a couple of months. (I also viewed it when it came on the market first) Some things of note:
- EA was actively trying to sell the house rather than passively waiting for the bidding to begin
- The house has been given a major makeover since I first viewed it and still hasn't attracted a bid.
- Even though the asking price has not been publicly reduced, the EA indicated the vendors will now consider offers below asking price.
- The house is not priced any higher than what similiar houses were fetching last spring - so not a case of testing out with a big price tag.
Interesting, any other signs of a slow start to the autumn selling season out there?
Also does anyone have a take on current status of the lettings market - this may hold the key to some sentiment in the wider housing market.
Seen some houses that have been for rent all summer and are still to let in a good area.
I can't say for sure, and I wouldn't want to be accused of being a bullAlso does anyone have a take on current status of the lettings market - this may hold the key to some sentiment in the wider housing market.
Seen some houses that have been for rent all summer and are still to let in a good area.
This is partly why I can't understand the claims that many make that it's much cheaper to rent than buy - possibly i suppose in d6, but up northside it's still better to buy!!
Sorry, that's a 2 bedroom apt I'm talking about.
i finally read all of this thread phew!.....how do you use google cache by the way?....
another report from IIB
http://www.rte.ie/business/2006/0904/property.html?rss
everything is fine and speculators arent the cause of the price rises....how do they get away with these reports?....notice on the right hand side the related links about IIBs profits...
dont think the letting market matters much if as reported their are 275k houses are sitting empty.
This figure is taken from the census and has already been widely discussed on this thread. It is not reliable...at least not a true marker of how many properties are 'sale agreed' but not occupied etc. etc. etc.
Does anyone know the figures for the same areas 1 year ago? Don't think its accurate to compare June's inventory with September.Today there are 126 so that's an increase of 52 properties on the market in Swords.
Myhome had 86 homes for sale in Lucan on 19th April 2006,
today there are 185, an increase of 99 properties in one area!
Myhome is solid and stable for stats like this - shows a huge build-up of inventory. Asking prices have only recently started to drop in these areas. Inventory usually dries up over the summer, this year it built up instead and the new supply is creating a glut.
This figure is taken from the census and has already been widely discussed on this thread. It is not reliable...at least not a true marker of how many properties are 'sale agreed' but not occupied etc. etc. etc.
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