I am buying an apartment in Thailand that cost the equivelent of 1,200,000 riyals. I am at the half way stage of 600,000 riyals and not Thailand is in big trouble. The place has been delayed by over a year an is still nowhere near finished, the government is in turmoil and the property market has collapsed. i am guessing my place is worth 800,000QR at best... so what do I do, do I walk away from 600,000 as they wont refund the deposit or do I pay the remaining 600,000.
This sounds like your situation, and my choice will be to pay the remainder and ride the storm. Thailand may take 5 years or more to come back but it will return, i just have to take the hit and realise I have proably 150,000 dollars of negative equity for the next 5 years.
I am buying an apartment in Thailand that cost the equivelent of 1,200,000 riyals. I am at the half way stage of 600,000 riyals and not Thailand is in big trouble. The place has been delayed by over a year an is still nowhere near finished, the government is in turmoil and the property market has collapsed. i am guessing my place is worth 800,000QR at best... so what do I do, do I walk away from 600,000 as they wont refund the deposit or do I pay the remaining 600,000.
This sounds like your situation, and my choice will be to pay the remainder and ride the storm. Thailand may take 5 years or more to come back but it will return, i just have to take the hit and realise I have proably 150,000 dollars of negative equity for the next 5 years.
Nidge