News

The Changing Face of Real Estate: Unmasking Unethical Practices in the Industry

Published

6 months ago

August 25, 2024

For decades, real estate agents have battled a tarnished reputation, often labeled as “snake oil salesmen”—slick operators more interested in commissions than client welfare. But as the real estate landscape evolves, a new era of transparency and accountability is beginning to take hold, challenging these outdated stereotypes.

The Evolution of the Real Estate Market
The days of relying solely on charm and persuasion to close a deal are fading fast. Today, the real estate industry is being reshaped by fixed-rate commission brokers, market price comparison sites, and platforms that facilitate direct transactions between sellers and buyers. In this transformed environment, knowledge, honesty, and integrity have become the most valued assets.

However, despite these positive changes, some agents continue to engage in unethical practices that undermine the market and erode trust. From my perspective within the property industry—where I specialize in property inspections and surveys—I’ve seen these tactics firsthand, and the damage they cause is significant.

The Dark Side of Inflated Prices
One of the most damaging practices in the real estate market is the deliberate inflation of property prices. Some agents, driven by the prospect of higher commissions, push property prices to unsustainable levels. I’ve seen cases where properties that were worth 22 million baht before the COVID-19 pandemic are now being marketed at 30 million baht, despite the market showing clear signs of plateauing.

When these overinflated properties fail to sell, they often languish on the market, forcing sellers to lower their prices eventually. This not only frustrates sellers but also disrupts the overall market equilibrium, leaving a trail of disillusioned investors in its wake.

Deceptive Practices and Unrealistic Promises
In one particularly egregious example, I recall an agent convincing a property owner in Laguna Village that minor refurbishments and the addition of a sauna had doubled the property’s value from 40 million to 80 million baht in just one year. Such claims are not only misleading but also detrimental to the market.

Potential buyers are also being misled with unrealistic promises of rental income. I’ve seen agents promise returns of 500,000 baht per month on a 23 million baht townhouse during high season, when the actual market rate is closer to 300,000 baht. These inflated figures are set up to fail, leaving buyers with unmet expectations and financial losses.

The Need for Oversight and Regulation
The lack of regulation in Phuket’s real estate market exacerbates these issues. Unlike many other countries where property inspections or surveys are mandatory before a sale, in Phuket, agents often avoid them to prevent derailing a deal. This lack of transparency further erodes trust and contributes to the market’s instability.

Phuket’s reputation as a desirable investment destination is at risk. The influx of new homes and apartments—estimated at 100,000 units this year alone—combined with inflated promises of rental returns, is creating an unsustainable bubble. Without proper oversight, this could lead to a significant market correction, with prices plummeting as demand fails to meet expectations.

A Call for Ethical Reform
The solution to these problems lies in the hands of both buyers and sellers. Sellers must resist paying exorbitant commissions, and buyers should demand honest appraisals and market-driven prices. Additionally, it is imperative for the government to establish a regulatory body to oversee the real estate industry in Phuket. Such an entity would enforce ethical standards, ensuring that agents act in the best interests of their clients and the market as a whole.

If these changes are not implemented, the real estate market in Phuket may face a downturn, as unethical practices continue to erode confidence and deter legitimate investors. The time has come for a collective effort to restore integrity and trust in the real estate industry, ensuring a stable and prosperous future for all parties involved.

News

Erawan Shrine: A Beacon of Spiritual Harmony in Bangkok

Published

13 hours ago

March 5, 2025

Wadi

The Erawan Shrine, located in the heart of Bangkok, is a revered Hindu shrine that attracts thousands of visitors daily. It is situated at the Ratchaprasong intersection, near the Grand Hyatt Erawan Hotel, and is easily accessible via the BTS Skytrain at Chidlom Station.

Spiritual Significance and History

The Shrine’s Origins

The Erawan Shrine was built in 1956 to counteract bad luck associated with the construction of a nearby hotel. The hotel’s construction faced numerous setbacks, including accidents and financial issues, which were believed to be caused by laying the foundations on an inauspicious date. An astrologer advised constructing the shrine to mitigate these negative influences, and it has since become a symbol of spiritual harmony and prosperity.

Cultural Practices and Attractions

Worship and Offerings

Visitors to the shrine often make offerings of incense sticks, floral garlands, fruits, and teakwood elephants to the golden statue of Phra Phrom, the Thai representation of Brahma. The shrine is renowned for its Thai classical dance performances and lion dances on special occasions, which are sponsored by worshippers as a form of gratitude for prayers answered.

Community Impact and Location

Charitable Contributions and Accessibility

The shrine is not only a spiritual hub but also contributes to the community through charitable donations. Funds collected are distributed to various organizations and hospitals across Thailand. Located in a bustling area surrounded by shopping malls like Gaysorn, CentralWorld, and Amarin Plaza, the shrine offers a serene oasis amidst the urban landscape.

Syncretism and Cultural Influence

Hinduism and Buddhism in Thailand

The Erawan Shrine exemplifies the syncretism between Hinduism and Buddhism in Thai culture. While Brahma is a Hindu deity, the shrine’s significance extends beyond religious boundaries, reflecting the broader cultural influences in Thailand. The area is also home to other shrines dedicated to Hindu deities, highlighting the rich cultural diversity of Bangkok.

News

Exploring the Interactive World of Museum Siam

Published

13 hours ago

March 5, 2025

Wadi

Museum Siam is a unique learning museum located in Bangkok, Thailand, designed to engage young people, families, and foreign visitors through interactive exhibits. It was established in 2007 by the Thai government with the “เพลิน (PLEARN)” or “Play and Learn” philosophy, aiming to provide a fresh and engaging museum experience. The museum focuses on the social history of Thailand, offering a range of temporary exhibitions that explore diverse topics.

Engaging Exhibitions and Activities

Interactive Learning Experience

Museum Siam offers a dynamic learning environment where visitors can explore the history of Thailand through interactive exhibits. The museum’s permanent exhibition, “The Accounts of Thailand,” delves into the long history of the region, helping visitors understand the evolution of Thai culture and society. By employing cutting-edge multimedia technology, the museum encourages visitors to engage actively with the exhibits, fostering curiosity and creativity.

Community Engagement and Outreach

Museum Network and Outreach Programs

Beyond its physical location, Museum Siam extends its reach through a network of museums across Thailand, facilitating collaboration and knowledge sharing. The museum also operates two mobile museums that travel throughout the country, bringing educational experiences to a broader audience. This outreach is supported by partnerships with various organizations and businesses, enabling the museum to develop innovative projects and exhibitions.

Location and Accessibility

Central Bangkok Location

Located on Sanam Chai Road, near the Grand Palace, Museum Siam is easily accessible and offers a unique blend of historical architecture and modern interactive exhibits. The museum’s historic building, once the Ministry of Commerce, now serves as a vibrant educational hub. Visitors can enjoy the museum’s café and gardens, making it a popular destination for both locals and tourists. With its central location, Museum Siam is an ideal stop on any Bangkok tour, complementing visits to nearby attractions like Wat Pho and the Chao Phraya River.

News

Thailand’s Rise as a Solo Travel Haven

Published

13 hours ago

March 5, 2025

Wadi

Thailand has been recognized as the fifth most popular destination for solo travelers in 2025, according to recent travel trends. This ranking reflects the country’s appeal to independent adventurers seeking immersive cultural experiences and unique landscapes.

Why Thailand Stands Out

Cultural and Natural Attractions

Thailand offers a diverse range of attractions that cater to solo travelers. From the bustling cities of Bangkok and Chiang Mai to the serene beaches of the southern islands, Thailand provides a wealth of experiences for solo travelers to explore at their own pace. The country’s rich history, vibrant culture, and welcoming atmosphere make it an ideal destination for those seeking both adventure and personal connection.

Growing Demand for Solo Travel

Trends and Preferences

The rise of solo travel is driven by a desire for personalized experiences and independence. Travelers are increasingly seeking destinations that offer deep cultural significance, unique landscapes, and seamless, personalized service. Thailand’s safety, cultural diversity, and travel convenience also contribute to its popularity among solo travelers.

Thailand’s Competitive Edge

Unique Experiences and Hospitality

Thailand’s unique blend of ancient and modern cultures, local cuisine, and warm hospitality serves as a magnet for solo travelers. The government aims to build on this success by promoting quality tourism during the Amazing Thailand Grand Tourism and Sports Year 2025. This initiative will further enhance Thailand’s appeal as a premier solo travel destination.

Future of Solo Travel

Emerging Trends

The resurgence of solo travel post-pandemic is marked by a growing interest in exploring lesser-known locations and seeking unique experiences beyond traditional tourist trails. As more travelers consider solo trips, destinations like Thailand are poised to benefit from this trend, offering a mix of cultural enrichment and personalized adventures that cater to the evolving preferences of solo travelers.