I think we have kind of a bubble in real estate in Thailand. But I can see that real estate markets are very fragmented, and I’ve seen that in the U.S. as well. So, yes, prices of real estate in Chiang Mai (Thailand) have gone up substantially, but I see zillions of Chinese now coming to (live in) Chiang Mai.
Now, Chiang Mai for these Chinese people, or for Japanese, or Koreans, is like a paradise. It’s inexpensive. They can play golf for good value. The food is good, the climate is good, and so forth. So a lot of people will move to Chiang Mai from Western Europe and the U.S. because if you get a pension of $3,000 or $4,000, in Europe you can hardly live, but in Thailand you can live very well.
So there will be a large influx of foreigners into an area like Thailand. We have already owned properties here for more than 30 year, but in the last 12 months I increased our holdings on the outskirts of high end areas of raw land.
- Source, Marc Faber, via a recent King World News interview: