Retiring overseas has long been a hot topic. Lots of people do it and thrive. Others struggle. It’s all about location, location, location, of course. And it’s more than picking a country; you need to pinpoint where in your country of choice is the best location. Several places in Thailand have been favorite retirement destinations, but there is a new and better choice for expats to retire called Khao Yai.
For years Thailand has been a popular overseas retirement destination for westerners. The typical locales have been the tourist destinations of Phuket and Pattaya. They are popular beach destinations with large expat populations and lots of the services expats demand. They are also hugely overbuilt and inflated in price. It is a common practice in Thailand to charge foreigners substantially higher prices than Thai people would pay and that goes for real estate as well. This is particularly true in tourist areas. Hence, many foreigners in Phuket and Pattaya who have purchased homes for their retirement have paid double or triple the “Thai price” without even knowing it.
Retirees who are a little more savy have looked to places like Hua Hin as alternatives. Hua Hin is another beach resort area but it is primarily Thai-owned real estate so it doesn’t suffer as much from the rampant dual pricing effect. Hua Hin has undergone dramatic development in recent years, prices have risen steadily, and quite a few foreigners have been purchasing in the area. Thai property experts are saying it is nearing full build-out so in the next couple of years it is likely to plateau. There are still good values in Hua Hin but they are becoming rarer all the time.
With Phuket and Pattaya hugely overbuilt and price inflated, Hua Hin reaching a plateau of development, where is the next hot destination in Thailand? It is no secret; it has been written about in the Thai press and has even called “the next Hua Hin” by Thai property developers. It is the area they call Khao Yai. Khao Yai is actually the name of the national park that lies two hours drive from Bangkok. It is a World Heritage site with an impressive array of flora and fauna. The name Khao Yai is also used to refer to the surrounding area on the Pak Chong side of the park.
Many westerners think of the beach when they dream about a retirement destination. The truth is, however, that the heat and humidity at the beaches in Thailand is oppressive most of the year. When you drive up to Khao Yai, however, the change in elevation makes a dramatic difference. Cooler temperatures and lower humidity year round mean you can even get away without air conditioning. That’s impossible anywhere else in Thailand other than the mountains. In the cool season, in fact, the temperatures drop to 10 to 12 degrees C at night. You might forget you are actually in Thailand when you spend time in Khao Yai, except of course for all the other nice things like friendly Thai people and low prices.
Low prices include land prices. Compared to Phuket land prices starting around 12 million Thai baht per rai and Pattaya not far behind, Khao Yai area prices for developed land near major resorts and golf courses start at one-tenth that price. As recently as 2006 prices were even lower, around 400,000 Thai baht per rai. Prices have been rising steadily and now are accelerating upward. So purchases made now will benefit from rapid price appreciation that is likely to last for years due to the steady development in the area.
Khao Yai’s convenient distance from Bangkok, excellent weather, beautiful surroundings, and affordable property values with excellent prospects for appreciation, make it the next great place to retire in Thailand.