Guys,

 

I'm curious about everyone's view on the cost and development in Pattaya.  Relatively new here.  Living off and on in Pattaya for the past 2-3 years.  This years high season is incredibly low yet prices for monthly condos incredibly high.  The first year I came here monthly rates where at 15,000-20,000 baht easy.  Now all the posters around the city appear 10,000 baht more!  Prices to buy condos are nearly doubled.  Previous a condo at The Base would run 1.5MB baht and now easily starting at 3.2MB. 

 

Now for the real question, is Pattaya creating a bubble?  Prices have increased so much and looking around what does this place really have to offer that justifies such an increase in inflation?  I keep hearing from locals invested in shops and condos that 2018 has been a bad year for money.  All I keep thinking is no shit - its too expensive, lower prices.  But the mindset that i see is "Mai beli we will just raise the prices and hope we get lucky."  Anyone else have thoughts on the future of Pattaya compared to alternatives?

48 minutes ago, nickt092 said:

All I keep thinking is no shit - its too expensive, lower prices.  But the mindset that i see is "Mai beli we will just raise the prices and hope we get lucky." 

Thai economics 101. They rely on new idiots arriving on every banana boat.

 

Property asking prices in Pattaya have been delusional for many years. No one in his right mind would ever pay anything even close to the asking price, be it for rentals or purchase.

You would have to pay me to live at the Base....That place has just loads of constant Air BnB traffic......With the visas being cracked down on more every year I would not buy a condo at any price unless I did not care if I lost it all.....

It's been dirt cheap for 20 years. How long did you think that would last?

Shitty fan rooms on soi Buakhao are still cheap and that's what people refer to when they say rents are cheap but if you want nice you got to pay

When an economy is doing quite well with the inflow of foreign money, it goes to the head of some...... consequently, they fully deserve a good crisis, drop in business, drop of foreign visitors with loss of income,  to become a bit more humble and offer services and goods with realistic prices that are adapted to the social and economical environment of their area.  It's time to wake up and understand that people come to Asia for good service, hygiene, quality at bargain rates....

 

..simply put, if one ends up paying the same rate for booze and pussy here,  as in Europe, what's the point to come to Thailand ?????

7 hours ago, KittenKong said:

Thai economics 101. They rely on new idiots arriving on every banana boat.

 

Property asking prices in Pattaya have been delusional for many years. No one in his right mind would ever pay anything even close to the asking price, be it for rentals or purchase.

Indeed they rely on getting overvalued prices. Well are they getting it? Is the demand there ? If so they have a case

if not then what ?

 

 

 

Buying a condo is crazy here, especially if you come from the UK with the Pound at 41. A nice one would cost 100-150,000 GBP !!! In a third world country.

     You didn't say specifically where you were renting a few years ago in the 15 to 20,000 baht range, which has now gone up 10,000 baht a month.  The only project you mentioned was The Base.  Hipflat shows condos still for rent there in the 15 to 20,000 baht price range.  We rented a top floor 1 bedroom we owned at The Base several years ago for 25,000 baht a month and Hipflat shows several high floor units for that same price today.  Ditto for Centric Sea, the other popular newer highrise in central Pattaya.  There may be a few exceptions but I doubt most rental condos have gone up 10,000 baht a month; more likely you can strike a better rental deal than a few years ago, especially for a long-term rental.

    As for condo sale prices, the vast majority have not doubled in price the past few years.  I've always made a profit on my condo sales but none has doubled in price.  Supply and demand is mostly governing prices, as it does most places.  High quality seaview condos are in demand and supply, at least until recently, has been fairly limited so prices have been maintaining and in some cases increasing.  Low rise 'theme park' condos in not good locations have been over-built, demand is not high, so prices at some of these projects have fallen, especially at projects that have been open for a few years.  It remains to be seen how the many new highrise seaview projects coming on line in Jomtien will effect prices there.

10 hours ago, newnative said:

     You didn't say specifically where you were renting a few years ago in the 15 to 20,000 baht range, which has now gone up 10,000 baht a month.  The only project you mentioned was The Base.  Hipflat shows condos still for rent there in the 15 to 20,000 baht price range.  We rented a top floor 1 bedroom we owned at The Base several years ago for 25,000 baht a month and Hipflat shows several high floor units for that same price today.  Ditto for Centric Sea, the other popular newer highrise in central Pattaya.  There may be a few exceptions but I doubt most rental condos have gone up 10,000 baht a month; more likely you can strike a better rental deal than a few years ago, especially for a long-term rental.

   

How the hell did you rent a 1 bedder for 25k a few years ago when i see them now renting for 12-15k, basically half the price? Same with Centric Sea.

1 hour ago, bbi1 said:

How the hell did you rent a 1 bedder for 25k a few years ago when i see them now renting for 12-15k, basically half the price? Same with Centric Sea.

Here's how:

     1. We were one of the very first buyers to close at The Base so our condo was one of the first available for rent. The Japanese tenant, with the rent paid by his company, wanted to be in that area in a newer condo with a gym.

     2. Our 1 bedroom was the largest size, on the top floor of the north building, and in the very front of the building.  Our floor was one of only 2 in the project with condos on just one side--the other side of the hall corridor was windows, so fewer condos on the floor and a nice, airy hallway with beautiful views looking north.  The condo had nice seaviews, too.  So, one of the best 1 bedrooms in the building.

     3.  We took a good condo and made it better.  We added extra lighting and a vanity to the bath, changed the standard cooktop to induction, and put in a good fridge, microwave, and kitchen housewares.  Excellent custom artwork in the living room and bedroom coordinated with each other and The Base interior color scheme.  We added a clothes washer to the balcony, housed in a custom cabinet that also provided a place to hang the clothes to dry.  Custom bedroom roman shade that coordinated with the artwork and bed headboard.  Specially selected accessories and many other touches set our condo apart from the ordinary.

     4.  At the time of the rental The Base was new, beautiful, and had not yet become what it is today.

22 hours ago, newnative said:

  Low rise 'theme park' condos in not good locations have been over-built, demand is not high, so prices at some of these projects have fallen, especially at projects that have been open for a few years. 

 This.

 

Those that buy quality Condo in good locations (Zire, Northshore, etc.) have seen stable values, and have condos that are actually pleasant to live within.  If your condo is being shown to you by a Russian with full sleeve tattoos, you are doing it wrong.

8 minutes ago, RoadWarrior371 said:

 This.

 

Those that buy quality Condo in good locations (Zire, Northshore, etc.) have seen stable values, and have condos that are actually pleasant to live within.  If your condo is being shown to you by a Russian with full sleeve tattoos, you are doing it wrong.

Agree.

Must be a different Pattaya than the one I'm living in ...going through a slump, almost impossible to sell anything.

Plenty of condos to rent under 10000 baht if you do your home work and avoid the new upscale projects.

Plenty of 35sm. one bedroom rentals in Jomtien for 7-9K. 

My gym in Pattaya was 1500 per month last Fall. In the Spring it was 1600. Now it is 1900 per month. It is less busy than in the Spring. Did they raise the price because it is less busy or is it less busy because of the price? Maybe a combo of the two.

My hair cutter says things are slow.

The new high rises on 2nd road Jomtien seem to be empty. I definately wouldn’t buy or rent one. Lots of empty condos everywhere. I like the low rise , 8 floors max, nice sunny pools and a quiet environment, but also near public transport. Shame that Pratumnak has no baht bus. Lots of lovely condos there, but unless you have your own transport it’s a no no. As for prices, can’t see much difference myself. Living prices seem to be the same, imported food up a bit, but with the exchange rate so bad , no wonder. Sure, the exchange rate isn’t very important when you’re staying 2 weeks, but long term !!!! What I have noticed this December so far, is all the empty restaurants, I mean real empty! Where is everyone eating , home ?

4 hours ago, geisha said:

What I have noticed this December so far, is all the empty restaurants, I mean real empty! Where is everyone eating , home ?

That's a very strange thing to say , most restaurants in the tourist area in Naklua are packed (German and Asian restaurants), same in T21 , most of them are doing good (Asian ), beach road when I looked yesterday , most restaurants and bars seemed to be busy .

Soi Bua Kaow , where all the Brits are hiding , I spotted 10 to 15 guests in most of the eating places around 7 pm .

 

 

 

4 hours ago, geisha said:

The new high rises on 2nd road Jomtien seem to be empty. I definately wouldn’t buy or rent one. Lots of empty condos everywhere. I like the low rise , 8 floors max, nice sunny pools and a quiet environment, but also near public transport. Shame that Pratumnak has no baht bus. Lots of lovely condos there, but unless you have your own transport it’s a no no. As for prices, can’t see much difference myself. Living prices seem to be the same, imported food up a bit, but with the exchange rate so bad , no wonder. Sure, the exchange rate isn’t very important when you’re staying 2 weeks, but long term !!!! What I have noticed this December so far, is all the empty restaurants, I mean real empty! Where is everyone eating , home ?

plenty of motorbike taxis around Pratumnak.

On 12/14/2018 at 12:54 AM, madmen said:

It's been dirt cheap for 20 years. How long did you think that would last?

Shitty fan rooms on soi Buakhao are still cheap and that's what people refer to when they say rents are cheap but if you want nice you got to pay

as the man says you get what you pay for.

9 hours ago, geisha said:

The new high rises on 2nd road Jomtien seem to be empty. I definately wouldn’t buy or rent one. Lots of empty condos everywhere. I like the low rise , 8 floors max, nice sunny pools and a quiet environment, but also near public transport. Shame that Pratumnak has no baht bus. Lots of lovely condos there, but unless you have your own transport it’s a no no. As for prices, can’t see much difference myself. Living prices seem to be the same, imported food up a bit, but with the exchange rate so bad , no wonder. Sure, the exchange rate isn’t very important when you’re staying 2 weeks, but long term !!!! What I have noticed this December so far, is all the empty restaurants, I mean real empty! Where is everyone eating , home ?

i think the imported food thing is one big scam, imported rib eye steak 1590 baht a kilo then they reduce it and sell it for 900 baht a kilo just shows you how much mark up there is on foods.

On 12/14/2018 at 10:46 AM, Henryford said:

Buying a condo is crazy here, especially if you come from the UK with the Pound at 41. A nice one would cost 100-150,000 GBP !!! In a third world country.

do you think Thailand is still a third world country ?

Inflation and the fact that the basic cost of living is steadily increasing. People have to eat, pay bills, put their kids through school and put gas in the car... and I mean the local people that own everything. Basic food prices, rents and utilities have been rising steadily whereas room occupancy, retail footfall and the numbers dining out has been falling steadily for over 2 years now. Now you do the math.

If the condo should be priced at B12,000 a month, the Thai owner will ask B17,000 a month. Then the condo is vacant for many months. But his small mind cabt grasp that if the condo was priced fairly, it would be rented out already. They just don't get it.

12 hours ago, geisha said:

The new high rises on 2nd road Jomtien seem to be empty. I definately wouldn’t buy or rent one. Lots of empty condos everywhere.

That's an opinion, certainly, but I see a lot of advantages in living in an empty high-rise building (though perhaps not buying in one).

Empty new high-rise buildings are usually quiet, clean, in good condition, and you never have to wait long for an elevator. And they arent full of AirBnb tourists or, worse, Chinese. Also if they are empty there is probably more scope for negotiation on prices.

Being in a high-rise keeps me away from the crap at ground level, and the further I am from that the happier I am. I also dont like being anywhere near a pool as I dont like pool noises, so that is another minus point for low-rises for me.

And above all being in the right high-rise should give you a good view, which for me is 80% of the reason for selecting a particular condo in the first place.

A derogatory post and a reply have been removed

Has anyone else noticed the Pattaya-Jomtien condo graveyards?  90% + finished projects now sitting decaying slowly not a single soul moved in. Most these projects look within the last 5 years.

I rent a 1-room condo with kitchen in Jomtien, 200 m from beatch. Balcony, A-C, wash off sheets and towels included, price 7 500 a month.

  

Any Jomtien condos where you can rent from a management company rather than from an individual?

3 hours ago, catman20 said:

do you think Thailand is still a third world country ? 

When my tgf gets paid 8000 baht a month ($8 a DAY) for working 60 hours a week then yes.