The well over inflated property prices in Pattaya and generally in any farangy tourist area must bust soon.

 

what are the bets?

Think again,,

When all this coronastuff is over people will think what countries/cities were one of the safest places on the earth,,

Those countries/cities will be the places to live and spend extended holidays,,????

Why should the property prices crash in the long run? More and more people will have enough money to travel and they will do it. And they need rooms. Or why should they stop traveling? 

Condo values have done a boom bust many times in Pattaya.  I believe this virus  will cause a bust cycle where in progress developments are abandoned and used prices fall.  Mostly because I believe the town will only slowly recover it's tourist traffic as the early returnees discover many shuttered and empty businesses and a much quieter town.  Could be 2-3 years before the town looks familiar to regulars.  

 

Wonder if the thais will welcome back the "undesirable monger tourists' that originally caused the Pattaya boom to begin with?

 

 

6 hours ago, jimmybcool said:

 

 

Wonder if the thais will welcome back the "undesirable monger tourists' that originally caused the Pattaya boom to begin with?

 

 

Definitely, they need them to generate jobs for the girls.

 

As for property, it will go down more in tourist areas but will take time, remember some of these people may have lost their jobs

7 hours ago, thaitero said:

Think again,,

When all this coronastuff is over people will think what countries/cities were one of the safest places on the earth,,

Those countries/cities will be the places to live and spend extended holidays,,????

hence why the authorities maybe are manipulating the statistics.... maybe ? just maybe …?

I would make 50% offers on 8 to 10 properties. Someone will bite desperation near all time highs.

18 minutes ago, bkk6060 said:

I would make 50% offers on 8 to 10 properties. Someone will bite desperation near all time highs.

Could be true.

 

I had a luxury house on Jomtien Beach for sale during a buyers market about 10 years ago. I got several calls/ unplanned visits from speculators, most offering cash, up to 90% lower than the agreed market price. A couple of them came, uninvited, with lawyers of other staff, documents already prepared and bags of cash. One uninvited guy rang the doorbell, I opened the gate and within a few seconds he was telling me how desperate I was to sell and how it must be very negatively affecting my wealth, and I should beware of the downturn making me sick whatever.  

 

Leeches.

41 minutes ago, scubascuba3 said:

Definitely, they need them to generate jobs for the girls.

And possible future husbands for girls. No Ashok, Vinod, or Sunil OR Gang, Wang, and Mong are going to marry prostitutes but Tom, Dick, and Harry will gladly do so for a "marrigae visa" and the possibility of staying in Thailand. 

This is a post I put on another thread but just as appropriate in this one;

 

Too many folk talking about what they want to happen and not having a good look around at the infrastructure where the signs are that there will be no “Land value reduction” but in the next few years a massive “inflation of land values” ’

 

Why do I think this way?

 

Look around the area and “marvel” at the billions of Baht that have been pumped into the roads and motorways.  Someone suggested that these new roads were for more Tourists to get into central Pattaya!

 

Then there are the plans to make Utapau airport into one that may well be even bigger than Swampy and if you don’t think that is either possible or indeed feasible then ask yourself “Why does the new Motorway extension run directly to the airport?

 

Another reason for increased land values  in the Pattaya area is that Bangkok is  has been slowly sinking and this will ensure a  continuation of the movement of business people from Bangkok to reside in Pattaya  then using the very fast high speed trains to “commute” to Bangkok. These plans  have  been  finally approved !

 

The main reason  to believe that the local land values will go skywards is that Thailand is the centre of the AEC hub and the three provinces that are mostly going to benefit mainly from their physical location are all located  close to Pattaya  and  are ChonBurri ,  Chachoengsao  and Rayong.

 

Rayong is a major industrial area and the Country’s largest deep water harbor making it ideal for expansion.

 

Rayong also has Utapau airport which is gearing up to become a an international aviation service centre apart from possibly becoming the Country’s largest airport

Chachoengsao. 

I link this hereunder for your reading  which mentions all the three provinces  

https://www.nationthailand.com/Economy/30345192?no_redirect=true

 

I think that Pattaya will become something massively different than it has ever been before and yes there will still be places where the most obsessive of mongers and drinkers will be able to satiate themselves but it will become a destination for many types of diverse and different people from Chinese /Russian and Indian tourists to International business people as well, catering in a bigger and better manner than it has ever done before.

 

If you don’t think my point of view has any credibility then   ask yourselves;  why has there been  all this massive  capitol development going on in an area which has been on the slide for minimally the last 12 years?

 

Land values in Pattaya and the surrounding areas reducing?????

 In the words of a friend of mine;  of mine  “You are having a laugh, aren’t you”

 

 

Are they inflated. I bought my condo in 2006 and i suspect that if i sold it now i would be lucky to get the same amount back. Any other property in the world not gone up in value in 14 years?

35 minutes ago, Henryford said:

Any other property in the world not gone up in value in 14 years?

House prices in rural France and parts of Florida haven't risen since 1997.

Dont know about going down ,but cant believe how much the same sort of house as ours sold for in the next street a few months ago ,bring it on ,

The Thais tend to take a very long-term view wrt residential property. They're happy to wait eons until they get the price they want.

Sadly, once this is over, the western world is going to be poorer than it once was, as governments try to manage and pay down the immense amounts of money they've borrowed and printed and thrown at their citizens and corporations. I doubt if there will be as much money shloshing around in the system to buy holiday homes as there once was, especially once inflation takes off. It's bound to be their most important medium- and long-term tool for handling the debts, just look at the last century if you need proof of that.

3 hours ago, n210mp said:

This is a post I put on another thread but just as appropriate in this one;

 

Too many folk talking about what they want to happen and not having a good look around at the infrastructure where the signs are that there will be no “Land value reduction” but in the next few years a massive “inflation of land values” ’

 

Why do I think this way?

 

Look around the area and “marvel” at the billions of Baht that have been pumped into the roads and motorways.  Someone suggested that these new roads were for more Tourists to get into central Pattaya!

 

Then there are the plans to make Utapau airport into one that may well be even bigger than Swampy and if you don’t think that is either possible or indeed feasible then ask yourself “Why does the new Motorway extension run directly to the airport?

 

Another reason for increased land values  in the Pattaya area is that Bangkok is  has been slowly sinking and this will ensure a  continuation of the movement of business people from Bangkok to reside in Pattaya  then using the very fast high speed trains to “commute” to Bangkok. These plans  have  been  finally approved !

 

The main reason  to believe that the local land values will go skywards is that Thailand is the centre of the AEC hub and the three provinces that are mostly going to benefit mainly from their physical location are all located  close to Pattaya  and  are ChonBurri ,  Chachoengsao  and Rayong.

 

Rayong is a major industrial area and the Country’s largest deep water harbor making it ideal for expansion.

 

Rayong also has Utapau airport which is gearing up to become a an international aviation service centre apart from possibly becoming the Country’s largest airport

Chachoengsao. 

I link this hereunder for your reading  which mentions all the three provinces  

https://www.nationthailand.com/Economy/30345192?no_redirect=true

 

I think that Pattaya will become something massively different than it has ever been before and yes there will still be places where the most obsessive of mongers and drinkers will be able to satiate themselves but it will become a destination for many types of diverse and different people from Chinese /Russian and Indian tourists to International business people as well, catering in a bigger and better manner than it has ever done before.

 

If you don’t think my point of view has any credibility then   ask yourselves;  why has there been  all this massive  capitol development going on in an area which has been on the slide for minimally the last 12 years?

 

Land values in Pattaya and the surrounding areas reducing?????

 In the words of a friend of mine;  of mine  “You are having a laugh, aren’t you”

 

 

    Agree.  Pattaya, itself, has been evolving for a number of years now into a resort that caters much more to regular tourists rather than the mongers.  Look at all the new development--and there's been a ton of it.  It's mostly not in the Walking Street area.  It's in Jomtien.  And, Pratamnuk/Cosy Beach.  And Wong Amat/Naklua.  And central and north Pattaya.  Terminal 21 didn't go in by Walking Street.  It was built about as far away as you can get from Walking Street and still be in the Pattaya Beach area.

   Same for the new hotels.  Where's the new Brighton Hotel?  The new Ozo Hotel? The new Amari wing? The new Grande Centre Point?  The new Mytt Hotel?  The new Grand Palazzo? The new LK Emerald Beach and the new Cosi Hotel, among lots of smaller others.  Where?  Not anywhere near Walking Street.   Same for new condos.  Few by Walking Street and many far, far away from Walking Street.

    Many tourists coming to Pattaya can have a very nice beach vacation and never set foot on Walking Street.  Like all resorts world-wide dependent on foreign tourists arriving by air, Pattaya is in for some slow times ahead, as are all the others. Maybe for several years.  But, once the virus is finally sorted, Pattaya will once again attract the tourists it was getting pre-virus.  Geography will not change and Pattaya is sitting a relatively short plane ride away from the two most populous countries on Earth.

3 hours ago, Henryford said:

Are they inflated. I bought my condo in 2006 and i suspect that if i sold it now i would be lucky to get the same amount back. Any other property in the world not gone up in value in 14 years?

 On the bright side you haven't been throwing rent money out the window for 14 years.  The money you've saved on rent has probably about paid for the condo.  Pat yourself on the back. 

Maybe Farangs and Chinese will be the first to take a haircut

on their Condos in Pattaya, the Chinese to repatriate funds to

help their businesses,and Farangs maybe just moving home,

Thai owners will just hang on to them .

regards Worgeordie

Owner of 8 new houses being built here in Ban Bung keeps asking me to buy one. 500 Baht down, 5,000 a month plus interest at the bank. 1.49 mil. 

 

When america starts a war with China, Pattaya will be booming again with all the troops on RR, 

The logic is to increase the price , not lower the price. Even in times of disaster.

T.I.T????

11 minutes ago, flynn said:

When america starts a war with China, Pattaya will be booming again with all the troops on RR, 

Chinese troops....

8 hours ago, n210mp said:

This is a post I put on another thread but just as appropriate in this one;

 

Too many folk talking about what they want to happen and not having a good look around at the infrastructure where the signs are that there will be no “Land value reduction” but in the next few years a massive “inflation of land values” ’

 

Why do I think this way?

 

Look around the area and “marvel” at the billions of Baht that have been pumped into the roads and motorways.  Someone suggested that these new roads were for more Tourists to get into central Pattaya!

 

Then there are the plans to make Utapau airport into one that may well be even bigger than Swampy and if you don’t think that is either possible or indeed feasible then ask yourself “Why does the new Motorway extension run directly to the airport?

 

Another reason for increased land values  in the Pattaya area is that Bangkok is  has been slowly sinking and this will ensure a  continuation of the movement of business people from Bangkok to reside in Pattaya  then using the very fast high speed trains to “commute” to Bangkok. These plans  have  been  finally approved !

 

The main reason  to believe that the local land values will go skywards is that Thailand is the centre of the AEC hub and the three provinces that are mostly going to benefit mainly from their physical location are all located  close to Pattaya  and  are ChonBurri ,  Chachoengsao  and Rayong.

 

Rayong is a major industrial area and the Country’s largest deep water harbor making it ideal for expansion.

 

Rayong also has Utapau airport which is gearing up to become a an international aviation service centre apart from possibly becoming the Country’s largest airport

Chachoengsao. 

I link this hereunder for your reading  which mentions all the three provinces  

https://www.nationthailand.com/Economy/30345192?no_redirect=true

 

I think that Pattaya will become something massively different than it has ever been before and yes there will still be places where the most obsessive of mongers and drinkers will be able to satiate themselves but it will become a destination for many types of diverse and different people from Chinese /Russian and Indian tourists to International business people as well, catering in a bigger and better manner than it has ever done before.

 

If you don’t think my point of view has any credibility then   ask yourselves;  why has there been  all this massive  capitol development going on in an area which has been on the slide for minimally the last 12 years?

 

Land values in Pattaya and the surrounding areas reducing?????

 In the words of a friend of mine;  of mine  “You are having a laugh, aren’t you”

 

 

But the truth is, properties towards U Tpao.....Huay Yai, Bang Saray and Sattahip areas have been depreciating for the past few years. Im seeing properties there for sale at least 40% lower than 18 months ago...and still can't sell them...yes the hold outs with their 10 mil villas on the market for 8 years already won't reduce the price....buy if you need a home by all means but don't expect any capitol gain whatsoever

4 hours ago, Guderian said:

The Thais tend to take a very long-term view wrt residential property. They're happy to wait eons until they get the price they want

I believe it is the same with foreigners as they mostly laid down cash to buy.

So, without a payment and probably a pension or some source of foreign income, they are in no hurry to sell unless they desperately need the money.

And there are people indeed who are desperate especially those that relied on a business here, that now may end up defunked.

 

I would be inclined to take the OP's wager.  There are no compelling reasons why residential property prices should fall.  The market (any market) will always be a function of supply and demand. That is not to say that I see much improvement in property prices, either, for the next few years, infrastructure improvements notwithstanding. The question one must ask oneself is, "Did I buy a home, or an investment"? Some people, of course, have been shrewd enough to buy 2-in-1, so to speak.

4 hours ago, newnative said:

 On the bright side you haven't been throwing rent money out the window for 14 years.  The money you've saved on rent has probably about paid for the condo.  Pat yourself on the back. 

I guess if a person is foolish enough to have their money sitting in a bank. On the not so bright side, even with the downturn in the markets that 2006 purchase would have more then doubled in a simple index fund and almost tripled at the market highs.

So, like the poster said it has been dead money condo even a possible loss at this point.

 

8 minutes ago, allanos said:

 

There are no compelling reasons why residential property prices should fall.  The market (any market) will always be a function of supply and demand.

Your comments are flawed.

Supply and demand?

The compelling reason is: Are you aware there are over 20,000 properties for sale in the Pattaya area alone?

If this was any other place with a transparent market, prices would be half of what the are now and places would still be sitting.

16 hours ago, thaitero said:

Think again,,

When all this coronastuff is over people will think what countries/cities were one of the safest places on the earth,,

Those countries/cities will be the places to live and spend extended holidays,,????

Nonsense. When this is all over people have short memories and nobody will make a buying decision based upon a pandemic that may happen again in the next hundred years. What it boils down to is price, likely return on investment, rental yield and stability of the country. Simple as that... If Thailand ticks all the boxes then all will be well.

 

10 minutes ago, bkk6060 said:

Your comments are flawed.

Supply and demand?

The compelling reason is: Are you aware there are over 20,000 properties for sale in the Pattaya area alone?

If this was any other place with a transparent market, prices would be half of what the are now and places would still be sitting.

As is yours!

20 000 properties unsold (please give your source).

If this was any other place with a transparent market, prices would be half of what the are now and places would still be sitting.

You would need to justify this vague statement.

4 hours ago, newnative said:

 On the bright side you haven't been throwing rent money out the window for 14 years.  The money you've saved on rent has probably about paid for the condo.  Pat yourself on the back. 

That depends on the yield doesn't it. Still doesn't make it a sensible investment as it will be a monumental hurdle to sell it nowadays. I bought 3 condos in Pattaya, very stupid thing to do. I rented them all out for a while but all I could see was bad news on and a constant decline in "real" tourists not the tourist numbers. So I thankfully sold them all but I had to sell them at the same price I bought them years before. In the UK in Hertfordshire my father bought a flat in 2010 for 150,000 pounds, it is now valued at 295,000. So doubled his money in 10 years. Pattaya,,,, no chance. There are better places to invest your money.

Lack of tenants will bring property sale prices down because no tenants  will turn the property over from an asset into a liability !