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Pattaya: Grim picture for future of resort as post pandemic optimism dries up


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Most people with loans don't own anything for the banks to take. IMHO Banks are just as likely to fail as any other business. I really don't expect tourism to be profitable again in the near

If I was the Economics or Finance Minister of Thailand I would have trouble sleeping at night.   In my mind would be graphs of the rise in debt---corporate and household---over the last ten

Indentured servitude is on its way . You are most likely right that banks are going to fail but I’m sure there are some financial institutes that are going to prosper . I said it 6 months ago that the

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2 minutes ago, newnative said:

   Exactly.  I read his list of reasons expats settle in Pattaya--I think it was bars, ladies, nightlife, and food--and only food would have made my list of reasons.  (My list has boring things like good health care at a reasonable cost and nice year-round weather.)  I suspect that is true for some other expats living here, as well.  And, for those expats who would list the other 3, they will likely always be available, too. 

Tis true, but there are not enough of you. For me when I retire, Portugal, Greece or South of France are my go to places. Better weather than Thailand, better food (I think), better scenery (better than Pattaya anyway) much more developed and of course world class healthcare. Pattaya did not grow on the back of the silver surfer brigade unfortunately, Benidorm it aint. 

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5 minutes ago, JensenZ said:

"bit troublesome" - understatement of the year.

that is how i try to please some that say i am too negative   😉

 

I am on record here as giving my opinion that the world is totally  f.......d .    But i still hope i am

wrong .   This is one self serving world we live in.   The "people"  do not have the weapons , and anyway

they would rather choke on their big mac and post a smiley than take the trouble to figure out what

goes on.   Fighting about everything (against each other)

 

Best plan  imo  is figure out how to survive .   You and your loved ones.  

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Just now, impulse said:

 

Not so much in Thailand, where there are virtually no real estate taxes, and all it takes to "maintain" an empty building is a bit of lumber to board it up for a decade.  

 

If they enacted genuine real estate taxes (which is only starting), it would revolutionize the Thai real estate market, when it actually costs people cash out of pocket to sit on a valuable asset watching it appreciate.  As it sits now, they throw out a high price, and wait for years and years for the value to meet their price.

 

i have some prime real estate for sale .    well, it will be in ten years  🙂

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2 hours ago, epicking said:

Landlords dont help much.
My Girlfriend has a Massage clinic with her sister. They made a deal with him of 70% rent until January, 21 on the condition that they closed and not did business or stayed there.
He just called the other day and said no-more. Either pay full rent now or get out.

Why on earth would an owner do that unless he expected that he could find a new, full-paying tenant, or if he  had some other plans for the property?  Makes no sense.

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12 minutes ago, rumak said:

i have some prime real estate for sale .    well, it will be in ten years  🙂

I'll trade yer,, I've got a bag of sticky rice and some nice flip flops,,, 🙂

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5 hours ago, Kaopad999 said:

Tourism as we once knew it was already on the decline before this Covid situation.
 

it wasn't in decline, it just wasn't keeping up with the massive year or year expansion of tourist businesses. There were cranes and construction of sky scrapper hotels in a city that was already nearly entirely underused hotels and bars and food outlets.
From a lenders point of view it made a lot of sense to pull the plug on the thai economy so that thousands of eager startup businesses trying to get a piece of the tourism industry default on their debt, having to hand over their assets to the banks.

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btw,  in these times of recession & monetary contraction, big players often move into new areas of business. Has anyone noticed the presense of new groups of people buying up real estate in Pattaya? I suspect well financed islamic groups are looking to establish a firm new base there.

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Pattaya,  is History .

    It's reputation as the World's biggest brothel , is a stigma , on Thai culture ...

 Finance's , raised by means of prostitution , are alien to the present , Thai Government ..

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1 hour ago, GAZZPA said:

As I said, i understand that. you may know a few but you are still there and Pattaya is dying so there is nowhere near enough of you to support a cities economy. It has not grown and thrived as "Snoozeville by the sea" for old duffers, it has been a party city for decades. 

My first visit was was on holiday in 1994.  Wow!  26 years ago!  Certainly, the major attraction--or one of the major attractions--was the girls and the bars. But there were rather few of them. I would walk from Pattaya to Jomtien and there was nothing along the road. Lots of empty space in Jomtien. Very sleepy.  Very nice, actually, even with many fewer amenities that made made life easy and nice for expats. The only way to communicate overseas was to visit a little shop that would send a fax for $10.  No Big C yet in Pattaya.  When I moved there 5 years later, there was more, but it was still sleepy.  Not so by the time I left and moved upcountry in 2004.  

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4 minutes ago, GAZZPA said:

It was in decline fella, Pattaya has been struggling for years now. Don't believe the official numbers they are very misleading.... 

I've been visiting pattaya the last few years, I haven't noticed substancial decline. Certainly, the foot traffic varies, but thats nothing new. 5 years ago soi 6 was definately busier than it was in winter 2019-20. More recently, vast rivers of chinese family tourists changed the market. But overall pattaya seems to be growing year on year to me.

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15 minutes ago, djuiiy said:

btw,  in these times of recession & monetary contraction, big players often move into new areas of business. Has anyone noticed the presense of new groups of people buying up real estate in Pattaya? I suspect well financed islamic groups are looking to establish a firm new base there.

They have been known to make some bold moves in downturns.  They even bought a stake in Carnival at just about the peak of the crisis.  https://cruisearabiaonline.com/2020/04/07/saudi-arabia-buys-stake-in-cruise-giant-carnival-as-it-seeks-to-become-cruise-destination/

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3 hours ago, DrTuner said:

It's a welcome cleanup. Traffic is almost alright now, too. Let the strongest survive.

yes for me personally as i do not need a job for income,

but i also got many thai friends that are really struggling now,

and for the first time in 15 years, i now meet random begging requests the moment i leave the hotel building

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3 minutes ago, djuiiy said:

I've been visiting pattaya the last few years, I haven't noticed substancial decline. Certainly, the foot traffic varies, but thats nothing new. 5 years ago soi 6 was definately busier than it was in winter 2019-20. More recently, vast rivers of chinese family tourists changed the market. But overall pattaya seems to be growing year on year to me.

Well I lived and worked there for 7 years, before that regular visits on business for 10 years. I also had a business in Pattaya and know many who also own there own business. Nearly all trade is reliant in tourism and the business was declining significantly for 5 or 6 years before I got out of there. Many of my friends and colleagues have done the same, there was no money to be made anymore. So not being argumentative but your holiday experience is not the same as living and working there and it has been on the slide for a long time, it absolutely is not growing year on year, quite the reverse.

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11 hours ago, Oldie said:

If I look at the many open air bars - they are just very simple and cheap constructions. If they go bust not much investment is lost. It is a different story for hotels and shopping malls for instance. Here also the banks might suffer. 

I prefer not to see any decent business have to close up shop.

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