Condo Market price trends ? Pattaya/Jomtien

[Dave0206]

2 hours ago, JimTripper said:

Most people buy as much as they can afford. As inflation rises they get squeezed out of the place they purchased because their income dwindles and does not buy as much. If you rent you can easily move into a cheaper place if needed.

 

Does not sound like much but we probably have years of higher inflation ahead and it has a snowball effect.

 

It often manifests as people asking about money, family members needing loans, or wanting partners in property or business, etc. I'm hearing it already from relatives who bought 5 years ago.

Since I assume most of us here are farangs unless thai wife borrowed money to buy your condo or house I'm sure most bought outright so yes your cam fees have to be paid but unless your other expenses increase you are mostly inflation covered?

[bradiston]

I just bought a 35.7 sq m ground floor studio flat in an old condo, about 30 years old, for 900k THB, in Soi 6 Pratamnak, maybe 400m from the sea, spa and shops etc in Soi 5, Haad Dong Tan etc. £20k. It'll hopefully see me out. I had to put it in my Thai daughter's name as the quota was full. Still, she wasn't complaining!

[NextG]

3 hours ago, JimTripper said:

Most people buy as much as they can afford. As inflation rises they get squeezed out of the place they purchased because their income dwindles and does not buy as much. If you rent you can easily move into a cheaper place if needed.

 

Does not sound like much but we probably have years of higher inflation ahead and it has a snowball effect.

 

It often manifests as people asking about money, family members needing loans, or wanting partners in property or business, etc. I'm hearing it already from relatives who bought 5 years ago.

You are posting nonsense that likely has nothing to do with Thailand. Probably yet another story embellished by your negativity. 
Tell us the specifics. Which city/area and how do you become priced out of an area in which you own a property outright. 

 

[newnative]

14 minutes ago, Dave0206 said:

Since I assume most of us here are farangs unless thai wife borrowed money to buy your condo or house I'm sure most bought outright so yes your cam fees have to be paid but unless your other expenses increase you are mostly inflation covered?

    That's my take, too.  You're certainly 'mostly inflation covered' for what is usually the biggest monthly expense--keeping a roof over your head.  No matter what inflation does, your paid-off condo ownership doesn't change.   You don't have to find more money each month for an adjustable-rate mortgage that just adjusted up.  Or, find more money for an annual rent increase.         Of course, you do have condo maintenance fees, which are very reasonable here, and utilities to pay--which renters also have--no getting around either--but, nice to have a big monthly budget expense about as in control as possible.

[newnative]

25 minutes ago, NextG said:

You are posting nonsense that likely has nothing to do with Thailand. Probably yet another story embellished by your negativity. 
Tell us the specifics. Which city/area and how do you become priced out of an area in which you own a property outright. 

 

Agree.

[Paris333]

Look in Greece the Swedes and Germans as well as Britains come and buy old properties in coastal villages for €18,000 as a Britain did a month ago. He repaired the stone two-storey house like a maisonette, changed the wooden floors etc. and now he has a new house with €30.000 while another Swedish bought six thousand square meters of land with a house and about 100 olive trees. He repaired it and built a big swimming pool and he will stay permanently in Greece.In Thailand he would want more than €300.000 for 100 square meters of house. Condo in Thailand? No thanks!........

[Iron Tongue]

The biggest foreign buying group, China, will be out of the market for the foreseeable future.  

The RE market and banks who funded the bubble in China are sinking into oblivion, Chinese speculators are no longer able to leverage their over inflated RE in China and take cash out for Thai purchases.  

Don't be expecting any other groups to step-in an buy up all the building inventory in Thailand.

[strikingsunset]

I noticed on Facebook today a 40sm studio advertised at a View Talay  as a bargain at circa 2.2m baht, someone commented that the price was expensive.

Just trying to learn more about the marketplace.

[TimeMachine]

On 10/13/2023 at 10:33 PM, WhatMeWorry said:

So very true, price does not seem to matter anymore. The condo market is dead right now.

It matters at my condo. 38sqm 40 year building 700k-850k seems to be the stable price. Nobody will sell cheaper. Of course unless you want power lines running across your balcony then 600k maybe. I'd say things are stable waiting for an inrush of people. So not many sales I guess. Perhaps over the next few years a lot more settling here from war torn places.  

 

[scubascuba3]

18 minutes ago, strikingsunset said:

I noticed on Facebook today a 40sm studio advertised at a View Talay  as a bargain at circa 2.2m baht, someone commented that the price was expensive.

Just trying to learn more about the marketplace.

depends which view talay

[Hugh Cow]

18 hours ago, bradiston said:

Leading to a possibly off topic comment, but out of curiosity, how would the Chinese pay for it, assuming, probably erroneously, they don't have the money here?

 

I ask as I have a potential buyer from China but we can find no way of sending 1m RMB to Thailand to change into THB. Any pointers anyone?

I believe its done through Hong Kong.

[BritManToo]

14 hours ago, newnative said:

    That's my take, too.  You're certainly 'mostly inflation covered' for what is usually the biggest monthly expense--keeping a roof over your head.  No matter what inflation does, your paid-off condo ownership doesn't change.   You don't have to find more money each month for an adjustable-rate mortgage that just adjusted up.  Or, find more money for an annual rent increase.         Of course, you do have condo maintenance fees, which are very reasonable here, and utilities to pay--which renters also have--no getting around either--but, nice to have a big monthly budget expense about as in control as possible.

When I moved to CM in 2009 I was renting a condo, 6000bht/month.

Same condo is still 6000bht/month in 2023.

Not sure rental inflation is happening.

 

During that same time my pound dropped from 50bht to 45bht (-10%)

But my pension income nearly doubled (+80%).

 

I'm quids in because of inflation.

Edited October 15, 2023 by BritManToo

[GypsyT]

I've been checking Non Prue area and wondered why so many abandoned houses?

Is there a way to find out owners?

 

The area is nice and good for walking around the lake. Many likewise people, all ages, exercising nightly. Haven't seen any condos yet.

[JimTripper]

1 hour ago, scubascuba3 said:

depends which view talay

the view talay condo's are cookie cutter condo's. every room is nearly the same. lookup and you see balconies all the same. no character. you are packed in with many people.

 

view talay residences are much better.

[Bunny Silverhand]

The Buffett indicator for condos in Thailand points towards 3000%. Correction incoming.

Edited October 15, 2023 by Bunny Silverhand

[newnative]

3 hours ago, scubascuba3 said:

depends which view talay

And what floor, what view, what condition, etc.

[newnative]

2 hours ago, JimTripper said:

the view talay condo's are cookie cutter condo's. every room is nearly the same. lookup and you see balconies all the same. no character. you are packed in with many people.

 

view talay residences are much better.

     Actually, although the majority of the studios are a pretty similar 48 sqm in VT3 thru 7, with front door at one end and large balcony at the other end, what happens in between those two points can be, and usually is, completely different from condo to condo.   That's because all these studios--and the larger units as well, came as empty shells, without even a finished floor.

      Buyers were free to do whatever they wanted within those walls and they all had a blank canvas to work with.  So, they chose their  floor tiles, ceiling designs and lighting, what furniture they wanted, and whatever size and style of kitchen they wanted to have built--from basic to well-equipped.

     Unlike later condo projects, many of which truly were 'cookie cutter', with the exact same kitchens, the exact same furniture, the exact same lighting, and, in some cases, even the exact same wallpaper and art on the walls, you never know what you will find when you open a View Talay door--which makes things interesting. 

    My partner and I did 6 or so of these View Talay shells--often living in the finished project for awhile--and we definitely had our own take on what we thought worked best with the space.  We liked working with a blank slate but many buyers want a finished condo that allows them to just move in and everything is done and ready for them--even if it looks exactly like the one next door.

 

  

[retarius]

When I came here I had the mad notion of investing in property. I thought if I bought a few condos they would give me some income and something for the mrs to inherit. I can't think I have ever met a happy condo owner here, except the ones pretending to be happy when they are trying to sell it to you.

My son has a condo on Miami Beach, West Ave side with great views of Miami Bay and Star Island, but the <deleted> he has to put up with is nobodies business. And the condo fees go up and up as the service goes down and down.

So not for me.....I'm buying up land.

[soi3eddie]

On 10/13/2023 at 12:33 PM, WhatMeWorry said:

So very true, price does not seem to matter anymore. The condo market is dead right now.

There is always a market for something of value at the right price. 

 

[Pattaya57]

33 minutes ago, retarius said:

.....I'm buying up land.

Good luck with that as obviously foreigners cannot by land in Thailand

[JimTripper]

 

42 minutes ago, retarius said:

When I came here I had the mad notion of investing in property. I thought if I bought a few condos they would give me some income and something for the mrs to inherit. I can't think I have ever met a happy condo owner here, except the ones pretending to be happy when they are trying to sell it to you.

My son has a condo on Miami Beach, West Ave side with great views of Miami Bay and Star Island, but the <deleted> he has to put up with is nobodies business. And the condo fees go up and up as the service goes down and down.

So not for me.....I'm buying up land.

After reflecting on this for some time, the best option I can come up with is doing a cash purchase of a small cabin on land in my home country in a semi rural affordable location, then just renting half the year in a vacation destination.

 

If I buy a place in a foreign country, chances are I need to move back to home country at 70's or so anyhow. Happened to my neighbor.

[strikingsunset]

2 hours ago, JimTripper said:

 

After reflecting on this for some time, the best option I can come up with is doing a cash purchase of a small cabin on land in my home country in a semi rural affordable location, then just renting half the year in a vacation destination.

 

If I buy a place in a foreign country, chances are I need to move back to home country at 70's or so anyhow. Happened to my neighbor.

 

[strikingsunset]

1 hour ago, strikingsunset said:

 

exactly, you nailed the dilemma perfectly.

[1FinickyOne]

6 hours ago, retarius said:

So not for me.....I'm buying up land.

We started buying farmland around my wife's village - I think we started buying about 2005 when the going rate was 40k baht per rai... the current going rate is now 260k baht per rai - - she has done very well and the bonus is that family members have been farming the land and earning a living... 

[spidermike007]

Worst time to buy. Market has peaked, and can only drop from here. And if a major recession hits, all bets are off. How large could the drop be? 40%?

 

Thailand condos are so over built. 

[NickyLouie]

3 minutes ago, spidermike007 said:

Worst time to buy. Market has peaked, and can only drop from here. And if a major recession hits, all bets are off. How large could the drop be? 40%?

 

Thailand condos are so over built. 

 

Market instability and potential worldwide recession decline in fiat currencies say it's a good time to park money in tangible assets.

 

 

  

[jacko45k]

19 hours ago, strikingsunset said:

I noticed on Facebook today a 40sm studio advertised at a View Talay  as a bargain at circa 2.2m baht, someone commented that the price was expensive.

Just trying to learn more about the marketplace.

It would very much depend on which building, age and of course location, big factors!

[strikingsunset]

12 hours ago, spidermike007 said:

Worst time to buy. Market has peaked, and can only drop from here. And if a major recession hits, all bets are off. How large could the drop be? 40%?

 

Thailand condos are so over built. 

I know you are a regular, knowledgeable,  poster here....a 40 per cent per cent drop from the current levels would be simply jaw dropping.

[bradiston]

Rents haven't peaked. They're set to increase on an annual basis. I came here during covid which of course totally distorted the market, or so we all thought. I started off paying 5k pm in a friend's guesthouse on lengkee. Then 5500 in Pratamnak for a decent 1 bedder. That went to 8 after a year, and was going to 11 this year. Doubled in 2 years. Ok, covid's space/time warp in full flow. But I projected it would probably plateau out at 15 in a couple of years. The agent agreed. 180,000 pa.

 

So, if you can find a habitable spot, and there's lots of them in Pattaya/Jomtien, for a million or so, why go chasing that penthouse in the sky? Resell value after maybe 5 years might not be what you paid for it, but you should get back maybe 75% of your outlay. So it's cost you 250,000 in depreciation, but you've saved around 750,000 on rent. Course, YMMV! As could mine, also ????.

Edited October 16, 2023 by bradiston

[JimTripper]

20 hours ago, newnative said:

     Actually, although the majority of the studios are a pretty similar 48 sqm in VT3 thru 7, with front door at one end and large balcony at the other end, what happens in between those two points can be, and usually is, completely different from condo to condo.   That's because all these studios--and the larger units as well, came as empty shells, without even a finished floor.

      Buyers were free to do whatever they wanted within those walls and they all had a blank canvas to work with.  So, they chose their  floor tiles, ceiling designs and lighting, what furniture they wanted, and whatever size and style of kitchen they wanted to have built--from basic to well-equipped.

     Unlike later condo projects, many of which truly were 'cookie cutter', with the exact same kitchens, the exact same furniture, the exact same lighting, and, in some cases, even the exact same wallpaper and art on the walls, you never know what you will find when you open a View Talay door--which makes things interesting. 

    My partner and I did 6 or so of these View Talay shells--often living in the finished project for awhile--and we definitely had our own take on what we thought worked best with the space.  We liked working with a blank slate but many buyers want a finished condo that allows them to just move in and everything is done and ready for them--even if it looks exactly like the one next door.

 

  

Colored wallpaper and nice kitchen faucets are not good enough for me. I need character in structure (ie walls, shapes of rooms, etc).

 

A prison cell can have different color tiles and wallpaper.