It's Real Estate Boomtime . . .

[onlooker]

From Today's Nation - the main storyon the website this morning:

Pattaya prices take off

Market rides on strong foreign investor interest

Published on March 20, 2008

Resale prices of luxury condominium projects in Pattaya have surged by up to 100 per cent due to strong demand from foreign investors, especially from the UK and Russia, according to a research report by property firm Raimon Land yesterday.

The Raimon Land report said that demand for luxury condominium projects located close to Jomtien Beach, Wong-Amat Beach and Pattaya Bay had risen strongly while new project launches have been limited.

As a result, the resale price of luxury condominium projects in Pattaya have increased from an average of Bt74,000 per square metre in 2005 to Bt150,000 in the first two months of this year.

Investors who are interested in snapping up properties in Pattaya are mainly from Russia, the UK, Australia, Germany, and Sweden.

Half the buyers of Pattaya properties treat it as an investment, which generates returns of between 8 to 10 per cent a year, while the other half invest in them as a second home, Simon Derville, Raimon Land vice president for research and development, said.

With strong demand in the market, a number of property firms have launched new residential projects.

According to the report, 19 new luxury condominium projects, or 5,177 units, were launched last year worth nearly Bt30 billion. Some are going through the construction phase and this year about 281 units would be completed. About 1,115 units are being constructed now and will be completed next year or over the next two years.

Some 3,781 units would be built over the next two years, to add to the booming Pattaya property market. Raimon Land is a property firm, which is planning to launch a new luxury condominium project this year called "EDGE", with an investment of Bt3.6 billion.

Raimon Land was very successful with its Northshore project in Pattaya, worth Bt1.49 billion. Its Northpoint project has recorded presales of more than 50 per cent.

Somluck Srimalee

The Nation

++

So lets have no more whinging about the state of things. I'm off to buy a condo now and look forward to my 100% ROI this time next year.

[VegasVic]

From Today's Nation - the main storyon the website this morning:

Pattaya prices take off

Market rides on strong foreign investor interest

Published on March 20, 2008

Resale prices of luxury condominium projects in Pattaya have surged by up to 100 per cent due to strong demand from foreign investors, especially from the UK and Russia, according to a research report by property firm Raimon Land yesterday.

The Raimon Land report said that demand for luxury condominium projects located close to Jomtien Beach, Wong-Amat Beach and Pattaya Bay had risen strongly while new project launches have been limited.

As a result, the resale price of luxury condominium projects in Pattaya have increased from an average of Bt74,000 per square metre in 2005 to Bt150,000 in the first two months of this year.

Investors who are interested in snapping up properties in Pattaya are mainly from Russia, the UK, Australia, Germany, and Sweden.

Half the buyers of Pattaya properties treat it as an investment, which generates returns of between 8 to 10 per cent a year, while the other half invest in them as a second home, Simon Derville, Raimon Land vice president for research and development, said.

With strong demand in the market, a number of property firms have launched new residential projects.

According to the report, 19 new luxury condominium projects, or 5,177 units, were launched last year worth nearly Bt30 billion. Some are going through the construction phase and this year about 281 units would be completed. About 1,115 units are being constructed now and will be completed next year or over the next two years.

Some 3,781 units would be built over the next two years, to add to the booming Pattaya property market. Raimon Land is a property firm, which is planning to launch a new luxury condominium project this year called "EDGE", with an investment of Bt3.6 billion.

Raimon Land was very successful with its Northshore project in Pattaya, worth Bt1.49 billion. Its Northpoint project has recorded presales of more than 50 per cent.

Somluck Srimalee

The Nation

++

So lets have no more whinging about the state of things. I'm off to buy a condo now and look forward to my 100% ROI this time next year.

I have been telling everyone for many years now that LSD will make a big comeback someday, after reading the article I can see that day has come

[Prakanong]

"I have been telling everyone for many years now that LSD will make a big comeback someday, after reading the article I can see that day has come "

LSD - Is that "Pounds, shillings and pence"?

[Irene]

Somluck Srimalee

The Nation

++

So lets have no more whinging about the state of things. I'm off to buy a condo now and look forward to my 100% ROI this time next year.

While I have been coloured by this forum of all the baddies, fraud and legal inconveniences in investing in Pataya, then out of the blue, the Nation came out as a headline news of how rosy Pataya is. The mindboggling quote was the current price of Baht150,000/M2. Is that believable? For those cynics waiting to pounce on anyone ever dared to praise the value of property in Pataya or in Bangkok, they now have another opening to hit on. I can sense that the first one is the source of information is extremely biased, coming from an estate agent and a hired developer. However, I am waiting to read some meaningful comments saying that it isn't so.

[ray08]

If it is in the Nation , it must be true , Happy times back in LOS , i hope i can still find some units for sale before they are all snapped up by lucky investors

[quiksilva]

THB 150,000 / sqm in Pattaya? Given the land costs I just dont see how they can justify that sort of pricing, in prime Bangkok fine, but Pattaya? It just doesn't make sense.

Unless....

Thai property is a rather convenient way to wash money should you ever have need to...

I can see the tag line now: "We ask no questions, so you can tell us no lies."

[craigt3365]

Too funny...only in Thailand can they get away with this type of stuff...amazing.

[thaigene2]

THB 150,000 / sqm in Pattaya? Given the land costs I just dont see how they can justify that sort of pricing, in prime Bangkok fine, but Pattaya? It just doesn't make sense.

Unless....

Thai property is a rather convenient way to wash money should you ever have need to...

I can see the tag line now: "We ask no questions, so you can tell us no lies."

Yes it's total crap - and typical Nation nonesense quoting a rather obviously biased source (but of course they are good advertisers/clients).

I've also suspected like you that this is money laundering - not just Pattay but elsewhere. However I wonder how they get around the Foreign Exchange requirement of producing those bank certificates to prove WHERE the money was transfered from, by whom, which bank, etc..(remember it's supposed to be transfered from the buyrers account in a forigen currency abroad into a Thai bank account - again in the buyers own name)

Secondly, if there is a lot of that going on then these buildings will hit the 49% wall - then what? Form companies? PRetty risky now..then again if you;re trying to launder cash I guess you take the risk and it may be actually better to buy in some shady company name as it aids in the cover up of moving the money around..

But in short - I think this is mostly untrue.

Edited March 22, 2008 by thaigene2

[PadThaiGuy]

"Resale prices of luxury condominium projects in Pattaya have surged by up to 100 per cent "

Ah,... so they finally sold one.

[suegha]

"I have been telling everyone for many years now that LSD will make a big comeback someday, after reading the article I can see that day has come "

LSD - Is that "Pounds, shillings and pence"?

Librii, Solidi, Denarii. From memory that is, I'd need a dictionary for the exact spelling!

ps not 'lysergic acid diethylamide' as some might think!

Edited March 22, 2008 by suegha