Pattaya Property Prices

[Rimmer]

New buildings are way overpriced.I strongly believe that the best value for money condo is View Talay 2 in Jomtien.It is a very nice building in a great location with fantastic pool.Units are abt 40,000 ish m2.This represents excellent value.

EPG.

You think 40,000 / SqM is good value for a concrete box within a concrete box, get real, the attached only costs 25,000 / SqM!!!!!!!

Sorry but i just hate condos!!

And when it was built 6000 to 8000 baht a square meter

[expatgaz]

Houses are a different issue.If we're talking value for money condo's at this moment in time VT2 represents good value.When built where abt 15,000 baht m2.Was good to be buying at that time.

EPG.

[LtCol]

Houses are a different issue.If we're talking value for money condo's at this moment in time VT2 represents good value.When built where abt 15,000 baht m2.Was good to be buying at that time.

EPG.

We are going through procedures to retire to Pattaya from Perth Australia, been searching the web sites for Houses , BUT, can anyone explain to me the difference between a House & a Villa , also is East Pattaya a popular area for expats??

The average price per sq m would be handy knowledge , the prices seem extraordinarily varied even in the same area.

ANY advice is welcomed

Thanks

[whitethai]

New buildings are way overpriced.I strongly believe that the best value for money condo is View Talay 2 in Jomtien.It is a very nice building in a great location with fantastic pool.Units are abt 40,000 ish m2.This represents excellent value.

EPG.

You think 40,000 / SqM is good value for a concrete box within a concrete box, get real, the attached only costs 25,000 / SqM!!!!!!!

Sorry but i just hate condos!!

And how many square metres is it?

OR just tell us what price it was!

And whereabouts

[LennyW]

New buildings are way overpriced.I strongly believe that the best value for money condo is View Talay 2 in Jomtien.It is a very nice building in a great location with fantastic pool.Units are abt 40,000 ish m2.This represents excellent value.

EPG.

You think 40,000 / SqM is good value for a concrete box within a concrete box, get real, the attached only costs 25,000 / SqM!!!!!!!

Sorry but i just hate condos!!

And how many square metres is it?

OR just tell us what price it was!

And whereabouts

500 SqM, 12.5 Mil, in Huay Yai on the main road from Huay Yai village to Chark Nell village, please PM me if you want the full details. (if you take the price on the land size 269 Tw, its just under 12,000 Bt/ SqM!!)

[plasticpig]

Pattaya is over priced at present, the crash is around the corner boys.

don't buy now unless you intend to stay there a long time, in your new house/condo.

Have a nice day

Edited July 14, 2008 by plasticpig

[LtCol]

Pattaya is over priced at present, the crash is around the corner boys.

don't buy now unless you intend to stay there a long time, in your new house/condo.

Have a nice day

Do you think that around 20,000Bht per sqm would be wise buying for a decent sized house ??? ie 4 - 5 Bedrooms

[Pattaya_Fox]

Please keep the posts and any attachments (pictures) pertinent to the topic.

Thank you in anticipation.

[wpcoe]

I know the expensive, high-end glitzy places get the most "air time," when discussing Pattaya real estate, but keep in mind there are other options that are still sprouting up, although with maybe less advertising budget.

e.g. Jomtien Beach Mountain Condominium

[Tyke]

Browsing through a few of the free glossy property magazines available in Pattaya I notice some "studio's"(bed-sitters) for sale at 3-4 million, and other condo's and apartments- which are very average -with rediculous prices at 5, 10 million up.

Surely with the glut of places here for sale and rent and the economy problems, etc there is a massive scam being attempted?

Who in their right mind would pay such nonsence amounts?

Am I right or not?

Just bought myself off-plan. I think the main reason for the high prices is that the market in condos is essentially a farang market where prices and affordability are higher, compared to, say houses. Only in areas popular with farangs is this true, because outside those areas there are very few condos built.

Another reason is the 49% ruling that means essentially that only half of the built condos really enter this farang market. In a place like Pattaya, the remainder remain unsold for a very long time.

The rest is due to demand from farangs who have to put up with high prices back home.

[DisainaM]

Pattaya is not over priced at present,

compare the price development with phuket or koh samui,

Pattaya has still big potential.

look to these people, investing big bucks in their homes,

http://www.iht.com/articles/2008/07/10/pro...es/rephuket.php

Pattaya has still a very modest price segment

[plasticpig]

It,s very nice to see Property developers, estate agents, and people who

Cant sell there homes/condos, are out in full force on this forum.

Yes your right, pattaya is not over priced for what you get.

Thailand is.

I think we should get more for our money. If you want to invest here.

And Please spare us the silly comparisons to property in other countries.

Have a nice day.

Edited July 14, 2008 by plasticpig

[Tarqin]

Condos in Pattaya are wildly over priced but the sellers don't drop the price they just don't sell.

One one bedroom condo I know of in Chateau Dale has been on the market at 5M baht for 4 years now.

The orignal buyer paid cash, 2M as you ask, and he doesn't need to sell.

There is little forced sales in the market.

But anyone actually buying at these prices is a fool.

[plasticpig]

Spot on. mate.

Edited July 15, 2008 by plasticpig

[NotNew2You]

And when it was built 6000 to 8000 baht a square meter

Those figures are too low...maybe building in Issan. General building costs (not including buying land) for standard Western quality and finishes would currently be around B 15000-B 18000 per sq. meter.

Edited July 15, 2008 by NotNew2You

[MekongCombat]

Condo prices are a insult. Sure if you are only interested in a concrete box with no parking, jerk management, idiotic culture mix of drunks and prostitutes combined with local police and Thai police culture which I will not even bother describing it may appear to be fine for a moment.

I love how some try to compare Pattaya to Miami or the Caribbean or any place that even has a descent hospital and couple old ambulances with a actual rescue squad. I feel sorry for those who buy into the VIP Monkey Poo of Pattaya and Thailand. You pay for a beautiful place, then get ran over trying to park only to have some drunk idiots show up and put you in the back of a truck and sort your pockets to go onto the ER where you die of a infection from the staff having lunch on the operating table, no I'm not even exaggerating.

With all the VIP tourist talk over the last couple years and you cant even hail a cab in Pattaya and are stuck riding in the back of some psychos truck, yea, keep making those good investments and call me when you get down to the hospital and need medical attention, Ill bring the Somtom.

[Guderian]

I met a friend last night I hadn't seen in a year or so. I lived in the same condo building on Pratumnak Hill, but I rented whereas he had bought his room. The owner of my room eventually sold it, and I had to move elsewhere (to Jomtien as it happened). The condo in Pratumnak was really nice, a bit isolated, but quiet and with a very friendly core of residents who met most afternoons by the swimming pool.

Last night he told me that they are now putting up a 9 storey building in front of the condo, and also major building works behind. The noise and mess is constant. Also the residents all fell out and don't speak any more, plus the Thai manager left and was replaced by a less effective person. So he wants to sell up and move elsewhere. He's asked around (the guy has been living here a long time and knows his way around) but he says that he can hardly give his room away. The town is glutted with unsold new condos, and there is little market for rooms in older buildings. He also reckoned that rents have fallen by about 40% in the last 2 years, and was urging me to move as I pay too much (that's even after the 15% reduction in rent I got off the owner back in April).

So perhaps expensive rooms in new condos are selling (if you believe the likes of Raimon Land – and personally I take what they say with a large sack of salt), to Russians with lots of money that needs to be laundered? I've been living here for 4 years and tend to agree with the views expressed above that something in the range 30K-40K Baht/sqm is currently about the market rate for buying existing condos in Pattaya. New condos are often asking rates that are just plain silly, given how poor the construction methods are. People may be buying these places, but they are either silly themselves or else (as suggested) buying it for some ulterior motive.

Now on the other hand, with prices of both steel and concrete having gone up this year by 50% or so, this is bound to have a knock-on effect on new property prices. Will we see Ocean 1 rates go up to 200K Baht/sqm, I wonder? This will also trickle down into the prices for older condos in time. So in fact, if you really want a place in Pattaya, then this may be a good time to buy.

What of the possibility of a property price crash? That's a good question. Oil prices will go back down to reasonable levels again some day, though possibly not soon. When that happens the Russian economy will tank. The Euro Zone is probably in recession as I write, with even Germany's economy contracting as export orders dry up. Italy, Spain, Portugal and Greece are all basket cases. Some places have 65% of their new homes unsold. British, American, Irish and Spanish (and yes, even German) house prices are all falling. When the commodity boom subsides, as it surely must, then Australian property will follow suit. With Thailand's current economic problems looking set to worsen under a rudderless government, why should Pattaya fare any better?

Personally, I will stay renting I think. There are too many uncertainties and, to my mind at least, the downside risk far exceeds the upside. Unless there is a genuine Pattaya property market correction of, say, 30% or so, in which case I might be more inclined to buy. I agree with the OP that property is for the most part well overpriced here, and not only the new buildings.

[suiging]

Politics................................The only reason the houses/condos are not a great deal more expensive than they are now.

Prices are a reflection of supply and demand. The demand from Europeans who have grown tired of their holiday home in Spain etc, and the latent demand from Asia ( please look at what the Chinese are prepared to pay at home for property near a decent golf course ), is being held back by the ridiculous land laws and political uncertainty. At present there is no property market to speak of in Patters aside from the sparse managerial crowd in the East and the rampant speculators both Thai and expat in the condo market. Enlightened Govt and the potential of a Casino in the offing will change that in a hurry ( if they ever materialize ). Until then .......neit, nada etc etc.

If I had more money than I do now, I would take a punt on land and wait and see what happens. If the countries management, which we can not influence, wake up as their neighbourhoods have to the grey dollar potential ( I believe they will as underneath their rampant xenophobia they are as greedy as the next man........perhaps more so ), you will do well in this area.

Edited July 15, 2008 by suiging

[NotNew2You]

...idiotic culture mix of drunks and prostitutes combined with local police and Thai police culture which I will not even bother describing it may appear to be fine for a moment.

Very true. Many of my friends who bought condos eventually sold and moved into houses for just these reasons. The noise and general disturbances from fights between mongers and bargirls, combined with generally noisy and obnoxious neighbors and unit renovations became just too much.

For exactly these reasons, I have always rented or bought houses.

[cali4995]

The zoning issues (or lack thereof) have always been a source of concern for me.

Take that new view talay project on the beach road with central's massive shopping

complex almost butting into one side of it. How is that even allowed to happen?

If I was ever going to buy anything I'd sure want to know who held all the notes on

any adjacent land and what would happen with it. As if that's even possible here?

[Pattaya46]

Take that new view talay project on the beach road with central's massive shopping

complex almost butting into one side of it. How is that even allowed to happen?

Yes. . See picture there : http://www.thaivisa.com/forum/-t177643.htm...t&p=2034922

Above that on North side will be the Hilton Hotel tower, up to 31 floors.

And on the South side should be an attraction park for 3 years, and then... VT6 B ?

[Jonnydarko]

I mentioned in another thread (similar topic, different title), that I had spoken to some Euro types that thought Pattaya's prices were a steal compared to back in places like Belgium.

Buy a property for 2-3 million baht, sell it to some fellow countryman for 150-200%.

Buy 2 more properties for 2-3 mil, resell them to other fellow countrymen for 150-200% markups, etc, etc.

I've seen the effect even on traditional "Thai" properties (shop houses), where a unit that sold for 1.2 mil in '05, was being offered for 1.8 mil 2 years later (a modest 50% increase, or 25% per year).

New units of similar size and location, are being offered at 5 mil (I've noticed that a lot of them are still sitting empty 12+ months after completion). Hasn't seemed to slow down the building boom at all though (I'm just talking about the shop house/apartment buildings. It seems every where I go, I see another new building going up.)

//edited to spell Belgium properly, lest the TV Spelling Police start taking their virtual tasers to my sensitive areas !

fekking shop houses, like there aren't a fekking gazillion of those, looks o so lovely to have a shop, and the next two have the shutters down permanently, another shop, another shutter down, shop, 3 shutters down, shop....repeat at nausea, (and they keep building the dam_n things even though half of them are empty) and then they have the audacity to ask for a 100,000 baht key money when you take over a business, <deleted> is that about? why not rent the empty one next door and just move everything in there? Surely a couple of stickers, signs, and a bit of furniture can be moved for less then 100,000?

and the property prices are a ripp-off, like what has been said before, too many people comparing the prices to their home country, I've seen houses here where they charged 17 million baht for, and you would expect a bit of standard and high quality, but sjees not a freaking tile straight in the house, cheap half assed finished jobs all around the house, you could have that house built by yourself for 3 million (including land)

nothing too it, get some land then call somchai the builder and tell em to build a house for you. 3 million your done, but ofcourse instead of living in it you could sell it for 5 times more, and do the same trick again in 5 fold and after that another five fold and you have yourself your own massive developers/property company.

[whitethai]

<br />

I mentioned in another thread (similar topic, different title), that I had spoken to some Euro types that thought Pattaya's prices were a steal compared to back in places like Belgium.<br /><br />Buy a property for 2-3 million baht, sell it to some fellow countryman for 150-200%.<br /><br />Buy 2 more properties for 2-3 mil, resell them to other fellow countrymen for 150-200% markups, etc, etc.<br /><br />I've seen the effect even on traditional "Thai" properties (shop houses), where a unit that sold for 1.2 mil in '05, was being offered for 1.8 mil 2 years later (a modest 50% increase, or 25% per year).<br /><br />New units of similar size and location, are being offered at 5 mil (I've noticed that a lot of them are still sitting empty 12+ months after completion). Hasn't seemed to slow down the building boom at all though (I'm just talking about the shop house/apartment buildings. It seems every where I go, I see another new building going up.)<br /><br />//edited to spell Belgium properly, lest the TV Spelling Police start taking their virtual tasers to my sensitive areas ! <img src="style_emoticons/default/biggrin.gif" style="vertical-align:middle" emoid="" border="0" alt="biggrin.gif" />

<br /><br />fekking shop houses, like there aren't a fekking gazillion of those, looks o so lovely to have a shop, and the next two have the shutters down permanently, another shop, another shutter down, shop, 3 shutters down, shop....repeat at nausea, (and they keep building the dam_n things even though half of them are empty) and then they have the audacity to ask for a 100,000 baht key money when you take over a business, &lt;deleted&gt; is that about? why not rent the empty one next door and just move everything in there? Surely a couple of stickers, signs, and a bit of furniture can be moved for less then 100,000? <br /><br /><br />and the property prices are a ripp-off, like what has been said before, too many people comparing the prices to their home country, I've seen houses here where they charged 17 million baht for, and you would expect a bit of standard and high quality, but sjees not a freaking tile straight in the house, cheap half assed finished jobs all around the house, you could have that house built by yourself for 3 million (including land) <br /><br />nothing too it, get some land then call somchai the builder and tell em to build a house for you. 3 million your done, but ofcourse instead of living in it you could sell it for 5 times more, and do the same trick again in 5 fold and after that another five fold and you have yourself your own massive developers/property company.<br />

<br /><br /><br />

This was my similar idea to sell house then buy main condo then some money left to buy off plan condo and then sell for profit to keep me here out a fuc_kin England) and so do this every year or two which is like a job.

What you think?????

[CHdiver]

If you have a look at the Pattaya Info "Newspaper" (that's the multilingual Paper you get for free at places like Friendship) you will see how Agents try to push prices. Every condo/house advertised in that paper (it's just one Agent) is overpriced compared with the allready overinflated prices other Agents are asking. For example for rentals going for around 10 - 15'000 Baht, they ask 5 - to 10'000 Baht more then others.

[bkkjames]

Having just returned from Pattaya yesterday I can honestly say that those who buy property there will get what they deserve.

[gmac]

If you have a look at the Pattaya Info "Newspaper" (that's the multilingual Paper you get for free at places like Friendship) you will see how Agents try to push prices. Every condo/house advertised in that paper (it's just one Agent) is overpriced compared with the allready overinflated prices other Agents are asking. For example for rentals going for around 10 - 15'000 Baht, they ask 5 - to 10'000 Baht more then others.

I've also heard that something like 40% of what you pay for Condo rentals goes to the agent, i.e. if you pay 25k to rent a property, the owner only actually gets 15k. These cowboys in the Pattaya Info must be getting MORE than the owners! Pure Greed.

[rgs2001uk]

If you have a look at the Pattaya Info "Newspaper" (that's the multilingual Paper you get for free at places like Friendship) you will see how Agents try to push prices. Every condo/house advertised in that paper (it's just one Agent) is overpriced compared with the allready overinflated prices other Agents are asking. For example for rentals going for around 10 - 15'000 Baht, they ask 5 - to 10'000 Baht more then others.

I've also heard that something like 40% of what you pay for Condo rentals goes to the agent, i.e. if you pay 25k to rent a property, the owner only actually gets 15k. These cowboys in the Pattaya Info must be getting MORE than the owners! Pure Greed.

former barrow boys who got sick of selling time share to gullabile tourists, and reinvented themselves as property consultants, they usually have some tattooed former pole dancer in tow.

chavs wearing chav gear and talking chav speak, love them.

[sotsira]

Having just returned from Pattaya yesterday I can honestly say that those who buy property there will get what they deserve.

What would that be exactly?

[faranglandoz]

If you have a look at the Pattaya Info "Newspaper" (that's the multilingual Paper you get for free at places like Friendship) you will see how Agents try to push prices. Every condo/house advertised in that paper (it's just one Agent) is overpriced compared with the allready overinflated prices other Agents are asking. For example for rentals going for around 10 - 15'000 Baht, they ask 5 - to 10'000 Baht more then others.

I've also heard that something like 40% of what you pay for Condo rentals goes to the agent, i.e. if you pay 25k to rent a property, the owner only actually gets 15k. These cowboys in the Pattaya Info must be getting MORE than the owners! Pure Greed.

If you get an agent to sell your property, they generally charge 5%. That reall pushes up your property price.

[thaiman]

is a massive scam being attempted?

Everything in Thailand is a scam!