Pattaya Rents Dropping

[gguy]

The rental rates at the group of condos behind the Avenue have been dropping fast.

Most rates are down 25 to 50 percent from opening.

The Pride is now quoting 20K for a one bedroom. The quote one month ago was 25K. The rental agent indicated the owner would be open to offers.

The Avenue studio is down from 15K to 10.5K per month in less than one month. The owner originally wanted 20K per month.

I made an offer for a studio at the Avenue for 7K for a 5 year lease. The owner will get back to me. The owner explained how much he paid for the condo but I noted how close all the new condos are to SB road. The going rate on SB is 5 to 6K for a nice long term room.

[SUPERIOR]

Goodluck with that,I think If you make a contract for over 3 years you have to go to the land office.I'm not sure,maybe some member can confirm or deny this.I have some condos also and i have dropped the price allot.I have a 2 Bedroom 150 SQM That i normally rented out for 40 thousand per month for one year contract but now i have dropped it to 30.I have 4 1 Bedroom 1 Living room which are all 76 sq m,I normally got 25 per month but now i am renting at 15 per month on long term conttract.I have a few studios that are 41 sq m that normally i would rent out at 13 per month but now 10.

Oh well.

[Pattaya46]

Hi,

Once again a wrong title for a discussion : "Pattaya Rents Dropping" : No! You can't generalize to Pattaya what you observe in Soi 15...

In Soi 15 there was nearly nothing 2 years ago. Now you have 5 or 6 projects just finished (or about to be soon finished) and then hundreds and hundreds of new rooms in this area, most of them bought as "investment" and then for rent... There is no way all owners will find tenants for all this rooms in less than 1 year... If you want find a room in this area, you have so many for rent now than you can get a very good price. Not good for owners but...

In other parts of Pattaya, I do not see big drop in rent price, often even no drop at all. In my condo rooms find tenants at the same price as 1 year ago. Still many people looking to rent there.

[foxxx]

according to the rethai.com listing data, house and condo prices are both on a slightly downward trend...

http://www.rethai.com/index/stats

[NanLaew]

^ Ummm... over to you Pattaya46

[William Osborne]

why would you want to rent a studio for 5 years ????? which is nothing more than a hotel room.... and you could get a 2 bed house for less than 10 k..

Edited April 1, 2010 by William Osborne

[torrenova]

Goodluck with that,I think If you make a contract for over 3 years you have to go to the land office.I'm not sure,maybe some member can confirm or deny this.I have some condos also and i have dropped the price allot.I have a 2 Bedroom 150 SQM That i normally rented out for 40 thousand per month for one year contract but now i have dropped it to 30.I have 4 1 Bedroom 1 Living room which are all 76 sq m,I normally got 25 per month but now i am renting at 15 per month on long term conttract.I have a few studios that are 41 sq m that normally i would rent out at 13 per month but now 10.

Oh well.

As far as I know over 3 years is registered and then you've all got officialdom looking for the taxes on it. 3 plus option would not be registered.

[Michaelaway]

Rather than labeling the trends as we might perceive them, my opinion is that Pattaya is really an extreme city. So, many of the inhabitants often experience some pretty extreme circumstances. As a result, assorted types of housing opportunities seem to come up fairly regularly here. But, you can not just check the realtors' websites and internet classifieds; that's not enough. Check everywhere. And, get out to ask around and look around. Promise- eventually, you will find a deal you love(, like or at least can live with), within your budget. Start looking well before you have to relocate. You learn as you go around here... get out there and learn. It can be done...!

One friend came to Pattaya four years ago. He told me his housing situation went like this:

1) Pattaya Hotel @ 1,200 baht/ night

2) Jomtien Guesthouse @ 900 baht/ night (all Jomtein after this)

3) 28 meter studio condo @ 16,000 baht/ month

4) 41 meter studio condo @ 12,000 baht/ month

5) 76 meter 1-BR condo @ 12,000 baht/ month

6) 90 meter 1-BR beachfront condo @ 16,000 baht/ month

7) 300 meter 3-BR, 3-BA, 4-balcony townhouse @ 12,000 baht/ month

Ok, so not everyone wants to live in a 3-BR townhouse. And 12,000 baht/ month is not everyone's budget. But, it was the perfect deal for one farang. Maybe the perfect deal for another is a small studio condo @ 7,000 baht/ month... who's to say?

If you oberve the housing situation locally, and make the decision about what's right for you... you definitely can find what you want... you just gotta look... hard.

Good luck, farang!!