Are Houses Overpriced In Pattaya?

[guzzi850m2]

Are houses overpriced? -- No

Are there more and more developments being built? -- Yes

Are there less buyers around than before -- Yes

So the more units being built with the less buyers around to buy anything has stagnated the market.

Even if prices were to come down across the board, without enough buyers around those properties

that have been for sale for months on end will still stay unsold.

It's too much supply and not enough demand at the moment.

Yes I think that is pretty much spot on.

The world economy have far from recovered and the Thai bath is very strong so that will restrict the market too.

[craigt3365]

Here's what I know for a fact. Six years ago I bought a small house completly on impulse. It was the only house I looked at after looking at hundreds of condos. I wake up every day happy to be here and my friends who all live in condos, and constantly complain about various discomforts ask me why I'm not out running around every day like them.

I bought within my budget. While I was back in the states for a few years I rented it out. My net on the rent was about 5% and judging from the price of a recently sold comp (and the exchange rate)it looks like I'm about 8% ahead. If I add the fact that I bailed from the stock market before the crash to get the funds I could add another 6%

Congrats. Just goes to show money can be made.

That is interesting and good you bailed out prior to the "stock market crash" as many did not. Others are having a seriously difficult time selling their house. One poster here talked about a few houses near him that, I think, were up for sale for 20 million baht with no takers. Geezzz, can't imagine why? Where are those rich Russians? As an aside, I have two friends who are Russians. They are nice (bit serious) but are always wanting a fair deal/bargain. Russians are no different than the rest of us. Keep the prices way too high and even the Russians will walk away. This all reminds me of Thai economics:

bad economy, raise prices

can't sell, raise prices

can't rent, raise prices

when all else fails, pretend that it does not matter and you are not interested in making money

Didn't he also say they were reduced from 20 mill to 6.5 mill and are still unsold?

Where are all those Russians? Don't they like a bargain?

But of course according to some on here they weren't overpriced at 20 mill were they?

I've seen those houses. They should never have been priced at 20M in the first place. The builder was dreaming.

[lovetotravel]

Have a look at the performance of the SET for the last 10 years, then tell me if Pattaya property values mirror the SET.

The Nasdaq hasnt fared too badly in relation to the property market either.

Do you want me to go on?

I thought we were talking about real estate? This was the previous statement:

Prices for houses and especially condos are way too

high, period. I can think of many other places to invest in real estate, places

that are truly "hot" markets. Pattaya and Jomtien are no longer hot markets;

they are markets ready for a big fall, IMHO.

[Rimmer]

Here's what I know for a fact. Six years ago I bought a small house completly on impulse. It was the only house I looked at after looking at hundreds of condos. I wake up every day happy to be here and my friends who all live in condos, and constantly complain about various discomforts ask me why I'm not out running around every day like them.

I bought within my budget. While I was back in the states for a few years I rented it out. My net on the rent was about 5% and judging from the price of a recently sold comp (and the exchange rate)it looks like I'm about 8% ahead. If I add the fact that I bailed from the stock market before the crash to get the funds I could add another 6%

Congrats. Just goes to show money can be made.

That is interesting and good you bailed out prior to the "stock market crash" as many did not. Others are having a seriously difficult time selling their house. One poster here talked about a few houses near him that, I think, were up for sale for 20 million baht with no takers. Geezzz, can't imagine why? Where are those rich Russians? As an aside, I have two friends who are Russians. They are nice (bit serious) but are always wanting a fair deal/bargain. Russians are no different than the rest of us. Keep the prices way too high and even the Russians will walk away. This all reminds me of Thai economics:

bad economy, raise prices

can't sell, raise prices

can't rent, raise prices

when all else fails, pretend that it does not matter and you are not interested in making money

Didn't he also say they were reduced from 20 mill to 6.5 mill and are still unsold?

Where are all those Russians? Don't they like a bargain?

But of course according to some on here they weren't overpriced at 20 mill were they?

I've seen those houses. They should never have been priced at 20M in the first place. The builder was dreaming.

He was indeed, and I would bet they will still be on the market this time next year even at 5m

[tropo]

>>Are Houses Overpriced In Pattaya?<<

DEPENDS IF YOU ARE BUYING OR SELLING .YOU WILL HAVE A DIFFERENT ATTITUDE FOR BOTH .

I am simply trying to make sense out of what appears to be a very odd market.

Intelligent people have already provided you with all the answers you need - and for free.

When you really know what's going on, there's nothing odd about the Pattaya market. People mostly come here to retire. In that statement alone you'll find all the answers. The only people who may be getting upset are the people who changed their minds about retiring here. They just jumped in too fast.

Now give yourself a break - you must be getting dizzy.

[tropo]

Didn't he also say they were reduced from 20 mill to 6.5 mill and are still unsold?

Where are all those Russians? Don't they like a bargain?

But of course according to some on here they weren't overpriced at 20 mill were they?

I'll give you a free lesson in selling. If you drop the price to ridiculous levels you'll have trouble selling it too. People will be wondering what is wrong. What is the catch? Why is it going so cheap?

Bear in mind: If it seems too good to be true, it usually is.

You'd have to come up with an exceptionally good reason why a 20 million home has been reduced to 6.5 million.... and in this story it's more than one being reduced. Most would be too skeptical and walk away.

[Awohalitsiktoli]

Intelligent people have already provided you with all the answers you need - and for free.

Intelligent people, yes, I read PattayaParent's post. And, yes, this is a very odd market. But it makes sense now. What does not makes sense if virtually everything that you have posted

[Schooner]

I think that there was a lot of crap built during the boom and those seem to be hit the hardest.

Quality construction in desirable areas (East Pattaya)are still selling at about half the rate that they were 6 years ago, but the price has not dropped much. I base this on what is happening in my village Nirvana Pool Villas. All but one in village 1 are sold or rented, village 3 has 4 built and 3 sold. The Thai developer lives here with his family as does his inlaws who all work to keep the place a great place to live.

The crap is another story.

[manarak]

the market price is determined by the point at which buyer and seller meet.

Buyer's price determines the market bid, and seller's price the ask.

Just because Rolly Royce doesn't sell a lot of cars in Burma or Bangladesh doesn't mean that RR are overpriced.

When sellers and buyers don't meet, there is a bid/ask spread.

The wider the gap, the more illiquid the market.

The "fair price" is somewhere between.

Very simplistic, the world is more complicated than that

I'm listening, I hope you can follow-up.

[Barack]

the market price is determined by the point at which buyer and seller meet.

Buyer's price determines the market bid, and seller's price the ask.

Just because Rolly Royce doesn't sell a lot of cars in Burma or Bangladesh doesn't mean that RR are overpriced.

When sellers and buyers don't meet, there is a bid/ask spread.

The wider the gap, the more illiquid the market.

The "fair price" is somewhere between.

Very simplistic, the world is more complicated than that

I'm listening, I hope you can follow-up.

He's busy buying T-shirts at the night market.

[PattayaParent]

Didn't he also say they were reduced from 20 mill to 6.5 mill and are still unsold?

Where are all those Russians? Don't they like a bargain?

But of course according to some on here they weren't overpriced at 20 mill were they?

I'll give you a free lesson in selling. If you drop the price to ridiculous levels you'll have trouble selling it too. People will be wondering what is wrong. What is the catch? Why is it going so cheap?

Bear in mind: If it seems too good to be true, it usually is.

You'd have to come up with an exceptionally good reason why a 20 million home has been reduced to 6.5 million.... and in this story it's more than one being reduced. Most would be too skeptical and walk away.

The reason is simple. It was OVERPRICED.

You don't have to tell the prospective sucker that it's been reduced by 13.5 mill 'cos it was overpriced in the first place, and still likely is.!!

[Barack]

>>Are Houses Overpriced In Pattaya?<<

DEPENDS IF YOU ARE BUYING OR SELLING .YOU WILL HAVE A DIFFERENT ATTITUDE FOR BOTH .

I am neither buying nor selling (in fact, I would never buy into this market). I am simply trying to make sense out of what appears to be a very odd market. But now it makes sense to me. The angry and combative posts from people who want the market to go up have been instructive. What is clear to me is that the market is overextended and grossly overpriced. Prices are not plummeting because sellers (investors who have purchased large blocks) have no short-term financial need to sell or rent at a reasonable price (at least that is what they are telling themselves). They think they can wait it out. They think that Ocean 1 will eventually rise up from the ashes. They think that rich Russians will invade the place and purchase everything at grossly inflated prices. They think a casino will save them. Unfortunately, or fortunately depending on your view, they are dreaming.

Do you consider places like Spanish Condo grossly overpriced too? Good grief, they are priced the same as a cheap Honda! Maybe you should reconsider your buying options rather than seeing your buying power continue to diminish with inflation and continued unfavorable fx exchanges.

[Awohalitsiktoli]

>>Are Houses Overpriced In Pattaya?<<

DEPENDS IF YOU ARE BUYING OR SELLING .YOU WILL HAVE A DIFFERENT ATTITUDE FOR BOTH .

I am neither buying nor selling (in fact, I would never buy into this market). I am simply trying to make sense out of what appears to be a very odd market. But now it makes sense to me. The angry and combative posts from people who want the market to go up have been instructive. What is clear to me is that the market is overextended and grossly overpriced. Prices are not plummeting because sellers (investors who have purchased large blocks) have no short-term financial need to sell or rent at a reasonable price (at least that is what they are telling themselves). They think they can wait it out. They think that Ocean 1 will eventually rise up from the ashes. They think that rich Russians will invade the place and purchase everything at grossly inflated prices. They think a casino will save them. Unfortunately, or fortunately depending on your view, they are dreaming.

Do you consider places like Spanish Condo grossly overpriced too? Good grief, they are priced the same as a cheap Honda! Maybe you should reconsider your buying options rather than seeing your buying power continue to diminish with inflation and continued unfavorable fx exchanges.

Really , as far as I am concerned, I am not interested in buying or selling. I am only interested in why the real estate market seems to be behaving in an odd manner given the obvious supply-demand problem. Spanish Condo is not something I would consider at all. It is too far away from the beach and not a good place to live, IMHO. I doubt people buy blocks there for the purpose of resale for profit. I am interested in why investors are buying and sitting on large blocks of property on or near the beach; more upscale than Spanish Condo. Now I understand why they are doing it. It just seems to be a very odd real estate strategy if you are interested in making money. There are other places that are far better places to make money in real estate. And, no, I am not going to tell you or anybody else where those places are

[banglay]

>>Are Houses Overpriced In Pattaya?<<

DEPENDS IF YOU ARE BUYING OR SELLING .YOU WILL HAVE A DIFFERENT ATTITUDE FOR BOTH .

I am neither buying nor selling (in fact, I would never buy into this market). I am simply trying to make sense out of what appears to be a very odd market. But now it makes sense to me. The angry and combative posts from people who want the market to go up have been instructive. What is clear to me is that the market is overextended and grossly overpriced. Prices are not plummeting because sellers (investors who have purchased large blocks) have no short-term financial need to sell or rent at a reasonable price (at least that is what they are telling themselves). They think they can wait it out. They think that Ocean 1 will eventually rise up from the ashes. They think that rich Russians will invade the place and purchase everything at grossly inflated prices. They think a casino will save them. Unfortunately, or fortunately depending on your view, they are dreaming.

Do you consider places like Spanish Condo grossly overpriced too? Good grief, they are priced the same as a cheap Honda! Maybe you should reconsider your buying options rather than seeing your buying power continue to diminish with inflation and continued unfavorable fx exchanges.

Really , as far as I am concerned, I am not interested in buying or selling. I am only interested in why the real estate market seems to be behaving in an odd manner given the obvious supply-demand problem. Spanish Condo is not something I would consider at all. It is too far away from the beach and not a good place to live, IMHO. I doubt people buy blocks there for the purpose of resale for profit. I am interested in why investors are buying and sitting on large blocks of property on or near the beach; more upscale than Spanish Condo. Now I understand why they are doing it. It just seems to be a very odd real estate strategy if you are interested in making money. There are other places that are far better places to make money in real estate. And, no, I am not going to tell you or anybody else where those places are

Not everybody needs or wants to make money from real estate investments ....People buy here more as a life style choice....I assume rightly or wrongly that you are here on a fact finding mission to gather facts and information to write a Thesis on" how too be boring and repedative on a subject you seem to have little knowledge of" ...one thinks you will pass with honours .....

[lovetotravel]

]

Really , as far as I am concerned, I am not interested in buying or selling. I am only interested in why the real estate market seems to be behaving in an odd manner given the obvious supply-demand problem. Spanish Condo is not something I would consider at all. It is too far away from the beach and not a good place to live, IMHO. I doubt people buy blocks there for the purpose of resale for profit. I am interested in why investors are buying and sitting on large blocks of property on or near the beach; more upscale than Spanish Condo. Now I understand why they are doing it. It just seems to be a very odd real estate strategy if you are interested in making money. There are other places that are far better places to make money in real estate. And, no, I am not going to tell you or anybody else where those places are

:cheesy:

Like a mention of these "far better places" on Thaivisa would make any difference at all....

[lovetotravel]

Not everybody needs or wants to make money from real estate investments ....People buy here more as a life style choice....I assume rightly or wrongly that you are here on a fact finding mission to gather facts and information to write a Thesis on" how too be boring and repedative on a subject you seem to have little knowledge of" ...one thinks you will pass with honours .....

Excellent point. One only has to study the Chinese "ghost towns" to figure out Asians have a different mentality than westerners. They buy huge blocks for investment purposes...long term. And since many are rich, they just don't care about short term profits. It's pocket change for them.

[Naam]

Not everybody needs or wants to make money from real estate investments ....People buy here more as a life style choice....I assume rightly or wrongly that you are here on a fact finding mission to gather facts and information to write a Thesis on" how too be boring and repedative on a subject you seem to have little knowledge of" ...one thinks you will pass with honours .....

perhaps a Croation Ph.D. from Sveučilište u Dubrovniku (University of Dubrovnik)?

Edited April 23, 2011 by Naam

[Awohalitsiktoli]

Not everybody needs or wants to make money from real estate investments ....People buy here more as a life style choice....I assume rightly or wrongly that you are here on a fact finding mission to gather facts and information to write a Thesis on" how too be boring and repedative on a subject you seem to have little knowledge of" ...one thinks you will pass with honours .....

True, not every person needs or wants to make money from real estate. But the discussion has drifted and is centered on people who do want to make money in the real estate market. Personally, I am far more interested in farang psychology and not what Thais are doing. Like many others, I see the market as "down" and almost "out." It is an odd market that is pretending to ignore basic economics. But that can't last forever. PattayaParent has tried to shed some light on basic economics: the price is driven by what buyers are willing to purchase at, not by what sellers dream about. Rich people, of course, have the luxury of not really caring that much about how much money they are spending. But most buyers in this market are not rich or even near being rich (most rich people, for the most part, ignore this area). Most people are looking for a fair price that reflects real market conditions and not imaginary market conditions as envisioned by sellers. I think this applies to Russians as well. To many sellers/investors the "cement blocks" are long-term investments (better option than putting your money in a Thai bank). They believe that a miracle will happen. I think the "miracle" already happened several years ago and is now over. High-end condos--top floor facing the ocean will, however, most likely retain their value. The demise of Ocean 1 really should have taught the rose-colored glasses brigade a lesson in real-estate economics. It should have taught them also that no amount of hype can save a down market.

Edited April 23, 2011 by Awohalitsiktoli

[ThaiBob]

Not everybody needs or wants to make money from real estate investments ....People buy here more as a life style choice....I assume rightly or wrongly that you are here on a fact finding mission to gather facts and information to write a Thesis on" how too be boring and repedative on a subject you seem to have little knowledge of" ...one thinks you will pass with honours .....

True, not every person needs or wants to make money from real estate. But the discussion has drifted and is centered on people who do want to make money in the real estate market. Personally, I am far more interested in farang psychology and not what Thais are doing. Like many others, I see the market as "down" and almost "out." It is an odd market that is pretending to ignore basic economics. But that can't last forever. PattayaParent has tried to shed some light on basic economics: the price is driven by what buyers are willing to purchase at, not by what sellers dream about. Rich people, of course, have the luxury of not really caring that much about how much money they are spending. But most buyers in this market are not rich or even near being rich (most rich people, for the most part, ignore this area). Most people are looking for a fair price that reflects real market conditions and not imaginary market conditions as envisioned by sellers. I think this applies to Russians as well. To many sellers/investors the "cement blocks" are long-term investments (better option than putting your money in a Thai bank). They believe that a miracle will happen. I think the "miracle" already happened several years ago and is now over. High-end condos--top floor facing the ocean will, however, most likely retain their value. The demise of Ocean 1 really should have taught the rose-colored glasses brigade a lesson in real-estate economics. It should have taught them also that no amount of hype can save a down market.

You say you are not buyer, and you say you not a seller, but are only trying to understand this market and that it is "pretending to ignore basic economics". Posters here have tried to enlighten you but you think you live in Farangland and not Thailand. Pattaya is unique as we have pointed out. If you want to apply Farangland economic theory there would be high property taxes. Example, if a 4M baht property had to pay 1% in property taxes annually (40,000 baht), a reasonable %, then maybe you would see the correction in the market that you hope. (Sellers and renters would not sit on there properties for long periods.) Personally, I have no problem with paying property taxes but something tells me you would be the first to complain. My suggestion is not over analyze and just accept the market the way it is.

[tropo]

Not everybody needs or wants to make money from real estate investments ....People buy here more as a life style choice....I assume rightly or wrongly that you are here on a fact finding mission to gather facts and information to write a Thesis on" how too be boring and repedative on a subject you seem to have little knowledge of" ...one thinks you will pass with honours .....

True, not every person needs or wants to make money from real estate. But the discussion has drifted and is centered on people who do want to make money in the real estate market. Personally, I am far more interested in farang psychology and not what Thais are doing. Like many others, I see the market as "down" and almost "out." It is an odd market that is pretending to ignore basic economics. But that can't last forever. PattayaParent has tried to shed some light on basic economics: the price is driven by what buyers are willing to purchase at, not by what sellers dream about. Rich people, of course, have the luxury of not really caring that much about how much money they are spending. But most buyers in this market are not rich or even near being rich (most rich people, for the most part, ignore this area). Most people are looking for a fair price that reflects real market conditions and not imaginary market conditions as envisioned by sellers. I think this applies to Russians as well. To many sellers/investors the "cement blocks" are long-term investments (better option than putting your money in a Thai bank). They believe that a miracle will happen. I think the "miracle" already happened several years ago and is now over. High-end condos--top floor facing the ocean will, however, most likely retain their value. The demise of Ocean 1 really should have taught the rose-colored glasses brigade a lesson in real-estate economics. It should have taught them also that no amount of hype can save a down market.

Talk about persistent. You've waffled on with the same theme over and over. You totally ignore every attempt to teach you what you need to know, but you still don't quit. Perhaps you could you find a forum on the real estate in Southern Italy or Croatia and give us all a break?

[craigt3365]

Agreed, please stick to the topic or warnings will be issued next. This can be a really interesting and educational topic if we allow that. Thanks, Tropo.

[toenail]

WOW Can you imagine living in a housing "village" where the people walk around in the evening with beer bottles in their hands?

[banglay]

It’s not rocket science to work out that the Thai housemarket is not over priced

Average UK houseprice

£232,628

House type

Average price

Detached

£352,699

Semi-detached

£198,602

Terrace

£188,048

Flat

£217,840

Average UK salary 30.270

So divide average house price 232628 by average salary of 30270 and you get a ratio of 7.68.

So then times the average Thai wage of 288000 baht with the ratio of 7.68 which give you 2211804 baht ….This is a average comparison price for the 2 markets

2.211.804 baht will buy a nice home in Thai …and before anyone says the Thai average is to high.. it’s a average ..and you only have to look at the busy road to see they are nose to tail with new cars and 10’s thousands of motor bikes …they have to earn the money to buy them .Not all Thai’s are poor rice farmers from Issan who earn 300 baht a day and have to send there daughters to Pattaya …

[Naam]

Talk about persistent. You've waffled on with the same theme over and over. You totally ignore every attempt to teach you what you need to know, but you still don't quit. Perhaps you could you find a forum on the real estate in Southern Italy or Croatia and give us all a break?

but then where's the fun Tropo? to make a discussion interesting one needs different opinions. "Awo.whatshisname" has his own opinion which should be accepted. unfortunately he is diverting too much and argues with facts and comparisons which might be interesting BUT only if presented and accompanied by underlying facts which are relevant.

for somebody who has to choose between Pattaya and a place in another country relevant facts are price of property, property taxes and maintenance and last not least living cost as well as income and VAT tax burden even though the latter varies a lot. a low income pensioner who draws monthly a pittance on which he might not be levied any tax in his home country does not care whether the Thai taxman grants him immunity and just pays his VAT. but a high income individual who has to hand over 40 or 50% of his income to the taxman in another country will care. the latter does of course not apply to our American friends who are fleeced by the IRS even if they lived in Antarctica... if they have not made alternative arrangements

[craigt3365]

WOW Can you imagine living in a housing "village" where the people walk around in the evening with beer bottles in their hands?

For sure....we walk around with wine glasses. Actually, heading out now!

[manarak]

Talk about persistent. You've waffled on with the same theme over and over. You totally ignore every attempt to teach you what you need to know, but you still don't quit. Perhaps you could you find a forum on the real estate in Southern Italy or Croatia and give us all a break?

but then where's the fun Tropo? to make a discussion interesting one needs different opinions. "Awo.whatshisname" has his own opinion which should be accepted. unfortunately he is diverting too much and argues with facts and comparisons which might be interesting BUT only if presented and accompanied by underlying facts which are relevant.

for somebody who has to choose between Pattaya and a place in another country relevant facts are price of property, property taxes and maintenance and last not least living cost as well as income and VAT tax burden even though the latter varies a lot. a low income pensioner who draws monthly a pittance on which he might not be levied any tax in his home country does not care whether the Thai taxman grants him immunity and just pays his VAT. but a high income individual who has to hand over 40 or 50% of his income to the taxman in another country will care. the latter does of course not apply to our American friends who are fleeced by the IRS even if they lived in Antarctica... if they have not made alternative arrangements

right on the money as most of the time, Naam!

[Awohalitsiktoli]

Talk about persistent. You've waffled on with the same theme over and over. You totally ignore every attempt to teach you what you need to know, but you still don't quit. Perhaps you could you find a forum on the real estate in Southern Italy or Croatia and give us all a break?

but then where's the fun Tropo? to make a discussion interesting one needs different opinions. "Awo.whatshisname" has his own opinion which should be accepted. unfortunately he is diverting too much and argues with facts and comparisons which might be interesting BUT only if presented and accompanied by underlying facts which are relevant.

for somebody who has to choose between Pattaya and a place in another country relevant facts are price of property, property taxes and maintenance and last not least living cost as well as income and VAT tax burden even though the latter varies a lot. a low income pensioner who draws monthly a pittance on which he might not be levied any tax in his home country does not care whether the Thai taxman grants him immunity and just pays his VAT. but a high income individual who has to hand over 40 or 50% of his income to the taxman in another country will care. the latter does of course not apply to our American friends who are fleeced by the IRS even if they lived in Antarctica... if they have not made alternative arrangements

right on the money as most of the time, Naam!

Nothing much to say except perhaps try to get back on track. Yes, the prices of houses and condos are overpriced. Yes, it is a very odd market for reasons already pointed out. No, as much as you would like to make it personal, this thread is not about me. If you want to talk about alternatives to Pattaya, I believe there is a thread on the subject in the section on Southeast Asia.

[manarak]

Talk about persistent. You've waffled on with the same theme over and over. You totally ignore every attempt to teach you what you need to know, but you still don't quit. Perhaps you could you find a forum on the real estate in Southern Italy or Croatia and give us all a break?

but then where's the fun Tropo? to make a discussion interesting one needs different opinions. "Awo.whatshisname" has his own opinion which should be accepted. unfortunately he is diverting too much and argues with facts and comparisons which might be interesting BUT only if presented and accompanied by underlying facts which are relevant.

for somebody who has to choose between Pattaya and a place in another country relevant facts are price of property, property taxes and maintenance and last not least living cost as well as income and VAT tax burden even though the latter varies a lot. a low income pensioner who draws monthly a pittance on which he might not be levied any tax in his home country does not care whether the Thai taxman grants him immunity and just pays his VAT. but a high income individual who has to hand over 40 or 50% of his income to the taxman in another country will care. the latter does of course not apply to our American friends who are fleeced by the IRS even if they lived in Antarctica... if they have not made alternative arrangements

right on the money as most of the time, Naam!

Nothing much to say except perhaps try to get back on track. Yes, the prices of houses and condos are overpriced. Yes, it is a very odd market for reasons already pointed out. No, as much as you would like to make it personal, this thread is not about me. If you want to talk about alternatives to Pattaya, I believe there is a thread on the subject in the section on Southeast Asia.

The condos are outrageously overpriced, much much more than the houses.

One could advance the ownership laws as a reason, but then consider the prices of units for thai ownership which aren't so much less than the prices for foreign ownership condos and why is the rent of condos (which market includes thai owned condos) also way over the top?

The average studio costs as much in rent as a 2 BR house.

[PattayaParent]

Nothing much to say except perhaps try to get back on track. Yes, the prices of houses and condos are overpriced. Yes, it is a very odd market for reasons already pointed out. No, as much as you would like to make it personal, this thread is not about me. If you want to talk about alternatives to Pattaya, I believe there is a thread on the subject in the section on Southeast Asia.

The 'oddity' of the market is that sellers think that they can charge any price they want and that buyers must pay that price and will hang on until they get it, and it seems many posters here agree that is reasonable.

But were it to happen in a 'normal' market then buyers would realise that the places are over priced and would not buy, the places would remain unsold and the market would stagnate. Oh, hang on

[tropo]

The condos are outrageously overpriced, much much more than the houses.

One could advance the ownership laws as a reason, but then consider the prices of units for thai ownership which aren't so much less than the prices for foreign ownership condos and why is the rent of condos (which market includes thai owned condos) also way over the top?

The average studio costs as much in rent as a 2 BR house.

Most condos are near the beach. Try and find a cheap house near the beach. What's the point of comparing a large house 5 km inland with a condo near the beach.

Location, location, location.

A person who is interested in renting a studio condo near the beach or central Pattaya is not the type of person interested in a 2 bedroom house out the back of nowhere. It's a totally different market. A family man compared to a player.

It's a bit like telling a person who wants to buy a convertible sports car that he can get better value for money if he buys a pick-up truck.

Edited April 24, 2011 by tropo