Are Houses Overpriced In Pattaya?

[LaoPo]

I just heard on TAN they are working on getting rid of the visas for citizens of China and Taiwan...the influx will be huge...

Visas for Thailand are easy to get for mainland Chinese; there are even 14 day entrance visas upon arrival but in many cases airlines are acting difficult, letting passengers get on board because they don't know the visa rules.

Don't know about Taiwan visas though.

LaoPo

[thaimate]

There are two sorts of Russians that come to Pattaya ,the ones with bags of money wanting to buy top end condoes to clean it ,and the rest who are just like the low end tourist from Britain who go to Spain for their cheap yearly holiday ,they dont have much to spend and certainly cannot afford to buy property ,you will die of old age waiting for the "Russians to come" to buy anything.

[joker7]

Something that Pattaya does have that Croatia and Southern Italy dont have which may attract a few Russians is the mafia/go go scene here which everyone seems to have forgotten about !!

[morphic]

Unless of course they use Thai economic theory and increase the price every year it's not sold.

In any case it still means that NOW they are overpriced.

As opposed to your economic theory that prices should be dropped lower and lower irrespective of losses in a sluggish market. If everyone is keeping their prices at a certain level, those are the prices, but you judge the prices by how many people are buying.

Your theories are based on how people react in the West when they have variable mortgages and fire sale because they cannot make payments.

The market price is determined by what people will buy at, not what sellers dream they can get.

If everyone is keeping their prices at a certain level and there are no buyers, then they are overpriced.

Actually not, 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

[guzzi850m2]

There are two sorts of Russians that come to Pattaya ,the ones with bags of money wanting to buy top end condoes to clean it ,and the rest who are just like the low end tourist from Britain who go to Spain for their cheap yearly holiday ,they dont have much to spend and certainly cannot afford to buy property ,you will die of old age waiting for the "Russians to come" to buy anything.

As I mentioned earlier, the house behind mine (new) was sold to a Russian speaking couple for app 9-10 mill bath, they don't look like mafia at all. Mafia guys normally sports min 2 young stunning looking tall woman from Russia, one on each arm, he-he.

[Thaifan2]

>>Are Houses Overpriced In Pattaya?<<

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

[sotsira]

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.

[MrsMills]

I live in Wong Amart, opposite my building a luxury 28 floor tower is going up, just down the the road The Palm is on the way, 2 towers, apparently the only World Class condo in Pattaya according to their advertising, and considering the high end condos in Wong Amart, that's some claim to make.

The older Condo buildings are perfectly ok, well managed and maintained and with very desirable sea views in the best area of Pattaya.

So, why do people build these new high end Condos ?

Somebody buys them is the answer, if they didn't, people who are investing 100's of millions of BAHT in a condominium project wouldn't invest in them.

Personally, I think Casinos will come to Pattaya in the not too distant future, just recently we have seen the Hilton and other High end hotel chains coming to Pattaya, why would they do that if Pattaya was dying, you think they do their homework, do they know something that the normal person doesn't ?

Their multi billion Baht investments in Pattaya tell me that they do ?

Or are they all wrong ?

Edited April 21, 2011 by MrsMills

[tropo]

The weather is absolutely fantastic in southern Italy and southern Croatia. It never gets that cold there, even during the winter months. The climate is semi-tropical most of the year (not hot and humid like Thailand). Real estate prices in southern Italy and Croatia are not that high if you do not insist on living on a cliff overlooking the ocean. Yes, Pattaya is looking for rich Russians to purchase property and spend money on other things. The Russians with disposable money to spend have already landed. I do not think thousands more will follow. Russians are hurting for money just like the rest of us. And, for the record, rich Russians, just like rich people all over, have almost no interest in Thailand except as a short-stay vacation destination. That is one of the major flaws in the present development plan.

Perhaps you think the weather is fantastic in Southern Italy and Croatia in winter, but that's irrelevant. I too would prefer the TEMPORATE climate there to the stinking hot tropical climate in Thailand.

The average temperatures in Sicily (as far south as you can get in Italy) from December to March range from 13C to 15C. The average highs/lows in Dec 16C/11C, Jan 15C/10C, Feb 15C/10C, Mar 16C/11C, Apr 18C/13C. Croatia is much colder. You're dreaming if you think this climate is sub-tropical.

When Russians are looking for somewhere to defrost from some of the coldest weather on the planet, they are looking for tropical weather as their first choice.

If you think the Russians are slowing down, you need to get out more.

[tropo]

. what are the temperatures in Croatia and southern Italy in january / february when Russians are flooding Pattaya?

next!

Wonderfully warm in Southern Italy averaging lows of 10C and highs of 15C. Croatia colder.

[sotsira]

I live in Wong Amart, opposite my building a luxury 28 floor tower is going up, just down the the road The Palm is on the way, 2 towers, apparently the only World Class condo in Pattaya according to their advertising, and considering the high end condos in Wong Amart, that's some claim to make.

The older Condo buildings are perfectly ok, well managed and maintained and with very desirable sea views in the best area of Pattaya.

So, why do people build these new high end Condos ?

Somebody buys them is the answer, if they didn't, people who are investing 100's of millions of BAHT in a condominium project wouldn't invest in them.

Personally, I think Casinos will come to Pattaya in the not too distant future, just recently we have seen the Hilton and other High end hotel chains coming to Pattaya, why would they do that if Pattaya was dying, you think they do their homework, do they know something that the normal person doesn't ?

Their multi billion Baht investments in Pattaya tell me that they do ?

Or are they all wrong ?

Don't know how long you've been here, but since 2006/07

the market has transformed from being a sellers market to now a buyers market.

Why? because too much oversupply of new developments and not enough buyers to fulfil them.

Many new condo buildings and housing estates are only half sold, but thats enough for the developers to still

make a profit and can afford to sit and wait for the remainder to sell.

[tropo]

Don't know how long you've been here, but since 2006/07

the market has transformed from being a sellers market to now a buyers market.

You say it's now a buyers' market yet everyone seems to be complaining about everything being overpriced and nothing is selling.

Perhaps if Russians and other non-English nationalities were posting on here we would get a more balanced view.

[sotsira]

Don't know how long you've been here, but since 2006/07

the market has transformed from being a sellers market to now a buyers market.

You say it's now a buyers' market yet everyone seems to be complaining about everything being overpriced and nothing is selling.

Perhaps if Russians and other non-English nationalities were posting on here we would get a more balanced view.

Very true cos most of the property sales that i see and hear about lately are either Russians and Scandinavian buyers.

What you also need to ask yourself is, are all the complainers on this thread "serious buyers" (i think not).

Any serious buyer out there will have no problem finding a bargain at the moment, with the amount of properties available,

especially if you cut out the agent (middle man) and go straight to the seller.

[SGD]

<snip>

My thinking is that many people simply cannot afford (mentally more often than financially) to sell at the true market level and are holding out at unrealistic prices waiting for that sucker to come along, as they do from time to time and buy their pile out from under them. <snip>.

Exactly the attitude of a few guys I know, and in the meantime the empty property gradually falls into disrepair and becomes even more unattractive at the overinflated price being asked.

Not just empty ones. Many expats have left now as their incomes have fallen from the (foolishly) high FX rate they used to map out their futures and they are trying to rent out the property they used to live in. They want loony rents and then become frustrated when they cannot get them but they cannot accept that the real market price is lower than they want. Much better to get 12 months at 10k than 6 months at 15k.

[tropo]

. Much better to get 12 months at 10k than 6 months at 15k.

I'd rather get 6 months at 15k. You sill have the option of going lower after that and you'd be ahead.

[ThaiBob]

Two years from now: "Just because they can't sell doesn't necessarily indicate that they are overpriced, just that the market is dead."

Five years from now: "Just because they can't sell doesn't necessarily indicate that they are overpriced, just that the market is dead."

Ten years from now: "Just because they can't sell doesn't necessarily indicate that they are overpriced, just that the market is dead."

You sarcasm is misplaced. Just because Europeans have basically left the market place doesn't mean others won't jump in to take their place. I've actually met Russians employed as real estate agents here in Pattaya. What do you think they are doing? I would say they are waiting for negative losers ready to fire sale their properties and thereby generate a new property boom.

I understand what you are saying as was just making a joke. Many people are waiting for a realistic adjustment in both house and condo prices before purchasing anything, and that makes sense give that prices (sell/rent) do not reflect reality, only a real estate fantasy reality that is treading water. Russians will buy if prices drop substantially. The problem is that people are refusing to accept reality and drop prices and apparently have no financial incentive to drop prices so they wait ten years, fifteen years, twenty years for a miracle to happen. "Negative losers" is another phrase for "suckers" who bought into a dream. 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.

Just out of curiosity Awohalitsiktoli....so we can get a better picture of where you are coming from ....where doing you live in the Pattaya area ? are you a house or a condo owner ? do you rent ....do own a car and/or a motorbike ...I ask these question because all your posting re property seem to be very negative and anti all thing real estate....and I have notice most people on TV who are negative are not in a possession too actually buy into real estate what ever the state of the property market

I'd like to know the answers too. Poster, Awohalisiktoli, is not alone in his opinion (or obsession) re Pattaya houses and condos but I do not understand why these posters are so angry and bitter. They constantly compare Pattaya to other re markets (primarily from their home countries) and do not realize Pattaya is unique in that it is a resort town and that all foreigners here have purchased with hard, cold cash; no financing, no mortgage with no cash down, no adjustable rate mortgages (all the things that led to the property bubble in America). This is Pattaya and not France or Kansas. That old saying "location, location, location does apply however. Desirable properties do sell and undesirable ones do not or the sellers are willing to wait until they get their price. I sense these negative posters are frustrated because they have been left behind in this market and they continue to see their home currencies fall while they are forced to rent or must even consider moving somewhere else. The market has left them behind and maybe that is best as new buyers from other parts world discover Pattaya and what is has to offer. Pattaya is diverse and has properties for all budgets. There are few places in the world where you can buy a brand new condo for the price of a Honda Jazz.

[tropo]

I'd like to know the answers too. Poster, Awohalisiktoli, is not alone in his opinion (or obsession) re Pattaya houses and condos but I do not understand why these posters are so angry and bitter. They constantly compare Pattaya to other re markets (primarily from their home countries) and do not realize Pattaya is unique in that it is a resort town and that all foreigners here have purchased with hard, cold cash; no financing, no mortgage with no cash down, no adjustable rate mortgages (all the things that led to the property bubble in America).

This is exactly the reason why there isn't too much extreme discounting going on. Only desperate people will fire sale their properties and there just aren't as many desperate people here as Awohalitsiktoli would like to see. Doesn't that name sound Russian?

[Awohalitsiktoli]

I'd like to know the answers too. Poster, Awohalisiktoli, is not alone in his opinion (or obsession) re Pattaya houses and condos but I do not understand why these posters are so angry and bitter. They constantly compare Pattaya to other re markets (primarily from their home countries) and do not realize Pattaya is unique in that it is a resort town and that all foreigners here have purchased with hard, cold cash; no financing, no mortgage with no cash down, no adjustable rate mortgages (all the things that led to the property bubble in America).

This is exactly the reason why there isn't too much extreme discounting going on. Only desperate people will fire sale their properties and there just aren't as many desperate people here as Awohalitsiktoli would like to see. Doesn't that name sound Russian?

Please provide us all with you legal names and social security numbers and national IDs. Thank you. Privacy issues aside, the reason there is not a lot of extreme discounting is that investors bought into a "dream" and are now facing a difficult and impossible situation. So, they refuse to face reality and continue to wait for a miracle to happen (e.g. thousands of wealthy Russians will invade the area and buy up everything at inflated prices). It is very simple to see and understand and has nothing to do whether I or any other expat is angry and bitter, which I am not (although I am upset at the trajectory Pattaya and Jomtien are on). I was smart enough not to get fooled by the real estate hype. Many expats who think exactly like I do. I am sorry to inform you of this reality. We strongly believe too many crappy "concrete cell" units were built in a market with too few buyers. We strongly believe that the market should have collapsed already, but because of the reasons you keep harping on (no financial reason to sell) it remains (at least at the surface level) as being immune to the global downturn. You can wait and wait and wait and wait for the miracle to happen. My main point is that you could have invested in a far more thriving market and probably made a huge killing three times over. Instead, you invested in a dream and re now forced to wait, and wait, and wait, and wait.....<snip>

Edited April 22, 2011 by craigt3365
Profanity Removed.

[craigt3365]

I'd like to know the answers too. Poster, Awohalisiktoli, is not alone in his opinion (or obsession) re Pattaya houses and condos but I do not understand why these posters are so angry and bitter. They constantly compare Pattaya to other re markets (primarily from their home countries) and do not realize Pattaya is unique in that it is a resort town and that all foreigners here have purchased with hard, cold cash; no financing, no mortgage with no cash down, no adjustable rate mortgages (all the things that led to the property bubble in America).

This is exactly the reason why there isn't too much extreme discounting going on. Only desperate people will fire sale their properties and there just aren't as many desperate people here as Awohalitsiktoli would like to see. Doesn't that name sound Russian?

Please provide us all with you legal names and social security numbers and national IDs. Thank you. Privacy issues aside, the reason there is not a lot of extreme discounting is that investors bought into a "dream" and are now facing a difficult and impossible situation. So, they refuse to face reality and continue to wait for a miracle to happen (e.g. thousands of wealthy Russians will invade the area and buy up everything at inflated prices). It is very simple to see and understand and has nothing to do whether I or any other expat is angry and bitter, which I am not (although I am upset at the trajectory Pattaya and Jomtien are on). I was smart enough not to get fooled by the real estate hype. Many expats who think exactly like I do. I am sorry to inform you of this reality. We strongly believe too many crappy "concrete cell" units were built in a market with too few buyers. We strongly believe that the market should have collapsed already, but because of the reasons you keep harping on (no financial reason to sell) it remains (at least at the surface level) as being immune to the global downturn. You can wait and wait and wait and wait for the miracle to happen. My main point is that you could have invested in a far more thriving market and probably made a huge killing three times over. Instead, you invested in a dream and re now forced to wait, and wait, and wait, and wait.....<snip>

Maybe you missed my previous question, so I'll repeat it. Where are these thriving markets where you can make a huge killing? Seriously, I would love to know...

[ThaiBob]

I'd like to know the answers too. Poster, Awohalisiktoli, is not alone in his opinion (or obsession) re Pattaya houses and condos but I do not understand why these posters are so angry and bitter. They constantly compare Pattaya to other re markets (primarily from their home countries) and do not realize Pattaya is unique in that it is a resort town and that all foreigners here have purchased with hard, cold cash; no financing, no mortgage with no cash down, no adjustable rate mortgages (all the things that led to the property bubble in America).

This is exactly the reason why there isn't too much extreme discounting going on. Only desperate people will fire sale their properties and there just aren't as many desperate people here as Awohalitsiktoli would like to see. Doesn't that name sound Russian?

Please provide us all with you legal names and social security numbers and national IDs. Thank you. Privacy issues aside, the reason there is not a lot of extreme discounting is that investors bought into a "dream" and are now facing a difficult and impossible situation. So, they refuse to face reality and continue to wait for a miracle to happen (e.g. thousands of wealthy Russians will invade the area and buy up everything at inflated prices). It is very simple to see and understand and has nothing to do whether I or any other expat is angry and bitter, which I am not (although I am upset at the trajectory Pattaya and Jomtien are on). I was smart enough not to get fooled by the real estate hype. Many expats who think exactly like I do. I am sorry to inform you of this reality. We strongly believe too many crappy "concrete cell" units were built in a market with too few buyers. We strongly believe that the market should have collapsed already, but because of the reasons you keep harping on (no financial reason to sell) it remains (at least at the surface level) as being immune to the global downturn. You can wait and wait and wait and wait for the miracle to happen. My main point is that you could have invested in a far more thriving market and probably made a huge killing three times over. Instead, you invested in a dream and re now forced to wait, and wait, and wait, and wait.....<snip>

Your answer and tone do not surprise me. Must have struck a nerve. No one cares about your personal information or your privacy issues. You are an anonymous poster as far as we are concerned. But Banglay's questions are valid since people try to understand your mindset and whether you should be taken seriously (or another Jori). Remember that these are our homes for many of us and one man's "crappy concrete cell" is another man's castle.

I think most of us are here for the long-haul and Pattaya is our home whether you like it or not. Your point about investments is of no concern to me or many like me, as making "a huge killing three times over" is not important at this stage of life.

[FarangBuddha]

I'd like to know the answers too. Poster, Awohalisiktoli, is not alone in his opinion (or obsession) re Pattaya houses and condos but I do not understand why these posters are so angry and bitter. They constantly compare Pattaya to other re markets (primarily from their home countries) and do not realize Pattaya is unique in that it is a resort town and that all foreigners here have purchased with hard, cold cash; no financing, no mortgage with no cash down, no adjustable rate mortgages (all the things that led to the property bubble in America).

This is exactly the reason why there isn't too much extreme discounting going on. Only desperate people will fire sale their properties and there just aren't as many desperate people here as Awohalitsiktoli would like to see. Doesn't that name sound Russian?

Please provide us all with you legal names and social security numbers and national IDs. Thank you. Privacy issues aside, the reason there is not a lot of extreme discounting is that investors bought into a "dream" and are now facing a difficult and impossible situation. So, they refuse to face reality and continue to wait for a miracle to happen (e.g. thousands of wealthy Russians will invade the area and buy up everything at inflated prices). It is very simple to see and understand and has nothing to do whether I or any other expat is angry and bitter, which I am not (although I am upset at the trajectory Pattaya and Jomtien are on). I was smart enough not to get fooled by the real estate hype. Many expats who think exactly like I do. I am sorry to inform you of this reality. We strongly believe too many crappy "concrete cell" units were built in a market with too few buyers. We strongly believe that the market should have collapsed already, but because of the reasons you keep harping on (no financial reason to sell) it remains (at least at the surface level) as being immune to the global downturn. You can wait and wait and wait and wait for the miracle to happen. My main point is that you could have invested in a far more thriving market and probably made a huge killing three times over. Instead, you invested in a dream and re now forced to wait, and wait, and wait, and wait.....<snip>

Maybe you missed my previous question, so I'll repeat it. Where are these thriving markets where you can make a huge killing? Seriously, I would love to know...

Anywhere there are hard-working Chinese business people...e.g., Beijing, Shanghai, Hong Kong, Singapore...prices have been strong in these markets pretty much through the Great Recession.

Edited April 22, 2011 by FarangBuddha

[craigt3365]

Anywhere there are hard-working Chinese business people...e.g., Beijing, Shanghai, Hong Kong, Singapore...prices have been strong in these markets pretty much through the Great Recession.

I thought there were some restrictions on foreigners from buying there? My friend in Shanghai has made a killing...but he is also nervous of an upcoming bust. Singapore is crazy expensive, isn't it?

[rgs2001uk]

I'd like to know the answers too. Poster, Awohalisiktoli, is not alone in his opinion (or obsession) re Pattaya houses and condos but I do not understand why these posters are so angry and bitter. They constantly compare Pattaya to other re markets (primarily from their home countries) and do not realize Pattaya is unique in that it is a resort town and that all foreigners here have purchased with hard, cold cash; no financing, no mortgage with no cash down, no adjustable rate mortgages (all the things that led to the property bubble in America).

This is exactly the reason why there isn't too much extreme discounting going on. Only desperate people will fire sale their properties and there just aren't as many desperate people here as Awohalitsiktoli would like to see. Doesn't that name sound Russian?

Please provide us all with you legal names and social security numbers and national IDs. Thank you. Privacy issues aside, the reason there is not a lot of extreme discounting is that investors bought into a "dream" and are now facing a difficult and impossible situation. So, they refuse to face reality and continue to wait for a miracle to happen (e.g. thousands of wealthy Russians will invade the area and buy up everything at inflated prices). It is very simple to see and understand and has nothing to do whether I or any other expat is angry and bitter, which I am not (although I am upset at the trajectory Pattaya and Jomtien are on). I was smart enough not to get fooled by the real estate hype. Many expats who think exactly like I do. I am sorry to inform you of this reality. We strongly believe too many crappy "concrete cell" units were built in a market with too few buyers. We strongly believe that the market should have collapsed already, but because of the reasons you keep harping on (no financial reason to sell) it remains (at least at the surface level) as being immune to the global downturn. You can wait and wait and wait and wait for the miracle to happen. My main point is that you could have invested in a far more thriving market and probably made a huge killing three times over. Instead, you invested in a dream and re now forced to wait, and wait, and wait, and wait.....<snip>

Maybe you missed my previous question, so I'll repeat it. Where are these thriving markets where you can make a huge killing? Seriously, I would love to know...

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?

[PattayaParent]

Maybe you missed my previous question, so I'll repeat it. Where are these thriving markets where you can make a huge killing? Seriously, I would love to know...

Anywhere there are hard-working Chinese business people...e.g., Beijing, Shanghai, Hong Kong, Singapore...prices have been strong in these markets pretty much through the Great Recession.

Viet Nam also, but there are some restrictions on foreigners buying property there.

Oh hang on, there's restrictions on foriegners buying property in Thailand too, and Switzerland.

[Schooner]

blah, blah, blah... the multi billion dollar corporations who are currently building huge new developments know nothing about demographics and are completly incompitent.

Listen to the jaded posters here pontificating from their 5,000/month room with a fan while they recover from their hangovers and lick their wounds from their most recent breakup with their TG because "they" are the real experts.

Edited April 22, 2011 by Schooner

[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.

[Schooner]

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%

[Awohalitsiktoli]

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%

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

[PattayaParent]

>>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.

I would but have found the sort of places I'm looking for are overpriced, for the reasons you state, and due to the exchange rate.

[PattayaParent]

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?