Expats Help Stimulate Pattaya Condominium Market

[george]

Expats help stimulate Pattaya condominium market demand

PATTAYA: -- The residential condominium market in Pattaya is expected to have robust growth in the coming years due to rising demand, according to the property company CB Richard Ellis (Thailand). Several factors are making Pattaya a more convenient and sought-after leisure-home location, according to CBRE managing director Aliwassa Pathnadabutr.

They include the imminent opening of the new Suvarnabhumi airport, more shopping centres and movie theatres, and lifestyle facilities such as golf courses.

Because very few new condominium projects have been launched in the resort city since 1994, supply is limited, particularly of new grade A stock. Most transactions over the past five years have been resales of units at least 10 years old. New supply only started to arrive in 2004.

A number of new grade A condos are now being marketed, including Northshore developed by Raimon Land Plc, and Le Royale Beach developed by Wise Power Land Co Ltd. They are expected to complete construction over the next two years. The two projects cater to a broad middle- to high-end market, priced at 60,000 to 75,000 baht per square metre.

Demand is coming from not only end-users, but also expatriates renting units. Labour Ministry statistics show that there were 4,870 expatriates with work permits in Chon Buri as of the end of 2004, a 30.5% increase from 2003.

``We believe that Pattaya is at the beginning of a new property cycle as demand continues to improve. The Pattaya residential market is attractive for both local and foreign investors,'' Ms Aliwassa said.

-- Bangkok Post 2005-10-03

[Jai Dee]

It is a pity that the local government is not ensuring that the infrastructure to support this growth (particularly town water quality and supply) is not keeping pace.

[pedro01]

It is a pity that the local government is not ensuring that the infrastructure to support this growth (particularly town water quality and supply) is not keeping pace. 

<{POST_SNAPBACK}>

Exactly. I brought a 'weekend house' there in June. On Sunday I heard this strange gurgling sound. I went outside to check it out & to my complete shock - it was water filling my tank FROM THE MAINS ! No more water trucks for me...

I also noticed that Jomtien has become very badly run-down - it used to be small, clean with a more European feel to it - now places are shut down, the beach is horrible as is the beach wall. My son insisted on a paddle in the sea - I wouldn't go near it myself.

Why can't the local government spend a little money on making Pattaya a bit more presentable ? With Jomtien & beach road looking so crappy, I suspect many tourists are currently on their last trip to the city.

[Woofer]

Expats help stimulate Pattaya condominium market demand

PATTAYA: -- The residential condominium market in Pattaya is expected to have robust growth in the coming years due to rising demand, according to the property company CB Richard Ellis (Thailand). Several factors are making Pattaya a more convenient and sought-after leisure-home location, according to CBRE managing director Aliwassa Pathnadabutr.

They include the imminent opening of the new Suvarnabhumi airport, more shopping centres and movie theatres, and lifestyle facilities such as golf courses.

Because very few new condominium projects have been launched in the resort city since 1994, supply is limited, particularly of new grade A stock. Most transactions over the past five years have been resales of units at least 10 years old. New supply only started to arrive in 2004.

A number of new grade A condos are now being marketed, including Northshore developed by Raimon Land Plc, and Le Royale Beach developed by Wise Power Land Co Ltd. They are expected to complete construction over the next two years. The two projects cater to a broad middle- to high-end market, priced at 60,000 to 75,000 baht per square metre.

Demand is coming from not only end-users, but also expatriates renting units. Labour Ministry statistics show that there were 4,870 expatriates with work permits in Chon Buri as of the end of 2004, a 30.5% increase from 2003.

``We believe that Pattaya is at the beginning of a new property cycle as demand continues to improve. The Pattaya residential market is attractive for both local and foreign investors,'' Ms Aliwassa said.

-- Bangkok Post 2005-10-03

<{POST_SNAPBACK}>

[Woofer]

This this is true or is it more hype from real estate agents? I looked at a few condos a few weeks ago at View Talay 1 and 2, but I thought the prices were a bit high considering the return on investment.

[mrbojangles]

Labour Ministry statistics show that there were 4,870 expatriates with work permits in Chon Buri as of the end of 2004, a 30.5% increase from 2003.

Those Statistics where a bit surprising. In what field and what nationality have the biggest increases been?

[zoro]

This this is true or is it more hype from real estate agents? I looked at a few condos a few weeks ago at View Talay 1 and 2, but I thought the prices were a bit high considering the return on investment.

<{POST_SNAPBACK}>

Looking at all the local ads for annything that is being built in patty its sold out before a poop pipe is laid Little bit of free ad for a building that has stood empty on beach for 20 yrs?grade A A lot of hype from agents and developers SAD

[icecubes]

Expats help stimulate Pattaya condominium market demand

``We believe that Pattaya is at the beginning of a new property cycle as demand continues to improve. The Pattaya residential market is attractive for both local and foreign investors,'' Ms Aliwassa said.

-- Bangkok Post 2005-10-03

<{POST_SNAPBACK}>

I love a good laugh.

Thousands of empty condos.

Loads of half built places.

People cant sell what they have.

Over pricing.

Over supply.

Think i must go and buy two more condos before they all go!!!

i can then rent them to my mates and make a fortune.

Loads of money.

keep your money in your pocket as the market will have a down hill trend by the end of next year and if you dont wish to stay in your new condo,house.

it will join the other white elephants dotted around pattaya.

Have a nice day

[nev]

Expats help stimulate Pattaya condominium market demand

``We believe that Pattaya is at the beginning of a new property cycle as demand continues to improve. The Pattaya residential market is attractive for both local and foreign investors,'' Ms Aliwassa said.

-- Bangkok Post 2005-10-03

<{POST_SNAPBACK}>

I love a good laugh.

Thousands of empty condos.

Loads of half built places.

People cant sell what they have.

Over pricing.

Over supply.

Think i must go and buy two more condos before they all go!!!

i can then rent them to my mates and make a fortune.

Loads of money.

keep your money in your pocket as the market will have a down hill trend by the end of next year and if you dont wish to stay in your new condo,house.

it will join the other white elephants dotted around pattaya.

Have a nice day

<{POST_SNAPBACK}>

very good advice just all hype.

[wilko]

This is a little optimistic isn’t it?

Firstly what is the relationship between work-permits and condo ownership? Many people who own condos don’t have work permits.

Secondly the amount of building going on would lead the casual observer to surmise that there will be a gross over supply in a very short time

Thirdly where is the infrastructure for all this? If Pattaya/Jomtien gets a reputation for no water etc, people will not buy.

Fourthly money for the purchasing of these condos comes from abroad...so how much is available may well depend on how much spendable money this there, and in UK for instance, that is dwindling.

There are always people who will hold up their hands and say it’s all going to go wrong (me?), just as there are always those who want to talk it up (especially those with a vested interest in keeping prices high or growing) but it all looks to have the hall-marks of a bubble to me.

What about the poor blighters who buy a condo just in time to see another tower-block go up between them and their sea view?

[Woofer]

Expats help stimulate Pattaya condominium market demand

``We believe that Pattaya is at the beginning of a new property cycle as demand continues to improve. The Pattaya residential market is attractive for both local and foreign investors,'' Ms Aliwassa said.

-- Bangkok Post 2005-10-03

<{POST_SNAPBACK}>

I love a good laugh.

Thousands of empty condos.

Loads of half built places.

People cant sell what they have.

Over pricing.

Over supply.

Think i must go and buy two more condos before they all go!!!

i can then rent them to my mates and make a fortune.

Loads of money.

keep your money in your pocket as the market will have a down hill trend by the end of next year and if you dont wish to stay in your new condo,house.

it will join the other white elephants dotted around pattaya.

Have a nice day

<{POST_SNAPBACK}>

very good advice just all hype.

<{POST_SNAPBACK}>

[Woofer]

Expats help stimulate Pattaya condominium market demand

``We believe that Pattaya is at the beginning of a new property cycle as demand continues to improve. The Pattaya residential market is attractive for both local and foreign investors,'' Ms Aliwassa said.

-- Bangkok Post 2005-10-03

<{POST_SNAPBACK}>

I love a good laugh.

Thousands of empty condos.

Loads of half built places.

People cant sell what they have.

Over pricing.

Over supply.

Think i must go and buy two more condos before they all go!!!

i can then rent them to my mates and make a fortune.

Loads of money.

keep your money in your pocket as the market will have a down hill trend by the end of next year and if you dont wish to stay in your new condo,house.

it will join the other white elephants dotted around pattaya.

Have a nice day

<{POST_SNAPBACK}>

very good advice just all hype.

<{POST_SNAPBACK}>

<{POST_SNAPBACK}>

[Digger]

Labour Ministry statistics show that there were 4,870 expatriates with work permits in Chon Buri as of the end of 2004, a 30.5% increase from 2003.

<{POST_SNAPBACK}>

Those Statistics where a bit surprising. In what field and what nationality have the biggest increases been?

<{POST_SNAPBACK}>

I dont have the factual numbers but based on my experience, I would say its accurate - lots of work permit holders in Chonburi will be working on the various industrial parks and nationality seems to favour Australian and British from my expereince with a constant number of Japanese - large amounts working for car component companies supplying the likes of Toyota, GM, Honda, BMW etc. Also Lam Chabang will support many of those work permit holders - think of shipping companies, petrochemical, etc. Of course there are also large number working in Pattaya in one way or another - real estate, business advice, Hotel management etc etc.

Also this would not include Rayong Province, which includes all the parks in Matbraphut and Rayong - predominantly petro chemical, steel and other heavy manufacturing companies. I'd say there will be at least the same number of work permit holders in Rayong as in Chonburi.

[wilko]

Labour Ministry statistics show that there were 4,870 expatriates with work permits in Chon Buri as of the end of 2004, a 30.5% increase from 2003.

<{POST_SNAPBACK}>

Those Statistics where a bit surprising. In what field and what nationality have the biggest increases been?

<{POST_SNAPBACK}>

I dont have the factual numbers but based on my experience, I would say its accurate - lots of work permit holders in Chonburi will be working on the various industrial parks and nationality seems to favour Australian and British from my expereince with a constant number of Japanese - large amounts working for car component companies supplying the likes of Toyota, GM, Honda, BMW etc. Also Lam Chabang will support many of those work permit holders - think of shipping companies, petrochemical, etc. Of course there are also large number working in Pattaya in one way or another - real estate, business advice, Hotel management etc etc.

Also this would not include Rayong Province, which includes all the parks in Matbraphut and Rayong - predominantly petro chemical, steel and other heavy manufacturing companies. I'd say there will be at least the same number of work permit holders in Rayong as in Chonburi.

<{POST_SNAPBACK}>

A quick trip to Sri Racha will show that Japanese expats - employed by the local motor industry prefer to live there. They also tend to go for condos presumably rent paid by the parent company...this leads to some extraordinary rents here for condos. However, I can't see pattaya benefitting greatly form this.