What Is With The Price Of Condos And Houses In Pattaya, Will They Drop Or Raise Even More?

[Darrel]

Darrel - You have said many times that you do not own property here, but you are always frequenting the property threads. Weird.

hmmm... could it be...

http://www.storyit.c.../sourgrapes.htm

This is a possibility.

Divine inspiration is more likely though.

[PattayaParent]

The Pattaya foreigner market is a totally over priced market.

Never a truer word spoken.

[craigt3365]

Numerous bickering posts have been removed. Member with the numbers: stop or you'll be on a posting holiday. Member Phl: apologies for removing all of your replies, but it was the only way I could effectively eliminate many inappropriate posts.

[mucacho]

i think i just missed a super offer, i had a offer for corner room 46 sq m for 700 000 bht but anothr thai guy grabbed it before me, the condo was selling only 3 months, the owner relly dropped the price very much, i think the real worth is around 900000 if you ask me.

i think i will never see a price like that in pataya

it was 20 yo condo though, but really nice view, corner room,,, perfect for me still cant get over it though, that i was too late

[Darrel]

i think i will never see a price like that in pataya

There are always bargains to be had. I saw a resale 40+sqm unit, fully furnished in modern style, in a brand new building that went for 1MB. The European owner was asking 1.6MB as he was keen to go back home and 1MB was the only offer he got. Other identical resale units were advertised at more than 2MB and indeed all of them still seem to be for sale many months on. Units are also still available from the developer at just over 2MB.

There was no proper view so I didn't bother.

[PointBlank]

Depends very much where you buy, as always. Pretty much all available space for development along Naklua is now gone, my condo on a prime spot overlooking the beach has appreciated 20-25% in one year.

[Barack]

i think i will never see a price like that in pataya

.....

There was no proper view so I didn't bother.

.....and that's why it didn't sell, plus throw in the fact of a desparate owner. Getting back to the OP's question, despite the perception of a condo glut, sales of condo's are brisk and developer's are encouraged to build even more. With the costs of materials, labor and especially land here in Pattaya increasing dramatically, don't expect the big correction in the condo prices some think here is long overdue.

[Darrel]

There was no proper view so I didn't bother.

.....and that's why it didn't sell, plus throw in the fact of a desparate owner.

No, the condo was in a low-rise building where none of the units have any sort of nice view.

In most countries you can sell a property quite normally for a reasonable price in a month or so, without being desperate and without making huge reductions. Here, in order to sell in what I would describe as a normal time-frame, people often have to halve the average asking price.

Doesn't this tell you something? It does for me.

.....sales of condo's are brisk and developer's are encouraged to build even more.

I think that you actually mean that reservations of new builds are brisk (largely generated by people who have little or no intention of actually buying the property or, if they do buy it, of living in it), and that developers are encouraged to put more developments on the market. Perhaps one day they will get around to actually building them and that's when the fun may start. Few existing rental units are finding tenants all year, and many don't even find tenants in high season. What will happen when there are 10,000 more rental units on the market in 2 years' time?

And if you take a look at the resale market (which is the only market that interests me, being the only real one) everything is not so rosy.

[lovetotravel]

I just read this. Seems the mentality here is not much different than in other places around the world???

http://business.financialpost.com/2012/05/02/spain-real-estate-madness-continues-despite-burst-housing-bubble/

Spain, Europe’s fifth-largest economy, is the current focus of attempts to contain the region’s sovereign debt crisis, as Prime Minister Mariano Rajoy struggles to quell speculation it will need a bailout. Developers are showing similar optimism. They continue to build even with 2 million homes vacant around the country, new airports that never saw a single flight being mothballed, and property appraisers and banks reporting values have fallen only about 22%, said Encinar, who estimates the real decline is probably at least twice that.