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

[Darrel]

It is the Russians in the Pattaya region keeping the real estate going here, .....

This is true. Leaving aside the fabled Ponzi investors who buy entire floors of new buildings off-plan in the hope of dumping them a few months later to those lower down the food chain, the vast bulk of purchases these days does seem to be by Russians.

And they dont seem to care greatly how much they spend or what they spend it on. Very odd.

[phl]

It is the Russians in the Pattaya region keeping the real estate going here, .....

This is true. Leaving aside the fabled Ponzi investors who buy entire floors of new buildings off-plan in the hope of dumping them a few months later to those lower down the food chain, the vast bulk of purchases these days does seem to be by Russians.

And they dont seem to care greatly how much they spend or what they spend it on. Very odd.

while yo are set that your opinion is the only valid one, have you considered that perhaps they see value in property here?

In Moscow or nearby, price for the same size condo's is 5 times more with 10 times higher maintenance fees.

I do not know where you come from but place where i come from, $100-$200K get you only a garage or a parking space,

Yes prices are expansive for an average Thai earning an average salary, but you will note that Thai's also pay cheaper prices compared to foreigners. Nova advertises this fact openly.

[Suradit69]

Prices in Thailand never drop, if nobody is buying you raise the price.

Yes, even during the 1997 crisis people preferred to sit on vacant condos etc rather than lower the prices. The feeling seems to be that eventually they'll get what they want or more. It sounds contrary to what most westerners would consider, but is it really better if you drop your price by 20% for a quick sale or wait a bit and sell it for 10% more than what you initially asked? Even if you wait a couple of years, it may be a better return on your investment.

The same applies to hotel rates during a fall off in tourist arrivals. Do you drop your rates and attract the unwashed masses (and alienate your usual clientele) or keep your rates up on the assumption it will be better for your business in the long run?

As usual, westerners assume their logic is superior without at least considering what the longer term consequences may be. Given all that's been happening in the US and Europe, economically speaking, western financial wisdom may be an oxymoron.

Edited June 10, 2012 by Suradit69

[morphic]

... property there is already far better than the overpriced crap in Thailand and in addition, as you say, there will be no ownership problems in Europe as well as a far lower chance of falling victim to corrupt and incompetent property management that seem the norm here.

No doubt at all about the constructions being of better quality in most places in Europe, but watch out for the property scammers in Spain. They have pulled off some pretty staggering frauds, the likes of which could probably not happen here due to the Land Office being pretty competent. For example, the thousands of properties built and sold in complete illegality in Spain on non-constructible land and that has been/will soon be bulldozed by the local authority with no recompense for the foreign pigeons who bought it.

It seems that Spain has finally got it's act together and this can't happen any more, but it was only a couple of years ago that it was still happening and a hell of a lot of idiots have lost a hell of a lot of money. What's the betting that many of the agents involved have moved here?

Spain was a gigantic, rotten, corrupt property ponzi scheme, no doubt about it. That is why it is collapsing and that is why some great bargains will be available in the near future.

Thailand's property market is also ponzi like and given the ever more bloated and stagnant resale market, it may too collapse one day. If it does then Thai property may once again offer value. But if it doesn't then the resale market will continue to just go nowhere, units sitting unsold for years and years.

[Suradit69]

Because nobody knows about them YET,doesn't mean they aren't happening on a huge scale.

True, but it hardly justifies the assumption that they are happening ... on any scale ... if nobody knows about them.

[Darrel]

while yo are set that your opinion is the only valid one, have you considered that perhaps they see value in property here?

Clearly they do, and that's fine.

But my surprise is to do with the way they seem to buy without discussing the price, and also the way that they seem prepared to buy any old (or more accurately, new) rubbish no matter what or where it is. This seems very odd to me.

[phl]

while yo are set that your opinion is the only valid one, have you considered that perhaps they see value in property here?

Clearly they do, and that's fine.

But my surprise is to do with the way they seem to buy without discussing the price, and also the way that they seem prepared to buy any old (or more accurately, new) rubbish no matter what or where it is. This seems very odd to me.

you may find your impressions of them are wrong. i know a few Russian agents and all say its very hard to sell, they spend days on driving them around and showing around, then spend days on bargaining, before they actually commit to making a purchase.

also Russian agents have very good deals with developers and usually get them the cheapest price possible

[simple1]

There will always be a demand ,as far as Thais go for property, they can ditch them at a moments notice too,no problems,...cheaper than cheap mortgages,as long as they have a job,thought of 300 baht a day increase for most workers in Thailand has gone up in smoke though

The whole Thai ,Indian , Chinese economy is being held up on fresh air,no buyers in US or EU spells big trouble for Asian exporting countries,just takes time to trickle back to home base. The thought of things getting better in economies in Europe is a pipe dream,it will take decades to get their act together,the money supply just ain't there , never will be,and more importantly If thoughts of buying any property in Thailand is a good investment I'd think Id be booking a one way ticket to the nearest nut house

It is the Russians in the Pattaya region keeping the real estate going here,in time that will implode,anyway who in their right minds want to share a condo block with them,drink with them ,eat with them,no thanks

As a point of detail, it's not a 300 baht a day increase, it's a minimum wage of 300 baht a day, that currently only applies to seven provinces in Thailand

[Fgis]

I agree that it's not a good idea to buy expennsive property in Thailand now, expecially houses, but you cannot go wrong with cheap condos.

[23962323]

I agree that it's not a good idea to buy expennsive property in Thailand now, expecially houses, but you cannot go wrong with cheap condos.

Try Suan Suwarn for starters

[julemanden]

supply and demand in a normal market usually dictates price along with availabe funding (loans etc) - the latter being less of an issue since most falangs pay cash.

This is not the case in Pattaya, it is a false overinflated market driven by crooks in the realestate business, never give the ask for anything, drop by at least 50% then maybe meet in the middle

Yet another dreamer

[pipo1000]

I agree that it's not a good idea to buy expennsive property in Thailand now, expecially houses, but you cannot go wrong with cheap condos.

Try Suan Suwarn for starters

Or take a look about the current developments at Heights Holdings.There was a thread about not so long ago.

[23962323]

supply and demand in a normal market usually dictates price along with availabe funding (loans etc) - the latter being less of an issue since most falangs pay cash.

This is not the case in Pattaya, it is a false overinflated market driven by crooks in the realestate business, never give the ask for anything, drop by at least 50% then maybe meet in the middle

Yet another dreamer

Agreed,who the hell is going to make an offer of 50% and back down to just 25%,....an offer of 90% off,then throw in the kitchen sink,your wife for a couple of hours,then maybe a deal,but then again, methinks to hell with it,I do not want tying down in Pattaya.

[smedly]

supply and demand in a normal market usually dictates price along with availabe funding (loans etc) - the latter being less of an issue since most falangs pay cash.

This is not the case in Pattaya, it is a false overinflated market driven by crooks in the realestate business, never give the ask for anything, drop by at least 50% then maybe meet in the middle

Yet another dreamer

you are not a bag holder, I hope you are happy with your purchase and I wouldn't argue against your purchase - each to their own and no argument intended - happy is what happy does and so you are happy - up to you

[Naam]

There will always be a demand ,as far as Thais go for property, they can ditch them at a moments notice too,no problems,...cheaper than cheap mortgages,as long as they have a job,thought of 300 baht a day increase for most workers in Thailand has gone up in smoke though

The whole Thai ,Indian , Chinese economy is being held up on fresh air,no buyers in US or EU spells big trouble for Asian exporting countries,just takes time to trickle back to home base. The thought of things getting better in economies in Europe is a pipe dream,it will take decades to get their act together,the money supply just ain't there , never will be,and more importantly If thoughts of buying any property in Thailand is a good investment I'd think Id be booking a one way ticket to the nearest nut house

It is the Russians in the Pattaya region keeping the real estate going here,in time that will implode,anyway who in their right minds want to share a condo block with them,drink with them ,eat with them,no thanks

i'd rather eat and drink with educated Russians than with arrogant, uneducated and uninformed people talking rubbish.

[23962323]

"I see people buying property like houses for 1.4 mil 2 years ago, today they sell for 1.6"

will the property price drop again or not? Is it smart to wait a year to buy or not?

The opener...."today they sell for 1.6",forgive the question,but selling to whom and where?. Just how do you proceed with house purchase now anyway? the Land office, seem to have hardened their attitude toward the fake shell company buying route,no longer available Your Thai girlfriend will oblige your purchase I am sure ,your quite a knowledgeable person I can positively see that , an effortless process ,the way to go!!!

Now that house purchase is blocked (leasing too) it begs the question if I cannot buy , then can I sell?, that maybe in doubt too if it was fake company method,you may even be jailed now that attitudes are hardening that this method was ever used.

Still those glossy adverts still command attention "unique opportunity to buy" " A must buy" pouring out of the flashy magazines,the advertisers know the writings on the wall and desperate to offload, Why they do not advertise in Thai language beats me ,as the Thai national will be the only one capable of buying (at his price)

​ Maybe a method may well be employed that was achieved when other ex pats faced a similar situation as this in other regions,sell with power of attorney,your house value drops 50% at least by this method ,but a sales a sale as they say

• Like This
  

[23962323]

There will always be a demand ,as far as Thais go for property, they can ditch them at a moments notice too,no problems,...cheaper than cheap mortgages,as long as they have a job,thought of 300 baht a day increase for most workers in Thailand has gone up in smoke though

The whole Thai ,Indian , Chinese economy is being held up on fresh air,no buyers in US or EU spells big trouble for Asian exporting countries,just takes time to trickle back to home base. The thought of things getting better in economies in Europe is a pipe dream,it will take decades to get their act together,the money supply just ain't there , never will be,and more importantly If thoughts of buying any property in Thailand is a good investment I'd think Id be booking a one way ticket to the nearest nut house

It is the Russians in the Pattaya region keeping the real estate going here,in time that will implode,anyway who in their right minds want to share a condo block with them,drink with them ,eat with them,no thanks

i'd rather eat and drink with educated Russians than with arrogant, uneducated and uninformed people talking rubbish.

There will always be a demand ,as far as Thais go for property, they can ditch them at a moments notice too,no problems,...cheaper than cheap mortgages,as long as they have a job,thought of 300 baht a day increase for most workers in Thailand has gone up in smoke though

The whole Thai ,Indian , Chinese economy is being held up on fresh air,no buyers in US or EU spells big trouble for Asian exporting countries,just takes time to trickle back to home base. The thought of things getting better in economies in Europe is a pipe dream,it will take decades to get their act together,the money supply just ain't there , never will be,and more importantly If thoughts of buying any property in Thailand is a good investment I'd think Id be booking a one way ticket to the nearest nut house

It is the Russians in the Pattaya region keeping the real estate going here,in time that will implode,anyway who in their right minds want to share a condo block with them,drink with them ,eat with them,no thanks

i'd rather eat and drink with educated Russians than with arrogant, uneducated and uninformed people talking rubbish.

Never mind eh!!!!. The proverbial pot to piss in now is now worth more, far more than erm!! let me guess ???????/

Stick with it, bonded to it for life...only poor people (newly found ) live in less exquisite , certainly less expensive rubbish

[chiang mai]

There will always be a demand ,as far as Thais go for property, they can ditch them at a moments notice too,no problems,...cheaper than cheap mortgages,as long as they have a job,thought of 300 baht a day increase for most workers in Thailand has gone up in smoke though

The whole Thai ,Indian , Chinese economy is being held up on fresh air,no buyers in US or EU spells big trouble for Asian exporting countries,just takes time to trickle back to home base. The thought of things getting better in economies in Europe is a pipe dream,it will take decades to get their act together,the money supply just ain't there , never will be,and more importantly If thoughts of buying any property in Thailand is a good investment I'd think Id be booking a one way ticket to the nearest nut house

It is the Russians in the Pattaya region keeping the real estate going here,in time that will implode,anyway who in their right minds want to share a condo block with them,drink with them ,eat with them,no thanks

What you understand about global economics is far less than what you understand about Thailand.

[simple1]

"I see people buying property like houses for 1.4 mil 2 years ago, today they sell for 1.6"

will the property price drop again or not? Is it smart to wait a year to buy or not?

The opener...."today they sell for 1.6",forgive the question,but selling to whom and where?. Just how do you proceed with house purchase now anyway? the Land office, seem to have hardened their attitude toward the fake shell company buying route,no longer available Your Thai girlfriend will oblige your purchase I am sure ,your quite a knowledgeable person I can positively see that , an effortless process ,the way to go!!!

Now that house purchase is blocked (leasing too) it begs the question if I cannot buy , then can I sell?, that maybe in doubt too if it was fake company method,you may even be jailed now that attitudes are hardening that this method was ever used.

Still those glossy adverts still command attention "unique opportunity to buy" " A must buy" pouring out of the flashy magazines,the advertisers know the writings on the wall and desperate to offload, Why they do not advertise in Thai language beats me ,as the Thai national will be the only one capable of buying (at his price)

​ Maybe a method may well be employed that was achieved when other ex pats faced a similar situation as this in other regions,sell with power of attorney,your house value drops 50% at least by this method ,but a sales a sale as they say

• Like This
  

I think you will find that the Land Office in Pattaya has tightened up the company property purchase route for one particular representative organisation, not as a general rule

[23962323]

"I see people buying property like houses for 1.4 mil 2 years ago, today they sell for 1.6"

will the property price drop again or not? Is it smart to wait a year to buy or not?

The opener...."today they sell for 1.6",forgive the question,but selling to whom and where?. Just how do you proceed with house purchase now anyway? the Land office, seem to have hardened their attitude toward the fake shell company buying route,no longer available Your Thai girlfriend will oblige your purchase I am sure ,your quite a knowledgeable person I can positively see that , an effortless process ,the way to go!!!

Now that house purchase is blocked (leasing too) it begs the question if I cannot buy , then can I sell?, that maybe in doubt too if it was fake company method,you may even be jailed now that attitudes are hardening that this method was ever used.

Still those glossy adverts still command attention "unique opportunity to buy" " A must buy" pouring out of the flashy magazines,the advertisers know the writings on the wall and desperate to offload, Why they do not advertise in Thai language beats me ,as the Thai national will be the only one capable of buying (at his price)

​ Maybe a method may well be employed that was achieved when other ex pats faced a similar situation as this in other regions,sell with power of attorney,your house value drops 50% at least by this method ,but a sales a sale as they say

• Like This
  

I think you will find that the Land Office in Pattaya has tightened up the company property purchase route for one particular representative organisation, not as a general rule

You mean the ex pat representative group? that generally was the information I gleaned from source

[simple1]

"I see people buying property like houses for 1.4 mil 2 years ago, today they sell for 1.6"

will the property price drop again or not? Is it smart to wait a year to buy or not?

The opener...."today they sell for 1.6",forgive the question,but selling to whom and where?. Just how do you proceed with house purchase now anyway? the Land office, seem to have hardened their attitude toward the fake shell company buying route,no longer available Your Thai girlfriend will oblige your purchase I am sure ,your quite a knowledgeable person I can positively see that , an effortless process ,the way to go!!!

Now that house purchase is blocked (leasing too) it begs the question if I cannot buy , then can I sell?, that maybe in doubt too if it was fake company method,you may even be jailed now that attitudes are hardening that this method was ever used.

Still those glossy adverts still command attention "unique opportunity to buy" " A must buy" pouring out of the flashy magazines,the advertisers know the writings on the wall and desperate to offload, Why they do not advertise in Thai language beats me ,as the Thai national will be the only one capable of buying (at his price)

​ Maybe a method may well be employed that was achieved when other ex pats faced a similar situation as this in other regions,sell with power of attorney,your house value drops 50% at least by this method ,but a sales a sale as they say

• Like This
  

I think you will find that the Land Office in Pattaya has tightened up the company property purchase route for one particular representative organisation, not as a general rule

You mean the ex pat representative group? that generally was the information I gleaned from source

No

[23962323]

There will always be a demand ,as far as Thais go for property, they can ditch them at a moments notice too,no problems,...cheaper than cheap mortgages,as long as they have a job,thought of 300 baht a day increase for most workers in Thailand has gone up in smoke though

The whole Thai ,Indian , Chinese economy is being held up on fresh air,no buyers in US or EU spells big trouble for Asian exporting countries,just takes time to trickle back to home base. The thought of things getting better in economies in Europe is a pipe dream,it will take decades to get their act together,the money supply just ain't there , never will be,and more importantly If thoughts of buying any property in Thailand is a good investment I'd think Id be booking a one way ticket to the nearest nut house

It is the Russians in the Pattaya region keeping the real estate going here,in time that will implode,anyway who in their right minds want to share a condo block with them,drink with them ,eat with them,no thanks

What you understand about global economics is far less than what you understand about Thailand.

There will always be a demand ,as far as Thais go for property, they can ditch them at a moments notice too,no problems,...cheaper than cheap mortgages,as long as they have a job,thought of 300 baht a day increase for most workers in Thailand has gone up in smoke though

The whole Thai ,Indian , Chinese economy is being held up on fresh air,no buyers in US or EU spells big trouble for Asian exporting countries,just takes time to trickle back to home base. The thought of things getting better in economies in Europe is a pipe dream,it will take decades to get their act together,the money supply just ain't there , never will be,and more importantly If thoughts of buying any property in Thailand is a good investment I'd think Id be booking a one way ticket to the nearest nut house

It is the Russians in the Pattaya region keeping the real estate going here,in time that will implode,anyway who in their right minds want to share a condo block with them,drink with them ,eat with them,no thanks

What you understand about global economics is far less than what you understand about Thailand.

Forgive me ,but as you are a contributer in the CM TV edition and in a similar thread running,are you not witness to the plague of dumped property there too?,maybe you should take a peep at what your fellow thread contributes stated,maybe then you will understand Thailand economics,never mind global economics,bit too off beam perhaps

[chiang mai]

There is no "plague of dumped property" in CM and nobody has said that there is. There is a large amount of unexplained construction taking place currently which "we" surmmize is as a result of supply side dynamics as pending foriegn funds transfer legislation is in the pipeline (or not).

But enough of Thailand and its housing market, let's explore your novel theory that Thai economics is built on air. If that's the case then pray tell us how come the Thai central bank has such large foriegn currency holdings and THB is so incredibly strong, if there are, ahem, no US/Euro buyers!

[Darrel]

i'd rather eat and drink with educated Russians than with arrogant, uneducated and uninformed people talking rubbish.

That's surely true but personally I would rather eat and drink on my own, in peace and quiet.

An educated Russian friend informs me that nearly all the "Russians" in Pattaya are straight off the farm, and that many come from the most God-forsaken parts of Russia and the ex Soviet block. And that most of the ones from more civilised parts are Mafia anyway. Given Pattaya's long-term reputation for attracting tourists from the bottom of the barrel, this probably shouldn't be surprising and of course it doesn't mean that the average representatives of other nationalities here are any better or brighter.

I currently have Russians living one door away from me, and they do not make good neighbours. Luckily the building security was very quick to teach them some manners, including not to throw their copious rubbish (cigarette packets, paper and plastic garbage, empty beer cans) straight off the balcony, following complaints from the people below them.

That said, the only good neighbour anywhere is a dead or otherwise absent one.

[Darrel]

I think you will find that the Land Office in Pattaya has tightened up the company property purchase route for one particular representative organisation, not as a general rule

This is rather cryptic. Could you give some details?

[pipo1000]

i'd rather eat and drink with educated Russians than with arrogant, uneducated and uninformed people talking rubbish.

That's surely true but personally I would rather eat and drink on my own, in peace and quiet.

An educated Russian friend informs me that nearly all the "Russians" in Pattaya are straight off the farm, and that many come from the most God-forsaken parts of Russia and the ex Soviet block. And that most of the ones from more civilised parts are Mafia anyway. Given Pattaya's long-term reputation for attracting tourists from the bottom of the barrel, this probably shouldn't be surprising and of course it doesn't mean that the average representatives of other nationalities here are any better or brighter.

I currently have Russians living one door away from me, and they do not make good neighbours. Luckily the building security was very quick to teach them some manners, including not to throw their copious rubbish (cigarette packets, paper and plastic garbage, empty beer cans) straight off the balcony, following complaints from the people below them.

That said, the only good neighbour anywhere is a dead or otherwise absent one.

A dead one would produce a smell overtime,not?

[simple1]

I think you will find that the Land Office in Pattaya has tightened up the company property purchase route for one particular representative organisation, not as a general rule

This is rather cryptic. Could you give some details?

Nope, but if you live in Pattaya and need clarification on the current status for buying property through the company process go to the Land Office.

[23962323]

There is no "plague of dumped property" in CM and nobody has said that there is. There is a large amount of unexplained construction taking place currently which "we" surmmize is as a result of supply side dynamics as pending foriegn funds transfer legislation is in the pipeline (or not).

But enough of Thailand and its housing market, let's explore your novel theory that Thai economics is built on air. If that's the case then pray tell us how come the Thai central bank has such large foriegn currency holdings and THB is so incredibly strong, if there are, ahem, no US/Euro buyers!

There is no "plague of dumped property" in CM and nobody has said that there is. There is a large amount of unexplained construction taking place currently which "we" surmmize is as a result of supply side dynamics as pending foriegn funds transfer legislation is in the pipeline (or not).

But enough of Thailand and its housing market, let's explore your novel theory that Thai economics is built on air. If that's the case then pray tell us how come the Thai central bank has such large foriegn currency holdings and THB is so incredibly strong, if there are, ahem, no US/Euro buyers!

I would have another look at that particular thread ..again wearing glasses.

I could copy and paste all day on the economic prospects concerning Thailand,and they ain't too rosy either,no Thai debt does not mean there will be none building up in the near future either

May have something to do with flooding down country that effects the CM unsustainable unsold projects at this moment in time

[23962323]

]Been,no company buying method,no agreements longer than 3 years

[Darrel]

This is rather cryptic. Could you give some details?

Nope, ...

That's even more cryptic!