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

[Exsexyman]

This is rather cryptic. Could you give some details?

Nope, ...

That's even more cryptic!

I think he might be referring to 'The most credible, reassuring, professional American ever to have made Thailand his home!'

[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!

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

I don't understand where you've got it into your head that there are masses of unsold housing projects in CM currently, if anything a normal person would have read that thread and expressed surprise that there are so many new projects underway and wondered why, that's what most others have done. Of course there's always the odd commentator who lives near a project that isn't selling too well but that happens everywhere and is far outweighed by the raft of new projects that have been started. Like Pattaya I'm sure, CM suffers from the perneial problem that Thai's don't like to buy used or second hand and always want to buy new, that problem has been around since at least the 1990's and is unilkely to change soon.

[guzzi850m2]

I don't understand where you've got it into your head that there are masses of unsold housing projects in CM currently, if anything a normal person would have read that thread and expressed surprise that there are so many new projects underway and wondered why, that's what most others have done. Of course there's always the odd commentator who lives near a project that isn't selling too well but that happens everywhere and is far outweighed by the raft of new projects that have been started. Like Pattaya I'm sure, CM suffers from the perneial problem that Thai's don't like to buy used or second hand and always want to buy new, that problem has been around since at least the 1990's and is unilkely to change soon.

Yes that is right, Thais prefer a new unused house. They also buy houses if they have surplus money and leave it empty. The new house next to mine is owned by a Thai and I haven't seen him for month and I know he lives in town.

[Darrel]

This is rather cryptic. Could you give some details?

Nope, ...

That's even more cryptic!

I think he might be referring to 'The most credible, reassuring, professional American ever to have made Thailand his home!'

Sorry, could you say again please. There was a lot of noise.

[23962323]

I don't understand where you've got it into your head that there are masses of unsold housing projects in CM currently, if anything a normal person would have read that thread and expressed surprise that there are so many new projects underway and wondered why, that's what most others have done. Of course there's always the odd commentator who lives near a project that isn't selling too well but that happens everywhere and is far outweighed by the raft of new projects that have been started. Like Pattaya I'm sure, CM suffers from the perneial problem that Thai's don't like to buy used or second hand and always want to buy new, that problem has been around since at least the 1990's and is unilkely to change soon.

Yes that is right, Thais prefer a new unused house. They also buy houses if they have surplus money and leave it empty. The new house next to mine is owned by a Thai and I haven't seen him for month and I know he lives in town.

I don't understand where you've got it into your head that there are masses of unsold housing projects in CM currently, if anything a normal person would have read that thread and expressed surprise that there are so many new projects underway and wondered why, that's what most others have done. Of course there's always the odd commentator who lives near a project that isn't selling too well but that happens everywhere and is far outweighed by the raft of new projects that have been started. Like Pattaya I'm sure, CM suffers from the perneial problem that Thai's don't like to buy used or second hand and always want to buy new, that problem has been around since at least the 1990's and is unilkely to change soon.

Yes that is right, Thais prefer a new unused house. They also buy houses if they have surplus money and leave it empty. The new house next to mine is owned by a Thai and I haven't seen him for month and I know he lives in town.

Sure it is not the K bank that is the owner?

[guzzi850m2]

Yes that is right, Thais prefer a new unused house. They also buy houses if they have surplus money and leave it empty. The new house next to mine is owned by a Thai and I haven't seen him for month and I know he lives in town.

Sure it is not the K bank that is the owner?

100%, he is a doctor have his own clinic, owns 2 or 3 houses here in Patts (don't know what he wants to do with all those houses, he don't look like a mia noi guy, but one can never tell, lol)

[morphic]

Yes that is right, Thais prefer a new unused house. They also buy houses if they have surplus money and leave it empty. The new house next to mine is owned by a Thai and I haven't seen him for month and I know he lives in town.

Sure it is not the K bank that is the owner?

100%, he is a doctor have his own clinic, owns 2 or 3 houses here in Patts (don't know what he wants to do with all those houses, he don't look like a mia noi guy, but one can never tell, lol)

Usually if somone buys an asset like a property, doesn't bother to rent, doesn't care about returns...they are up to something fishy. My guess is a lot of money is laundered through Thai property.

[guzzi850m2]

Yes that is right, Thais prefer a new unused house. They also buy houses if they have surplus money and leave it empty. The new house next to mine is owned by a Thai and I haven't seen him for month and I know he lives in town.

Sure it is not the K bank that is the owner?

100%, he is a doctor have his own clinic, owns 2 or 3 houses here in Patts (don't know what he wants to do with all those houses, he don't look like a mia noi guy, but one can never tell, lol)

Usually if somone buys an asset like a property, doesn't bother to rent, doesn't care about returns...they are up to something fishy. My guess is a lot of money is laundered through Thai property.

Funny enough you said that, the good doctor just had his handbag containing 200K bath stolen today. Check Pattaya One. Hmmm

[prefabs]

Yes that is right, Thais prefer a new unused house. They also buy houses if they have surplus money and leave it empty. The new house next to mine is owned by a Thai and I haven't seen him for month and I know he lives in town.

Sure it is not the K bank that is the owner?

100%, he is a doctor have his own clinic, owns 2 or 3 houses here in Patts (don't know what he wants to do with all those houses, he don't look like a mia noi guy, but one can never tell, lol)

Usually if somone buys an asset like a property, doesn't bother to rent, doesn't care about returns...they are up to something fishy. My guess is a lot of money is laundered through Thai property.

You don't say?

[craigt3365]

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

Hmmm...I know several that have been setup recently here in Pattaya. Both houses and condos.

Usually if somone buys an asset like a property, doesn't bother to rent, doesn't care about returns...they are up to something fishy. My guess is a lot of money is laundered through Thai property.

You have to understand the Asian mentality. Property is a big deal to them. They look at this long term. I know many properties that sit vacant as the owner is just waiting for the right return. And they are willing to wait until they get it. They've got plenty of money to wait it out. We've got a big, beautiful building near us that is almost always 90% empty. I have several friends who live there. Some units get used 1 or 2 times a year only. The rest of the year they sit empty and they are not interested in renting them out.

[morphic]

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

Hmmm...I know several that have been setup recently here in Pattaya. Both houses and condos.

Usually if somone buys an asset like a property, doesn't bother to rent, doesn't care about returns...they are up to something fishy. My guess is a lot of money is laundered through Thai property.

You have to understand the Asian mentality. Property is a big deal to them. They look at this long term. I know many properties that sit vacant as the owner is just waiting for the right return. And they are willing to wait until they get it. They've got plenty of money to wait it out. We've got a big, beautiful building near us that is almost always 90% empty. I have several friends who live there. Some units get used 1 or 2 times a year only. The rest of the year they sit empty and they are not interested in renting them out.

I understand it perfectly well and I think its stupid. How smart is it to buy a property, leave it empty, pay for maintenance etc, lose every year as it depreciates and hope some mug is going to come along to buy it at a huge premium? Is that a plan? You can do that when prices are low, maybe after a big correction, planning on flipping after a few months, but holding on at these levels is just plain dumb. And the same goes for the falang by the way, not just Asians. These people will never admit to a loss, thats their mentality and its even more pathetic. Ive seen some top end condos empty for years and I know what the owner paid and I know they are sitting on losses which are growing every day, fact. How smart is that? Am I supposed to think "oh, the Asians mentality is so strange and mysterious, if only I wasn't paralysed by my narrow Western logic"....LOL.

As for Asians being rich,. what a stupid comment, a small percentage are rich just like small percentage of falangs are rich, but most certainly are not and I've seen quite a few make money throigh pure dumb luck and then lose all of it over a short time, through pure idiocy....im I supposed to be in awe of that "Asian mentality"?

[chiang mai]

It may not be as dumb as it first seems, it all depends on where the money came from in the first place. If the buyer is holding "dirty" cash then washing it via a property purchase, even if it involves a slight loss, is a very good way to achieve legitimacy.

And before someone comments, how much dirty cash is there here in Thailand, my answer would be loads of it, so much so that if Thailand doesn't enact and enforce legislation soon it will become almost impossible to transfer funds in or out of Thailand, regardless of ownership, including you and me, because global banks will not accept it - Thailand is under huge pressure at the moment in this respect.

Edited June 12, 2012 by chiang mai

[guzzi850m2]

The house opposite mine is owned by a BKK Thai (not the good Thai doctor next door) and he occupy the house max 8 days a month, This is a app. 8 mill bath residence so he must have money to burn too.

A timer turn some of the internal and external lights on every day at 1800 hours and off again in the morning.

I think many BKK Thais bought condo/house as a back-up after the huge flooding last year so they are prepared for this event should it happen again.

[craigt3365]

The condo I was referring to is about 12+ years old. Wealthy people from Bangkok have been investing around here for years. Our village has many families who only live here part time. When I was looking at buying a condo, I was amazed at the number of Thai investors who owned multiple units in various buildings. I guess if you have big money, who cares about short term losses???

[morphic]

It may not be as dumb as it first seems, it all depends on where the money came from in the first place. If the buyer is holding "dirty" cash then washing it via a property purchase, even if it involves a slight loss, is a very good way to achieve legitimacy.

And before someone comments, how much dirty cash is there here in Thailand, my answer would be loads of it, so much so that if Thailand doesn't enact and enforce legislation soon it will become almost impossible to transfer funds in or out of Thailand, regardless of ownership, including you and me, because global banks will not accept it - Thailand is under huge pressure at the moment in this respect.

Yes, as i mentioned in an earlier post, money laundering is often the real reson for transaction which make no economical sense.

And regarding Bankokians needing a second home in case of floods, that is eomthing I understand. However, spending 8 million baht on a house isn't big money in my books and doesn't mean "Asians are all wealthy".

[phl]

It may not be as dumb as it first seems, it all depends on where the money came from in the first place. If the buyer is holding "dirty" cash then washing it via a property purchase, even if it involves a slight loss, is a very good way to achieve legitimacy.

And before someone comments, how much dirty cash is there here in Thailand, my answer would be loads of it, so much so that if Thailand doesn't enact and enforce legislation soon it will become almost impossible to transfer funds in or out of Thailand, regardless of ownership, including you and me, because global banks will not accept it - Thailand is under huge pressure at the moment in this respect.

Yes, as i mentioned in an earlier post, money laundering is often the real reson for transaction which make no economical sense.

And regarding Bankokians needing a second home in case of floods, that is eomthing I understand. However, spending 8 million baht on a house isn't big money in my books and doesn't mean "Asians are all wealthy".

Interesting post.

IN earlier posts you have stated you offer 40% less the asking price while at the same time 8 million baht is NOT big money in your books.

So since 8 million baht is not big money for the high flyer like yourself, why would you offer 40% less the asking price?

You do not consider 8 million baht in a country where average salary is around 20000-25000 per month to be wealthy? You sure you live in this country or in touch with reality?

[phl]

Ive seen some top end condos empty for years and I know what the owner paid and I know they are sitting on losses which are growing every day, fact.

As for Asians being rich,. what a stupid comment,

Speaking about stupid comments

How exactly do you know what the owners paid?you may possibly know what the sale or asking price was

and how exactly do you know what they earning or what they loosing?Do you turn into a tooth fairy and hide in the bedrooms?

[PattayaParent]

It may not be as dumb as it first seems, it all depends on where the money came from in the first place. If the buyer is holding "dirty" cash then washing it via a property purchase, even if it involves a slight loss, is a very good way to achieve legitimacy.

And before someone comments, how much dirty cash is there here in Thailand, my answer would be loads of it, so much so that if Thailand doesn't enact and enforce legislation soon it will become almost impossible to transfer funds in or out of Thailand, regardless of ownership, including you and me, because global banks will not accept it - Thailand is under huge pressure at the moment in this respect.

Yes, as i mentioned in an earlier post, money laundering is often the real reson for transaction which make no economical sense.

And regarding Bankokians needing a second home in case of floods, that is eomthing I understand. However, spending 8 million baht on a house isn't big money in my books and doesn't mean "Asians are all wealthy".

Interesting post.

IN earlier posts you have stated you offer 40% less the asking price while at the same time 8 million baht is NOT big money in your books.

So since 8 million baht is not big money for the high flyer like yourself, why would you offer 40% less the asking price?

You do not consider 8 million baht in a country where average salary is around 20000-25000 per month to be wealthy? You sure you live in this country or in touch with reality?

Why do you think rich people should overpay for things? That's thinking like a Thai.

Do you happily pay the Franag price at Nong Nooch etc. because you're a rich farang and can afford it?

[lovetotravel]

However, spending 8 million baht on a house isn't big money in my books and doesn't mean "Asians are all wealthy".

I don't see anybody claiming "Asians are all wealthy". Only you. SOME asians are very wealthy, most are not. But many have big money. Read this:

http://www.newser.com/story/83114/asian-billionaires-storm-forbes-richest-list.html

Asian magnates are the huge scorers in the annual Forbes list of the world’s billionaires, with 234 making the cut this year, compared to 130 last year. That's 23% of the 1,011 people worldwide on the list, up from 16%. And Asia is minting new billionaires like mad: Last year, just 7 of 38 newcomers to the list were from Asia. This year, it’s 62 of 97. The combined wealth of the Asians on the list more than doubled over last year, while the Europeans' rose 50% and the Americans' 18%.

Many property investors here are from countries other than Thailand. China, India, Singapore, etc.

[phl]

It may not be as dumb as it first seems, it all depends on where the money came from in the first place. If the buyer is holding "dirty" cash then washing it via a property purchase, even if it involves a slight loss, is a very good way to achieve legitimacy.

And before someone comments, how much dirty cash is there here in Thailand, my answer would be loads of it, so much so that if Thailand doesn't enact and enforce legislation soon it will become almost impossible to transfer funds in or out of Thailand, regardless of ownership, including you and me, because global banks will not accept it - Thailand is under huge pressure at the moment in this respect.

Yes, as i mentioned in an earlier post, money laundering is often the real reson for transaction which make no economical sense.

And regarding Bankokians needing a second home in case of floods, that is eomthing I understand. However, spending 8 million baht on a house isn't big money in my books and doesn't mean "Asians are all wealthy".

Interesting post.

IN earlier posts you have stated you offer 40% less the asking price while at the same time 8 million baht is NOT big money in your books.

So since 8 million baht is not big money for the high flyer like yourself, why would you offer 40% less the asking price?

You do not consider 8 million baht in a country where average salary is around 20000-25000 per month to be wealthy? You sure you live in this country or in touch with reality?

Why do you think rich people should overpay for things? That's thinking like a Thai.

Do you happily pay the Franag price at Nong Nooch etc. because you're a rich farang and can afford it?

I certainly do not offer 40% less the asking price ,

What does paying for Nong Nooch have to do with condo and house prices?

PS.Rich people i know do not go on the forums bragging that 8 million is nothing

[PattayaParent]

Yes, as i mentioned in an earlier post, money laundering is often the real reson for transaction which make no economical sense.

And regarding Bankokians needing a second home in case of floods, that is eomthing I understand. However, spending 8 million baht on a house isn't big money in my books and doesn't mean "Asians are all wealthy".

Interesting post.

IN earlier posts you have stated you offer 40% less the asking price while at the same time 8 million baht is NOT big money in your books.

So since 8 million baht is not big money for the high flyer like yourself, why would you offer 40% less the asking price?

You do not consider 8 million baht in a country where average salary is around 20000-25000 per month to be wealthy? You sure you live in this country or in touch with reality?

Why do you think rich people should overpay for things? That's thinking like a Thai.

Do you happily pay the Franag price at Nong Nooch etc. because you're a rich farang and can afford it?

I certainly do not offer 40% less the asking price ,

What does paying for Nong Nooch have to do with condo and house prices?

PS.Rich people i know do not go on the forums bragging that 8 million is nothing

Overpaying.

You think someone should pay the asking price on a house and not ask for a lower price because he is rich.

So you are quite happy as a rich farang to pay a higher price than others for entry to places like Nong Nooch?

[phl]

Overpaying.

You think someone should pay the asking price on a house and not ask for a lower price because he is rich.

So you are quite happy as a rich farang to pay a higher price than others for entry to places like Nong Nooch?

again what does price of the house have to do with paying entrance fees?

do you really think asking for 40% discount on the house is a reasonable request?

do you really think thai's pay less for the house than a foreigner

and do you really think paying the sale price of the house is over paying?

[PattayaParent]

Overpaying.

You think someone should pay the asking price on a house and not ask for a lower price because he is rich.

So you are quite happy as a rich farang to pay a higher price than others for entry to places like Nong Nooch?

again what does price of the house have to do with paying entrance fees?

do you really think asking for 40% discount on the house is a reasonable request?

do you really think thai's pay less for the house than a foreigner

and do you really think paying the sale price of the house is over paying?

Are you being deliberately obtuse or is it natural?

[phl]

Overpaying.

You think someone should pay the asking price on a house and not ask for a lower price because he is rich.

So you are quite happy as a rich farang to pay a higher price than others for entry to places like Nong Nooch?

again what does price of the house have to do with paying entrance fees?

do you really think asking for 40% discount on the house is a reasonable request?

do you really think thai's pay less for the house than a foreigner

and do you really think paying the sale price of the house is over paying?

Are you being deliberately obtuse or is it natural?

Are you been deliberately trolly?

[Rimmer]

All of which is argumentative and off topic and will be removed if you continue.

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

[smedly]

Overpaying.

You think someone should pay the asking price on a house and not ask for a lower price because he is rich.

So you are quite happy as a rich farang to pay a higher price than others for entry to places like Nong Nooch?

again what does price of the house have to do with paying entrance fees?

do you really think asking for 40% discount on the house is a reasonable request?

do you really think thai's pay less for the house than a foreigner

and do you really think paying the sale price of the house is over paying?

to your last question - absolutly yes - falangs come here and just pay the ask because they think it's the market price, I was once told when buying something to buy as though I was going to sell the next day for the same price, people come here they look around at houses that are on the market for perhaps years with a rediculous asking price which I believe is what actully drives this false overpriced property market - property that is on the market promoted by realters/developers at over inflated prices setting a stake in the ground - creating the false market

Do you really think building materials in Thailand are anywhere near the price in the west - at least 2/3 cheaper so property should be 2/3 the price of the west at least, additionally I'd say the other major difference in the market here is that most falangs and probably Thais pay cash for property so there is no mortgage market, again this allows the creation of a false inflated market as lenders play hardly any roll whatsoever, the first thing a person in the west does when selling or buying a property in the west is valuation

some time in the future the property market here will implode and there are/will be many bag holders wondering how they could have been so stupid.

[lovetotravel]

I don't 100% agree. You're implying ALL farangs pay inflated prices. That's obviously not correct. Many have gotten some great deals on properties. Many have not. It's not an absolute.

It's all about supply and demand. Oceanview property is a limited commodity. One reason property in Chiang Mai is cheaper than here or in Hua Hin, Phuket, etc.

As for materials, I found many to be more expensive here than what I could get back home. Decent appliances, faucets, fittings, etc, are all more here. Labor is MUCH cheaper, but also not nearly as good. Very poor building standards here.

As for everybody paying cash, that's a good thing. One reason for the crash in places like Spain and the US was due to high loan to value mortgages (many times they were upside down). In places like Argentina, where most pay cash for their properties, there was no property crash. Just like here, they are not highly leveraged. A good thing for the property market in these volatile times.

[phl]

Overpaying.

You think someone should pay the asking price on a house and not ask for a lower price because he is rich.

So you are quite happy as a rich farang to pay a higher price than others for entry to places like Nong Nooch?

again what does price of the house have to do with paying entrance fees?

do you really think asking for 40% discount on the house is a reasonable request?

do you really think thai's pay less for the house than a foreigner

and do you really think paying the sale price of the house is over paying?

to your last question - absolutly yes - falangs come here and just pay the ask because they think it's the market price, I was once told when buying something to buy as though I was going to sell the next day for the same price, people come here they look around at houses that are on the market for perhaps years with a rediculous asking price which I believe is what actully drives this false overpriced property market - property that is on the market promoted by realters/developers at over inflated prices setting a stake in the ground - creating the false market

Do you really think building materials in Thailand are anywhere near the price in the west - at least 2/3 cheaper so property should be 2/3 the price of the west at least, additionally I'd say the other major difference in the market here is that most falangs and probably Thais pay cash for property so there is no mortgage market, again this allows the creation of a false inflated market as lenders play hardly any roll whatsoever, the first thing a person in the west does when selling or buying a property in the west is valuation

some time in the future the property market here will implode and there are/will be many bag holders wondering how they could have been so stupid.

i do not agree with you at all. Not all foreigners just do as you been told. the time the house has been for sale has absolutely nothing to do with anything.

People look for what they like and pay what they believe its worth.

If in the village of 10 houses selling for 3 million, someone puts house for sale for 5 million, this house is not going sell,

However if there is a single house located in unique location or perhaps has a unique design for whatever, someone will pay premium price because there are no alternatives.

I can tell you from personal experience, back in Sydney i purchased a designer 1 bedroom unit with no parking or views for $600K some 8 years ago. Back then for this money i could have a 2 bedroom unit with parking and some views.

I paid the price because it was totally unique, one of a kind design. When i wanted to sell it, it was a very hard job, because it was unique and had to wait for someone with my taste to see it and fall in love with it as i did.

Eventually that person came along and paid premium price(i made money) 9 months later, i saw my unit being sold again, but for a much higher price again.

About building materials, let me tell you again from personal experience. Yes building materials sometimes cost same if not more than in the West. I have build a hotel here and was involved in all aspects of the job and you would be very very very surprised at how much things cost here.

Labor is much cheaper, land is much cheaper, but materials are a totally different matter.

You again would be mistaken to believe there is no mortgage market, Foreigners-yes, because they do not have any other choice.

Wealthy Thai yes, because they need to hide the cash

Regular Thai are mortgaged up to their necks, just like everybody else.

Thailand is no different to any other country, the only difference is prices of property for foreigners coming to invest is much cheaper than back home., so many sell what they own there, come here and retire, paying cash for the house or condo, which happens to be 1/3 or 1/4 of what their home was worth back home.

You see many young foreigners buying property with cash?

You know of any resort style town where you can buy a condo for $30K?

Another point to make is that in the West if you show up buying condo for cash, the next day you may get a visit from the tax office and police wanting to know where the cash come from, while in Thailand it is not the case.

Also many foreigners who invest in property plan for the future and if they had $500 K, they would not buy 1 unit for that amount but buy 3 with a mortgage, so after a few years they can sell and make a healthy profit, because for the time they owned it, rent was paying the mortgage

The only problem with Pattaya market is no regulations so new condo's keep popping up every week and if today you have a nice corner unit with great views, tomorrow your view could be into the init of the newly built condo.

Eventually this will stop and prices will start to rise, unless government changes the regulations into foreign condo ownerships, in which case the market will simply collapse.

[Darrel]

..... people come here they look around at houses that are on the market for perhaps years with a rediculous asking price which I believe is what actully drives this false overpriced property market - property that is on the market promoted by realters/developers at over inflated prices setting a stake in the ground - creating the false market

Absolutely correct.

One reason why people can afford to hold empty property for years on end whilst hoping to sell at an absurdly over-inflated price is that maintenance costs are low and ownership costs are zero.

When Thailand finally brings in proper capital gains tax on property, and annual property taxes in general, there will be a significant move away from owning huge swathes of empty property in the hope that the price will go up.

[Darrel]

The time the house has been for sale has absolutely nothing to do with anything.

If a property has been advertised correctly yet hasn't sold within 2 months it is overpriced. There is nothing more to it.

Pattaya (and Thailand in general) is full of absurdly overpriced empty property. Asking prices for rentals are also absurdly high, and of course most of these places are also empty most of the year. The only reason they are empty and unsold/unrented is because the prices are absurdly high.