ray35ty Posted August 23, 2012 Share Posted August 23, 2012 I am 29yo and am retired live in bangkok and Pattaya. I speak to many foreign people and realestate agents and they all tell me how amazing pattaya realestate is. And how it is going to go up soooo much. And how i should put my money in a condo.... And how people from bangkok are buying in pattaya like mad because of the floods. I may be 29yo but im an old man at heart. I feel like banging them over the head. People cannot see a bubble happening ? I feel the rents are highly inflated. And also this is a tourist destination. There are alot of external factors which effect this market. And Pattaya will be the first to go down if there is a problem. Am i the only one that is bearish on the property market. Link to comment Share on other sites More sharing options...
hotandhumid Posted August 23, 2012 Share Posted August 23, 2012 Oh no, not again! There must already be a zillion threads on this topic. 1 Link to comment Share on other sites More sharing options...
lonewolf99 Posted August 23, 2012 Share Posted August 23, 2012 here comes the zillionth and one reply.....You have answered your own questions...the bubble will burst. There cannot be enough people in the ex-Soviet block countries and rich Thais left with enough money to buy all the units that are for sale..... Some advise for a man with an old head on young shoulders. "If in doubt... don't" 1 Link to comment Share on other sites More sharing options...
norrona Posted August 23, 2012 Share Posted August 23, 2012 29 and retired....bizzare!!! Link to comment Share on other sites More sharing options...
Jingthing Posted August 23, 2012 Share Posted August 23, 2012 Well honestly I bought about 10 years ago in a good location and based on my understanding the REAL resale value and also the rents, I think there is NO BUBBLE! Unless there was already a bubble when I bought. About Pattaya as a tourism city. Yes it is. And yes there always seems to be a new demographic to replace ones they have lost and I see no sign they can't continue with that indefinitely. Link to comment Share on other sites More sharing options...
pauljones Posted August 23, 2012 Share Posted August 23, 2012 Soon, there will be a civil war, the Police, Army Generals and high level Yellow Shirts/Mafia going after that 35 Billion USDs. There will be allot a spare houses and condos to go around. Link to comment Share on other sites More sharing options...
LennyW Posted August 23, 2012 Share Posted August 23, 2012 There are alot of external factors which effect this market. And Pattaya will be the first to go down if there is a problem. Evidence to date would show this is clearly not the case, Pattaya has been very resilient during worldwide economic crisis, but will it continue...?, this of course is the million dollar question?? Link to comment Share on other sites More sharing options...
ray35ty Posted August 23, 2012 Author Share Posted August 23, 2012 (edited) There are alot of external factors which effect this market. And Pattaya will be the first to go down if there is a problem. Evidence to date would show this is clearly not the case, Pattaya has been very resilient during worldwide economic crisis, but will it continue...?, this of course is the million dollar question?? Yes this is very true, thats why I am amazed. Pattaya has been very resilient during worldwide economic crisis I think its funny an Australian Toursist area like Gold Coast, homes and unit are empty cannot rent and are down over 50% from 2007.2008 peak. Las Vegas houses and Unit down 50% from peak, Its has the highest percentage of foreclosures in the country. Edited August 23, 2012 by ray35ty Link to comment Share on other sites More sharing options...
hotandhumid Posted August 23, 2012 Share Posted August 23, 2012 The impending traffic nightmare,(it is already a bad dream.), unrestricted building, lack of proper sewage treatment, eroding beaches(speaks to poor city planning) the jetski scam(Extortion assault, unlawful confinement, etc.), and the transformation of the city in to a two week package holiday destination, are all serving to make Pattaya an undesirable place to live. These details are not part of the 'popular' dialogue because they would negatively effect sales. Also, one needs to consider the state of the global economy when asking the question "Who is going to buy all these units?" If everyone thought like you not a single house or condo would ever be sold.....or even built in the first place....there must be some reason why folk buy here? Link to comment Share on other sites More sharing options...
JanKlaasen Posted August 23, 2012 Share Posted August 23, 2012 all serving to make Pattaya an undesirable place to live. These details are not part of the 'popular' dialogue because they would negatively effect sales. Also, one needs to consider the state of the global economy when asking the question "Who is going to buy all these units?" Let me answer that for you.Those who are making Pattaya undesirable to live ( for westerners ) are coincidental the only ones buying all these units. Link to comment Share on other sites More sharing options...
Jingthing Posted August 23, 2012 Share Posted August 23, 2012 There NO comparison to the historic crash in the U.S. market with Pattaya or Thailand. The USA had gone through a decades long real estate bubble where many millions were basically living on the equity in the rising values of their homes, not to mention the many millions who bought these homes with little or no income, or need to prove any. That was a REAL bubble. Again, I've seen bubbles. I see nothing like it in Pattaya. Link to comment Share on other sites More sharing options...
JanKlaasen Posted August 23, 2012 Share Posted August 23, 2012 all serving to make Pattaya an undesirable place to live. These details are not part of the 'popular' dialogue because they would negatively effect sales. Also, one needs to consider the state of the global economy when asking the question "Who is going to buy all these units?" Let me answer that for you.Those who are making Pattaya undesirable to live ( for westerners ) are coincidental the only ones buying all these units. How do you know this? I don't think it's neccesary to draw a picture of this, but if you live here than you know where the majority of the current buyers come from.And then you probably also have read already the nummerous threads about how much they are liked. Link to comment Share on other sites More sharing options...
MJCM Posted August 23, 2012 Share Posted August 23, 2012 (edited) 29 and retired....bizzare!!! Jealous ? Edited August 23, 2012 by MJCM Link to comment Share on other sites More sharing options...
LennyW Posted August 23, 2012 Share Posted August 23, 2012 A lot of foreigners here over rate their own importance in the real estate market here, the Thai domestic market is very strong here in Pattaya and the surrounding area and currently getting stronger. This is also evident by the amount of them that arrive here at weekends, some Pattaya natives think the traffic is a mess here - to the people of Bangkok it is a walk in the park compared to what they are used to! A lot of Bangkok Thais came to Pattaya during the floods of last year and their perception of the place changed somewhat, when they saw the prices being charged for property here compared to Bangkok they must have thought all their birthdays had come at once!! I know a lot of Thai people who came here earlier this year and have bought some big land parcels in my area, Huay Yai, they like the convenience for Pattaya and access to the motorways north and south - but most of all the price, they think it's peanuts! 2 Link to comment Share on other sites More sharing options...
ttthailand Posted August 23, 2012 Share Posted August 23, 2012 If the Thai government ever cracked down on the sex industry Pattaya would be a ghost town....but I don't see this happening...or could it ??? Link to comment Share on other sites More sharing options...
thenervoussurgeon Posted August 23, 2012 Share Posted August 23, 2012 the condo market may seem to be holding up ,,much of it isnt ,but houses ,forget it they are cheaper now than 5 years ago. Link to comment Share on other sites More sharing options...
Jingthing Posted August 23, 2012 Share Posted August 23, 2012 (edited) I think its a fairly normal market for the type of destination that it is. Meaning fairly normal ups and down. In my time participating in it I haven't seen overly extreme bubbles OR crashes. That doesn't mean either can't happen but I really don't see the fundamental reasons for either to happen. Edited August 23, 2012 by Jingthing Link to comment Share on other sites More sharing options...
ray35ty Posted August 23, 2012 Author Share Posted August 23, 2012 I think its a fairly normal market for the type of destination that it is. Meaning fairly normal ups and down. In my time participating in it I haven't seen overly extreme bubbles OR crashes. That doesn't mean either can't happen but I really don't see the fundamental reasons for either to happen. But i do think bubbles occur when they start building and building and building I see so many apartments going up and you see so many cranes. Are they investors or people actually wanting to live here. I think if the demand is high no problem keep building but if there is a hiccup and there is an over supply and no demand there will be trouble. Link to comment Share on other sites More sharing options...
Jingthing Posted August 23, 2012 Share Posted August 23, 2012 I think its a fairly normal market for the type of destination that it is. Meaning fairly normal ups and down. In my time participating in it I haven't seen overly extreme bubbles OR crashes. That doesn't mean either can't happen but I really don't see the fundamental reasons for either to happen. But i do think bubbles occur when they start building and building and building I see so many apartments going up and you see so many cranes. Are they investors or people actually wanting to live here. I think if the demand is high no problem keep building but if there is a hiccup and there is an over supply and no demand there will be trouble. Sounds like you are describing the fundamentals of a CRASH rather than a bubble. Link to comment Share on other sites More sharing options...
Naam Posted August 23, 2012 Share Posted August 23, 2012 Pattaya will be the first to go down if there is a problem Link to comment Share on other sites More sharing options...
Pdavies99 Posted August 23, 2012 Share Posted August 23, 2012 (edited) Well I thought I would finally add my thoughts...the problem is most foreigners dont realise that Thais in particlar buy a condo and do not intend ever selling it, regardless of prices. (it is there weekend place away from Bangkok) Then you get the foreigner who thinks he can make a killing...silly, silly...look at the prices for a 100 sqm condo 5 years ago and you will see in many areas it has gone down slightly and when it comes to selling a used condo, well why should anyone buy it, when they can a get a brand new one in a new build at the same price? Sure if you buy with intentions of living in it for your life then no problem...but for instance try and find a foreigner who has tried to sell his used condo, how long and at what big discount??? A waste of time. Please dont believe the Estate agent hype, look around at condos and you can see the empty ones (ie no Air cons fitted or just looking empty) ...there are thousands! Why not just rent and invest your money in a simple set of deposit accounts and offset the interest so your condo rent appears reasonable and you stil have mobility. BE CAREFUL! Edited August 23, 2012 by Pdavies99 1 Link to comment Share on other sites More sharing options...
toenail Posted August 23, 2012 Share Posted August 23, 2012 If one can afford to buy a condo (1 bedroom or more) that is right on the beach, (built/ runned by a decent company ) then it will keep its value. I say this looking at the condos that were built 20 - 30 years ago that have kept their value. If it is a condo not on the sea..then you're taking a chance. Link to comment Share on other sites More sharing options...
William Osborne Posted August 23, 2012 Share Posted August 23, 2012 (edited) 29 and retired ?? very difficult to do unless you invent 'Facebook' or something .....anyway.. the main draw here is, lots of buyers think they are buying a property which they can easily rent out... which is fine except there are 1000's of other people withe the same idea .. it is getting rather obvious now that the whole thing is getting out of control ... Edited August 23, 2012 by William Osborne Link to comment Share on other sites More sharing options...
Tolley Posted August 24, 2012 Share Posted August 24, 2012 Got some friends who buy property through the bank forced sales. They swear by it. The banks have websites where the forced property sales are listed. As I have stated many times before I personally couldnt be bothered trying to swim through the shark invested waters when it comes to property in Thailand. I am sure some people have made money out of property in Thailand but equally so I am sure more have lost out . I pefer to make money in other countries and invest in other countries and then spend the proceeds in Thailand. Link to comment Share on other sites More sharing options...
morrobay Posted August 24, 2012 Share Posted August 24, 2012 (edited) all serving to make Pattaya an undesirable place to live. These details are not part of the 'popular' dialogue because they would negatively effect sales. Also, one needs to consider the state of the global economy when asking the question "Who is going to buy all these units?" Let me answer that for you.Those who are making Pattaya undesirable to live ( for westerners ) are coincidental the only ones buying all these units. Are you refering to Russians or Thais buying all these units ? Because if you say its the Russians then ask yourself whose cars are jamming up the roads here. Edited August 24, 2012 by morrobay Link to comment Share on other sites More sharing options...
xen Posted August 24, 2012 Share Posted August 24, 2012 29 and retired....bizzare!!! Jealous ? Yes Link to comment Share on other sites More sharing options...
JanKlaasen Posted August 24, 2012 Share Posted August 24, 2012 all serving to make Pattaya an undesirable place to live. These details are not part of the 'popular' dialogue because they would negatively effect sales. Also, one needs to consider the state of the global economy when asking the question "Who is going to buy all these units?" Let me answer that for you.Those who are making Pattaya undesirable to live ( for westerners ) are coincidental the only ones buying all these units. Are you refering to Russians or Thais buying all these units ? Because if you say its the Russians then ask yourself whose cars are jamming up the roads here. Do the Russians don't drive cars?The ones I see are driving either a very expensive luxury car or are sitting in one of those hughe buses from which there are hundreds around jamming the roads. Link to comment Share on other sites More sharing options...
meatballs Posted August 24, 2012 Share Posted August 24, 2012 29 and retired....bizzare!!! Jealous ? Yes Has me beaten. I'm 31. Link to comment Share on other sites More sharing options...
gerry53 Posted August 24, 2012 Share Posted August 24, 2012 29 and retired....bizzare!!! Jealous ? Yes Has me beaten. I'm 31. At 31 was it a brilliant invention, great stock picks, winning a lottery, family inheritence or sticking up an amoured car that got you guys into this envious position??? Link to comment Share on other sites More sharing options...
gk10002000 Posted August 24, 2012 Share Posted August 24, 2012 While it is certainly possible that you are 29 years old and are retired, how do you manage to live in Thailand? What sort of Visa do you have? Link to comment Share on other sites More sharing options...
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