To Invest A Condo In Pattaya. Will It Be A Good Investment?

[jbrain]

Seven years ago I bought a condo at 70THB/1GBP, I sold it last December for not much more than I bought it, saving grace was that when the cash was transfered back to Good Old Blighty it was at 47THB/1GBP.

I was lucky, I had a buyer wanting to buy, but at a price well below the market value but then it was all done in a week or so, fortunately the value of the condo had gone up in 7 years, I bought second hand into a well run condominium and can count myself as being one of the lucky ones who made a substantial profit.

So what is it, you sold at the same price as you bought 7 years earlier, or you sold at a substantial profit?

If you couldn't find a buyer who wanted to buy at the fictional value of the condo,and only 1 at a price much lower than that, it means the the real value is the price you sold at.

Edited April 1, 2013 by jbrain

[rgs2001uk]

Seven years ago I bought a condo at 70THB/1GBP, I sold it last December for not much more than I bought it, saving grace was that when the cash was transfered back to Good Old Blighty it was at 47THB/1GBP.

I was lucky, I had a buyer wanting to buy, but at a price well below the market value but then it was all done in a week or so, fortunately the value of the condo had gone up in 7 years, I bought second hand into a well run condominium and can count myself as being one of the lucky ones who made a substantial profit.

So what is it, you sold at the same price as you bought 7 years earlier, or you sold at a substantial profit?

If you couldn't find a buyer who wanted to buy at the fictional value of the condo,and only 1 at a price much lower than that, it means the the real value is the price you sold at.

Why do these people never give us the purchase and sale price in baht, if you sell for the same price as the purchase price, how do you make a profit?

Could probably have made the same "profit" just by having the money in a bank account.

A bigger profit would have been made by investing in the SET.

[yoshiwara]

Seven years ago I bought a condo at 70THB/1GBP, I sold it last December for not much more than I bought it, saving grace was that when the cash was transfered back to Good Old Blighty it was at 47THB/1GBP.

I was lucky, I had a buyer wanting to buy, but at a price well below the market value but then it was all done in a week or so, fortunately the value of the condo had gone up in 7 years, I bought second hand into a well run condominium and can count myself as being one of the lucky ones who made a substantial profit.

So what is it, you sold at the same price as you bought 7 years earlier, or you sold at a substantial profit?

If you couldn't find a buyer who wanted to buy at the fictional value of the condo,and only 1 at a price much lower than that, it means the the real value is the price you sold at.

Why do these people never give us the purchase and sale price in baht, if you sell for the same price as the purchase price, how do you make a profit?

Could probably have made the same "profit" just by having the money in a bank account.

A bigger profit would have been made by investing in the SET.

because if you bought say for 5 million baht at 70 baht to the pound it will have cost you £71428.

If you sold it next week for 5 million baht and converted back to pounds at 45 baht to the pound, you will have £111,111

So bought and sold at the same price and a profit of £39,683 (excluding costs)

That would be a profit of over 50%.

In addition there are the savings from not having had to pay rent all those years.

Nice work.

[breadbin]

Same as me, sold for approx 10% for what I paid but exchange rate back then was approx 68-70 THB. Now I'm all sold the exchange rate is 45-46 THB so a small profit but made the money from exchange rate.

[forumuser10]

This is the wrong place to ask my friend, the negativity regarding condo purchases and investment in Thailand, plus other stuff like buying houses, getting married, starting a business etc etc, is unbelievable on this board.

If you want a more balanced view go elsewhere.

Yes, after all, this is TiT (Thaivisa is Thaivisa)

[talahtnut]

You've got to spend years here...Then find a good trustworthy Thai lady,..perhaps marry, or not, then live in her place...Be generous!.

[ keenio won't cut it]....and you won't get chucked out....[An alternative idea...not advice... could be sanook BIG!]

[DiNiro]

There are a few new developments pre selling in Jomtien.

Dusit Grand Park, Maldives, Laguna, Zen and The Park.

What the buyers do not know about is the illegal, ALL NIGHT, OPEN AIR KARAOKE BARS nearby.

Imagine buying a unit there, not being able to sleep and be ignored by police / city hall when you complain.

In fact, it's dangerous to complain as these illegal bars pay off the police.

[bri1guy]

Making $$ ON Realestate in 3yrs is hard to do, you will shoulder all kinds of buying & selling costs .. Its not for a short term investment

[doggie888888]

There are a few new developments pre selling in Jomtien.

Dusit Grand Park, Maldives, Laguna, Zen and The Park.

What the buyers do not know about is the illegal, ALL NIGHT, OPEN AIR KARAOKE BARS nearby.

Imagine buying a unit there, not being able to sleep and be ignored by police / city hall when you complain.

In fact, it's dangerous to complain as these illegal bars pay off the police.

Take above caution for what it is worth but I honestly think he is doing potential investors a great service, after all you do want to make informed decisions. I will add one more caution: water supply is becoming more of a problem. People may not notice but more and more condos are trucking water in at extra cost because the town supply is inadequate with frequent disruptions and low pressure.

[bangkokstick]

As long as you buy a condo and not a house you can be sure that it will be a good investment, especially reliable condo as View talay, from VT1 to VT8, but the older are better because nothing can be built in front (low rises buildings or villages already built, no bad surprise in the future).

[blackman]

this topic was started 2012-09-27

you would think he would have shit or got off the pot by now

[blackman]

As long as you buy a condo and not a house you can be sure that it will be a good investment, especially reliable condo as View talay, from VT1 to VT8, but the older are better because nothing can be built in front (low rises buildings or villages already built, no bad surprise in the future).

had many houses, always made money easily

had x1 condo, made money only because of the exchange rate difference from when i bought and when i sold

[Johnsen]

Will it be a good investment... Hmmmm. Firstly asking strangers on this forum as has already been advised is fraught with danger... . Can the people you are asking actually afford to buy one.. You'll never know. I wouldn't be asking these people... They are stuck in the rental rut.. Paying rent is absolutely dead money. Bank interest if you have to borrow the money to buy is dead money, unless your condo appreciates at the rate of the interest... If you believe what you read here then everything is overpriced therefore it should never appreciate in value..

Look at it this way.. Lets say you buy a condo for 1 million baht to live in... In the building you have bought into the average rent paid is 10,000 baht per month. You live in your condo for 10 years therefore saving the 1 million plus baht you would have paid in rent to live in the same building..of course you paid your rent in advance in ownership. Now, 10 years later you want to sell. Even if you sell at the same price you bought for you have lived for free minus the maintainence fees for the building. Sell at a loss lets say 800,000 baht, this means u have paid 200,000 baht over 10 years in rent if you will. Yes fees etc etc but find me someone who has only paid 2000 baht per month rent for a condo 300 metres from the sea. They aint out there... Especially in 10 years time... Renting is a mugs game anywhere in the world if you don't have a plan on living in the said area for some time. Real estate if you are looking to make money should always be viewed as a LONG term investment.

This advice of course is only pertenent if money is what runs your life.. If your not controlled by it do as you please..... Do your own homework and use the old grey material to make a choice that makes you happy.. After all, isn't happiness in life all that really counts...

[Thai at Heart]

I would consider the exchange rate as much as anything else.

I bought at 73 to the GBP. Today it's falling from 46 to 50 soon enough. Your yearly baht appreciation can be wiped out by a move in exchange rate very easily.

[OnMyWay2]

Im looking to buy a condo (for real) in Pattaya. Mainly because i need a place to keep my stuff and dont want to unexpectedly have to move on a moments notice.

The property market is overpriced based on supply and demand.

I was just at VT8 in Jomtien. its been completed since 2010 with still only 50% sold.

It seems prices havent dropped im guessing because people pay cash and there arent a lot of holding costs associated with leaving the property empty and on the market forever even if there are no takers.

I refuse to pay more than 50% the going rate so I will continue renting and making low ball offers until I find the seller who really needs to get out. Its too bad because I would like to buy a place but refuse to pay 2m bhat for a 27sqm studio that should be more like 1m bhat.

Btw, the condo rental market is just as oversupplied and similar negotiations can be made here as well.

Im paying about half the advertised sticker price for the place Im renting right now.

[KittenKong]

Btw, the condo rental market is just as oversupplied and similar negotiations can be made here as well.

Im paying about half the advertised sticker price for the place Im renting right now.

So am I.

One sees some very silly asking prices here indeed for both sales and rentals.

[juliusk]

After living inhere for almost 4 years i started to invest in some offplan and existing condoprojects, not in the Jomtien area but more in the Central Area of Pattaya where there ARENT any plots available anymore so cant be build more as what is currently happening in Jomtien of course.

Further more i am interested also at the condo projects at the Darkside, i believe this is a good investment as people want to live a bit more quiet, rent cheaper and would like to live in a condo instead of a house. Yes these people exists, not everybody wants to live in a house

And the good thing as a foreigner you can OWN a condo officiallly and no need to make all kind of agreements or put the house in the missus name

[barmatt]

Rent never buy thats my motto because if for whatever reason you need to leave Thailand or because of a market correction, you just pack your bags and move on, bit difficult if you have money tied up in property which is not easily liquidable.

[JSixpack]

Another renter speaks.

Rent never buy thats my motto because if for whatever reason you need to leave Thailand

You mean, your passport is stamped "CONDO OWNER! CANNOT LEAVE THAILAND!" so you'll be stopped at the airport?

or because of a market correction, you just pack your bags and move on, bit difficult if you have money tied up in property which is not easily liquidable.

On the contrary, that's when you--thank god--DON'T have to move on. Your condo wasn't affected by the correction that wiped out the value of your "liquidable" shares. You sit tight, high and dry, on your balcony and toast the hoards of renters below moving their stuff out onto the streets.

Next.

[barmatt]

Another renter speaks.

Rent never buy thats my motto because if for whatever reason you need to leave Thailand

You mean, your passport is stamped "CONDO OWNER! CANNOT LEAVE THAILAND!" so you'll be stopped at the airport?

or because of a market correction, you just pack your bags and move on, bit difficult if you have money tied up in property which is not easily liquidable.

On the contrary, that's when you--thank god--DON'T have to move on. Your condo wasn't affected by the correction that wiped out the value of your "liquidable" shares. You sit tight, high and dry, on your balcony and toast the hoards of renters below moving their stuff out onto the streets.

Next.

I like to keep my life uncomplicated without the hassle of having a portion of my money tied up overseas.

[KittenKong]

Your condo wasn't affected by the correction that wiped out the value of your "liquidable" shares.

Now there's a really daft comment.

I suggest you read back about what actually happened to condo prices here in the 1997 crash. And then take a drive around and look at the half-built relics that still remain. You dont need to go further than Jomtien Beach Road.

And then compare that with what happened to Western share prices in 2008 and how quickly the indexes climbed back.

[JSixpack]

Your condo wasn't affected by the correction that wiped out the value of your "liquidable" shares.

Now there's a really daft comment.

I suggest you read back about what actually happened to condo prices here in the 1997 crash. And then take a drive around and look at the half-built relics that still remain. You dont need to go further than Jomtien Beach Road.

And then compare that with what happened to Western share prices in 2008 and how quickly the indexes climbed back.

LOL. I don't need to read, I was right here in PTY at the time. Condo owners enjoyed a huge increase in baht in their money coming in from abroad and bought a lot more champagne and single malt and Cuban cigars for enjoying from their balconies. The prices of their condos were totally irrelevant as they were living in them and enjoying them. In fact, many recognized it was a fine, maybe once-in-a-lifetime opportunity to buy more condos at bargain basement prices and did exactly that.

Many still bask in the glow.

Given your level of intelligence and single-mindedness, I'm just compelled to point out that nobody was living in the few half-built condos at the time. Duh. But at any time, in any Third World country, only a speculator (IMO) would dare buy anything as-yet-unbuilt--at any time. And speculators know the risks. Besides you're talking about an insignificant fraction in any case. Exceptions don't prove the rule, you see.

Cheers!

[JSixpack]

Another renter speaks.

Rent never buy thats my motto because if for whatever reason you need to leave Thailand

You mean, your passport is stamped "CONDO OWNER! CANNOT LEAVE THAILAND!" so you'll be stopped at the airport?

or because of a market correction, you just pack your bags and move on, bit difficult if you have money tied up in property which is not easily liquidable.

On the contrary, that's when you--thank god--DON'T have to move on. Your condo wasn't affected by the correction that wiped out the value of your "liquidable" shares. You sit tight, high and dry, on your balcony and toast the hoards of renters below moving their stuff out onto the streets.

Next.

I like to keep my life uncomplicated without the hassle of having a portion of my money tied up overseas.

Excellent. Move it all over to Thailand then. I'm not plugging the Mac Walen investment seminar, but maybe now's the time, pal.

[Constantinople]

It appears abundantly transparent that many, not all, but many of the long term renters all share the same characteristics.

• Walks everywhere.
• Only eats from street stalls.
• Balloon chases.
• Moans about the exchange rate.
• Wears an attire that totals no more than 200 Baht.
• Looks miserable.
• Dislikes the locals.
• Complains about over paying a few Baht for something completely ridiculous.
• Skips buying a round.
• Leads a mundane existence.

I could go on and on....

It's not something that I just made up, it's a fact, the majority of people that tell you buying is a mugs game or buying a car is for mugs because of the traffic or because the prices are much higher than back in never never land are, in actual fact, mugs themselves that don't have a pot to piss in.

[NCC1701A]

Assume nothing.

Edited September 7, 2013 by NCC1701A

[Asiantravel]

It appears abundantly transparent that many, not all, but many of the long term renters all share the same characteristics.

• Walks everywhere.
• Only eats from street stalls.
• Balloon chases.
• Moans about the exchange rate.
• Wears an attire that totals no more than 200 Baht.
• Looks miserable.
• Dislikes the locals.
• Complains about over paying a few Baht for something completely ridiculous.
• Skips buying a round.
• Leads a mundane existence.

I could go on and on....

It's not something that I just made up, it's a fact, the majority of people that tell you buying is a mugs game or buying a car is for mugs because of the traffic or because the prices are much higher than back in never never land are, in actual fact, mugs themselves that don't have a pot to piss in.

oh I dunno ?

I rather like the line from the movie “ Heat “ where Robert De Niro says

“ Don’t let yourself get attached to anything you are not willing to walk out on in 30 seconds flat if you feel the heat around the corner “

[paddyjenkins]

To answer the OP's question "To Invest A Condo In Pattaya. Will It Be A Good Investment?" I would say the following.

If you want a place to live in and enjoy and plan to stay in Pattaya for a while, then no. No, because the build quality is terrible, you never know who your neighbours will be, the market has become a bubble and rental yields are low enough to make renting more economic.

But if you do not have the knowledge and intelligence to invest your spare cash anywhere else, if you are a money launderer, if you are a corrupt property professional lowlife type buying at specially discounted prices and with inside info, then I would say yes, go ahead.

It really depends.

[JSixpack]

I rather like the line from the movie Heat where Robert De Niro says

Dont let yourself get attached to anything you are not willing to walk out on in 30 seconds flat if you feel the heat around the corner

So then you must embrace the fate of Robert De Niro. Sounds so cool, hope you're still cool in the event.

Possibly the lesson of what finally happened to Robert De Niro in the movie still wasn't able to sink into your skull.

The property owner wins. I'll go w/ Al Pacino, thank you.

(A quotation commonly voiced from former or present council estate dwellers, I assume.)

Edited September 7, 2013 by JSixpack

[poanoi]

Buying the condo is the best way to save money if you live here,

the uncertainty is for below 50 suckers like myself,

with never-ending changes in visa requirement,

otherwise i would have bought many years ago and saved up money.

ed: another complication is that i'm spending about 45k/year on visa for staying here at all,

all combine to wonder if i went to the wrong country in the first instance

Edited September 7, 2013 by poanoi

[i claudius]

It appears abundantly transparent that many, not all, but many of the long term renters all share the same characteristics.

• Walks everywhere.
• Only eats from street stalls.
• Balloon chases.
• Moans about the exchange rate.
• Wears an attire that totals no more than 200 Baht.
• Looks miserable.
• Dislikes the locals.
• Complains about over paying a few Baht for something completely ridiculous.
• Skips buying a round.
• Leads a mundane existence.

I could go on and on....

It's not something that I just made up, it's a fact, the majority of people that tell you buying is a mugs game or buying a car is for mugs because of the traffic or because the prices are much higher than back in never never land are, in actual fact, mugs themselves that don't have a pot to piss in.

QWell ,ive read some bullshit on Thai visa over the years ,but this is bullshit delux. You must go around with the wrong people . Edited September 7, 2013 by Rimmer
Quotes fixed