how much time from now will condo prices drop?

[tomtom345]

hi all , how much do you think it will take for the condo rnt prices to drop after the denial of back to back tourists to thailand?

do you think that by the begining of october the prices of condos will significantly drop ? or do you think it will take longer than that?

[lapd]

The truth is that nobody, not even so called experts or developers know when the music will stop. It's almost always catches everyone by complete surprise because they are all too blinded by greed and herd mentality. Could be months could be years.

Edited July 21, 2014 by lapd

[Basil B]

Prices go up in October, rent prices are already at a give away price,

Likewise in my business it is quite at this time, I do not drop prices because business is slow, I let my competitors do that because once you drop your prices it is hard to raise them again so I have a number of competitors offering to do work at a unsustainable price, they will go bust soon.

[balo]

I have one for sale at 1.8 mill ,long term rental 10k . Not sure what to do if I cant sell it.

Sent from my SM-P601 using Thaivisa Connect Thailand mobile app

Edited July 21, 2014 by balo

[Jingthing]

Better hope more people want to RETIRE here, I reckon.

[thairastawoman]

More people willl learn Thai and nothing will drop.

Everything is so cheap here, better keep property 20 years than selling it to get only few useless millions...

[Jingthing]

More people willl learn Thai and nothing will drop.

Everything is so cheap here, better keep property 20 years than selling it to get only few useless millions...

Isn't there a major tightening of the ED visa thingie in progress or am I mistaken?

[David48]

More people willl learn Thai and nothing will drop.

Everything is so cheap here, better keep property 20 years than selling it to get only few useless millions...

Isn't there a major tightening of the ED visa thingie in progress or am I mistaken?

Actually that is news to me.

JT ... I know you don't reply directly to my posts (fair enough) ... but maybe you can find a different route to post your experiences.

Just that I haven't heard what you allude to.

Thanks.

[David48]

Tom (the OP) ... I would suggest that maybe the Condo prices don't drop.

The reason being that there may not be an mass exodus of people leaving Thailand.

The reason for selling is not really market related ... because usually the Condo is paid for by cash ... not by cash supplied for by a Thai Bank.

People will hang for a price that matches usually what they paid for it.

With no mortgage, there is really no pressure to offer a reduced price, and, for for sure, not a fire sale price.

There will be one or two sales, bargins .. sure.

But affecting the Market ... NO, I think not.

[Jessi]

This guy is still waiting for prices to drop.

[lemel]

I suppose its like it is normally, supply & demand. How many people are really affected by the 'back to back visa'? maybe a poll?? I would imagine that they will just change from what they are doing now and apply for a different type of visa. I hardly know anybody on back to back visas, most are on marriage/retirement/business work permit etc.

if 50% of them were condo owners and had bought one to live in or to flip and they can not stay, then yes, the price may drop.

[lapd]

The crackdown on visas is to stop abuse of the system. Nobody will miss those people. If you operate a visa run company I would be more than a little worried.

Edited July 21, 2014 by lapd

[shirtless]

I dont think logic applies to the thai condo market, prices will probably go up.

[dragonaus]

Why do people on here think there is a property bubble and prices will drop. Thailand has the third lowest property prices in S.E.Asia, plenty of room for growth. the highest amount of tourists visiting in the world. Pattaya alone has 9million visitors a year. The whole of Australia has 6 million a year.

On top of this the Bangkokians are buying in Pattaya on mass. The largest developers in Bangkok are now here and building and see the great potential.

When the fast train is built, Pattaya and Rayong will be the first to benefit. Thais from Bangkok will buy even more for investment and of course to live, travel to Bangkok will be very fast and away from the politics and floods etc. price are lower here than Phuket and Bangkok.

land prices on the beachfront in Pattaya have doubled in the last 5 years.

Yes, there is a glut of one bed condos and 23% of the 49% foriegn owned new condos are purchased by Russians and this will slow down, but there is always some other nationality coming. I see many new condos 80% sold before building starts.

In our building, 60% of the owners do not live there, thats why you guys see no lights on many condos and I can tell you none of the owners are looking to sell.

Pattaya may slow down for a while, but there is plenty of reasons why the property price market will continue to climb.

[Swiss1960]

Nothing will happen and nothing will change, as usual. The few foreigners that must (should) leave Thailand due to illegal VISA situation will have NO impact on the condo market, the few condo's that they might put out for sale will have no whatsoever influence for pricing.

[tomtom345]

well i think there will be an exodus of russians with criminal backgrounds and some folks that use the back to back tourist visas. as we all know it was the russian "invasion" that caused the rise in prices , so it's obvious that there will be a drop in condo prices . it doesn't take a genius to figure that out.

[craigt3365]

More people willl learn Thai and nothing will drop.

Everything is so cheap here, better keep property 20 years than selling it to get only few useless millions...

Isn't there a major tightening of the ED visa thingie in progress or am I mistaken?

There are rumors Ed visas will be looked at more closely in the future. So far, it's just rumors and nothing official. But it does look like it's heading in this direction.

We hope to have more detailed information later this week.

[tomtom345]

like i said once a large number of russians will leave there will be a significant drop in prices , it might take a month , 3 months , or 6 months , but it will happen . the real estate market is all about supply and demand . less demand equals lower prices ......

Edited July 21, 2014 by tomtom345

[Swiss1960]

well i think there will be an exodus of russians with criminal backgrounds and some folks that use the back to back tourist visas. as we all know it was the russian "invasion" that caused the rise in prices , so it's obvious that there will be a drop in condo prices . it doesn't take a genius to figure that out.

looking at other questions you posted - from getting viagra to fake iphones to condo mgmt fees to soon arriving in Thailand - I assume that you are pretty new to Thailand?

now you ask a question in your OP whether condo prices might fall due to the VISA restrictions... and now you answer your own question with a 100% certainty...

you KNOW that the Russians caused a rise in prices... you KNOW that most of them are criminals... you KNOW that they all must leave Thailand now... and you KNOW that they will all throw their condos onto the Pattaya market...

does not take a genius to see that you have still a lot to figure out...

[slygeeza]

the visa changes wont affect many condo owners who own a condo for their own use but thats not the point, there are also plenty of Thais and farang that own a bunch of condos and rent them out for income. most of the people affected by the visa changes will have been renting rather then owning but plenty of them would be renting condos. There may not be any drop in prices because they arent the only market but it certainly cant be good for it.

Edited July 22, 2014 by slygeeza

[KittenKong]

As for the OP's question: the Thai condo market is not reliant on a few farangs buying condo's hence prices will not fall as a result of any tightening up of tourist/visitors visa regulations, it simply wont happen.

That may be the case in Bangkok or Chiang Mai, but as far as Pattaya goes (and this is the Pattaya forum) most desirable condos are indeed bought by farangs, to the extent that many are bought in company structures (which after all are designed solely to bypass the 49% farang legal restriction). Thais may have a near monopoly on places like Lumpini condo town, and those nasty "resorts" being built in Jomtien, but who in his right mind would want to live there? Even the Russians aren't keen.

[KittenKong]

There are rumors Ed visas will be looked at more closely in the future. So far, it's just rumors and nothing official. But it does look like it's heading in this direction.

Seems pretty obvious to me that immigration procedures are being examined and tightened up progressively, just as they are progressively sorting out the beach areas in tourist resorts. Why should any escape?

I expect ED visas to be on the list and I also expect that visa agencies who "facilitate" retirement and marriage extensions without bank deposits will feel the wind of change on the back of their necks quite soon, if they haven't already. I also noticed that an immigration poster in Thai has recently appeared in the lobby of my condo building apparently telling Thai landlords that they are responsible for declaring foreigners to immigration and that they can be penalised for not doing so (quite how this helps farang landlords who are under the same obligation, I dont know).

Whether things will go as far as actually changing the retirement extension rules is another matter, and thankfully I see no obvious advantage for Thailand to do so unless it is to increase sales of the Thai Elite card, which of course is already happening as a result of the current back-to-back short visa clampdown.

The junta is not just blowing hot air and anyone who isn't following the rules 100% should probably be examining their situation.

Edited July 22, 2014 by KittenKong

[dragonaus]

As for the OP's question: the Thai condo market is not reliant on a few farangs buying condo's hence prices will not fall as a result of any tightening up of tourist/visitors visa regulations, it simply wont happen.

That may be the case in Bangkok or Chiang Mai, but as far as Pattaya goes (and this is the Pattaya forum) most desirable condos are indeed bought by farangs, to the extent that many are bought in company structures (which after all are designed solely to bypass the 49% farang legal restriction). Thais may have a near monopoly on places like Lumpini condo town, and those nasty "resorts" being built in Jomtien, but who in his right mind would want to live there? Even the Russians aren't keen.

No, The Thais are buying the better condos in Pattaya, the holiday farangs are purchasing the one bedders and some farang retirees are buying 2 bedders. The Thais especially from Bangkok are buying the best thay can find from one end of Pattaya to the other.

[PattayaPhom]

I think most that are affected rent cheap Thai rooms at 2-3k a month, so no prices wont crash because of this

[chris2004]

I don't know who is buying the 24 sq m condos, which seem to be the majority being offered now. They are useless as a long term home, at best OK for a weekend retreat.

[KittenKong]

That may be the case in Bangkok or Chiang Mai, but as far as Pattaya goes (and this is the Pattaya forum) most desirable condos are indeed bought by farangs, to the extent that many are bought in company structures (which after all are designed solely to bypass the 49% farang legal restriction). Thais may have a near monopoly on places like Lumpini condo town, and those nasty "resorts" being built in Jomtien, but who in his right mind would want to live there? Even the Russians aren't keen.

No, The Thais are buying the better condos in Pattaya, the holiday farangs are purchasing the one bedders and some farang retirees are buying 2 bedders. The Thais especially from Bangkok are buying the best thay can find from one end of Pattaya to the other.

So you're saying that in most decent buildings there is less demand for the farang 49% than for the Thai 51%?

I disagree.

[KittenKong]

I don't know who is buying the 24 sq m condos, which seem to be the majority being offered now. They are useless as a long term home, at best OK for a weekend retreat.

And that probably explains why Thais from Bangkok are buying them. Something for the weekend.

[loppylugs1]

Pretty easy to answer this one,they are on the way down already.The place is so overbuilt ,and the building just never stops,let the Thais commit financial suicide,they are quite good at that,for a farang to enter this market they must be nuts

For my part I have been negotiating prices in a nice area in Spain to re-locate to,impossible on a falling market,11% off last quarter,4% off this quarter,where the hell is the bottom line? even rentals there just keep negotiating downwards.

But for all the uncertainty it is the empty condos,the owners that walk away from their problems,toss the keys somewhere and the maintenance fees that are left for the ones left to pick up the tab,security,pool maintenance ,cleaning etc. goes out through the window,an empty shell a worthless one at that

[Pralaad]

Not sure about advertised condo prices, but certain one could negotiate a great deal.

Been watching someone selling car. He almost halved the price in the last 30 days and still up for sale.

Might grab it once it's half or less.

PS. Price went from 1.5 mill to 980k

Edited July 22, 2014 by Pralaad

[dragonaus]

That may be the case in Bangkok or Chiang Mai, but as far as Pattaya goes (and this is the Pattaya forum) most desirable condos are indeed bought by farangs, to the extent that many are bought in company structures (which after all are designed solely to bypass the 49% farang legal restriction). Thais may have a near monopoly on places like Lumpini condo town, and those nasty "resorts" being built in Jomtien, but who in his right mind would want to live there? Even the Russians aren't keen.

No, The Thais are buying the better condos in Pattaya, the holiday farangs are purchasing the one bedders and some farang retirees are buying 2 bedders. The Thais especially from Bangkok are buying the best thay can find from one end of Pattaya to the other.

So you're saying that in most decent buildings there is less demand for the farang 49% than for the Thai 51%?

I disagree.

No you were saying the Thai's are buying in less desirable places. I am saying they are buying everywhere and especially the most sought after.