What's the state of the mega-condo projects south of Jomtien?

[Asiantravel]

With the over flow of new condos built, how do the various developers sell these newly built apartments? I realize many Thais purchase these as an "investment" (and can get a loan from their bank) but it's a different story with a foreign purchase. A "farang" must cough up cash which is around $100,000 for the basic condo room to 3X the amount for something nicer...and in ten years there is no appreciation. The retired Westerner use to come to Pattaya and purchase a condo, but due to the economic turn-down a few years ago and the rise in air-fare, Europeans and Americans are not visiting Pattaya as they use to. The developers were gearing for the Russian market, but that will be dismal with Putin's arrogance in world affairs...and I cannot think of the Chinese being able to affort to buy one of these condos or wanting to make this their vacation retreat. So who will buy?

There are chinese with means.

http://blogs.wsj.com/chinarealtime/2014/06/10/china-now-has-more-millionaires-than-any-country-but-the-u-s/

They are buying up NYC!

http://www.forbes.com/sites/kenrapoza/2014/07/30/for-rich-chinese-u-s-becoming-giant-monopoly-game/

Hang on a minute! both of those articles are from 2014?

you are clearly very behind the times

just wait until the effects of the recent stock market diving in Shanghai over the past couple of weeks permeates through the economy........................Nearly $3 trillion wiped off Chinese stock markets

Edited July 11, 2015 by Asiantravel