Is this a condominium bargain……… or a sign of difficult times?

[geisha]

I don't think its a good idea to buy anywhere in Thailand at the moment. Europe is not in a good way, tourists who once travelled to Asia and the Caribean are staying closer to home. In the past 7/8 years, millions of holiday homes have been put on the market in Spain, Portugal, France, Italy and other countries where the sun shines.They have not found buyers, even though their prices have been greatly reduced! I would like to say that most of these condos, houses and villas are of very high quality, built by serious international companies. Thailand can in no way compete with the quality they offer, shoddy workmanship, badly finished, kitchens that fall apart and floors that crack as if an earthquake has happened! One of the reasons not to buy a 1 or 3 or 4 million baht condo/ house. Another reason, I've rented 3 beautiful condos on Phuket in the past. The first, a new road was built in front of my living room and 20 bars and restaurants popped up overnight!!!the second, I had a fabulous view over a coconut field and the sea. A town house/ housing estate was built with bars and restaurants and motorbikes all night keeping us awake. The third was ok, then we had problems with the pool that turned bright green and never, ever, fixed. ( plus a few other maintenance problems). A good friend of mine there bought a lovely condo. About 6 months after finnish, water poured through the walls and ceilings. He finally had to sort it out himself and pay for the damage and work as it was going into the second year of being ignored. Other friends bought condos, one day, the empty rooms were sold off to package holiday companies and they were overrun by holiday makers and kids cluttering up,a once nice building!! So, me buy a condo or property here, never !

[infinity11]

as mean as this may sound i say bring it on baby!

the bubble MUST burst

last night someone told me the russians can NOT take money out of russia, true?

[MrWorldwide]

If a merchant tries to sell you a duck; he convinces you that it is a duck; but the overwhelming majority tell you that it is a goose; then there is a high probability that it is a goose.

That's a poultry excuse

[Rimmer]

Off topic posts removed, the topic is about a condo in Pattaya.

[Razzler1973]

It should promote to Chinese rich tourist as Russian are staying away due to internal problems, Promoted second home to vacation to Chinese buyers are many of them are rich now.

yeah well............such rich Chinese tourists were promised good deals in Portugal as well but they didn't get what they bargained for

http://www.bloomberg.com/news/articles/2015-03-03/chinese-rushing-to-buy-property-for-portugal-visas-get-burned

That's pretty much what they did here in Dubai when they opened up freehold property to foreigners. Said they'd be a visa. A huge Indian population here only a few hours from 'home' and no guarantees on residency the ones with money rushed out ... as usual with Dubai, announce big and slowly change the rules with no fanfare. Needless to say buying a place no longer gets you any residence visa ...

We have plenty of half finished and never started projects here as well and that's with the aid of black money from Russia, India and money from Iran flooding in during the boom years

[Razzler1973]

as mean as this may sound i say bring it on baby!

the bubble MUST burst

last night someone told me the russians can NOT take money out of russia, true?

I am not 100% but I think there are limitations on Russian taking money out of Russia but these are relaxed a bit if they money is for 'business' and I think real estate in some way gets around this so in terms of having money in Russia and wanting it out of Russia I believe real estate is a pretty good bet, for them

[Asiantravel]

The latest evidence the world is entering a period of deflation. How long can the Pattaya condominium market resist these economic forces?

China property slide accelerates, consumer confidence falls

It's the sixth consecutive month house prices have fallen, including drops of 5.1 per cent in the year to January and 4.3 per cent in December.

At the same time, the ANZ China consumer confidence survey has declined to a record low in March, the fourth straight month the index has fallen.

http://www.abc.net.au/news/2015-03-18/china-property-slide-accelerates/6329726

[doggie888888]

as mean as this may sound i say bring it on baby!

the bubble MUST burst

last night someone told me the russians can NOT take money out of russia, true?

I couldn't agree more... let the bubble burst. Weed out the shysters, con artists and sundry "pretend" developers who are out there now building future slums. Let them fail before they unleash more eye sores and substandard developments without regard to neighbours or the environment.

There are a few foreign shysters ruining Wongamat. I exempt the thais because surprisingly, the best developments there are by thai companies. Not the local con artists whose idea of luxury is cramming as many sexpats as possible into a block of 30sqm cheap and nasty flats. Luxury condos my ass. They deserve to fail.

[brling]

as mean as this may sound i say bring it on baby!

the bubble MUST burst

last night someone told me the russians can NOT take money out of russia, true?

I couldn't agree more... let the bubble burst. Weed out the shysters, con artists and sundry "pretend" developers who are out there now building future slums. Let them fail before they unleash more eye sores and substandard developments without regard to neighbours or the environment.

There are a few foreign shysters ruining Wongamat. I exempt the thais because surprisingly, the best developments there are by thai companies. Not the local con artists whose idea of luxury is cramming as many sexpats as possible into a block of 30sqm cheap and nasty flats. Luxury condos my ass. They deserve to fail.

So blame the farangs again, and you "EXEMPT" the Thais. Good, as we Thai apologists dont want any Thai bashing.

[Rimmer]

Troll post removed

[JB300]

I wouldn't say that necessarily condo investment is a bad deal. You have to buy right and treat tenants well furnish nicely and take care of problems.

Infinat we how one can invest in a single unit and try to rent it for 10k a month. Waste of time really.

The best returns are typically off plan. So that's not an option except from reputable establaihed companies.

I'd more than happily pay 1,000,000 THB if I thought I could get a return of 10,000 per month (that's 1:100 which is roughly what you can get in the Philippines) even up to 2,000,000 (1:200 which might be a little on the high side for Thailand but still a good return), by way of comparison, I'm getting 1:350 from renting my UK house & was paying 1:500 for the apartment I was renting in Singapore.

Problem is, I don't believe I could get anywhere near 10,000THB from a place costing less than 3-3,500,000 THB so unless I could see myself living there for 3+ years, I'll be sticking to renting.

Edited March 19, 2015 by JB300

[pegman]

I wouldn't say that necessarily condo investment is a bad deal. You have to buy right and treat tenants well furnish nicely and take care of problems.

Infinat we how one can invest in a single unit and try to rent it for 10k a month. Waste of time really.

The best returns are typically off plan. So that's not an option except from reputable establaihed companies.

I'd more than happily pay 1,000,000 THB if I thought I could get a return of 10,000 per month (that's 1:100 which is roughly what you can get in the Philippines) even up to 2,000,000 (1:200 which might be a little on the high side for Thailand but still a good return), by way of comparison, I'm getting 1:350 from renting my UK house & was paying 1:500 for the apartment I was renting in Singapore.

Problem is, I don't believe I could get anywhere near 10,000THB from a place costing less than 3-3,500,000 THB so unless I could see myself living there for 3+ years, I'll be sticking to renting.

My friend just bought a studio in VT2 for 1.8m. I pay 12,000b for same, 1:150. My tenant in my condo in Canada pays 1:155

[KittenKong]

My friend just bought a studio in VT2 for 1.8m. I pay 12,000b for same, 1:150. My tenant in my condo in Canada pays 1:155

Your figures sound about right at the moment. The return here may drop somewhat over the next few years as all those new Jomtien buildings become available for rental. VT2 does have the advantage of a convenient and central location though, which I suspect will always count for something.