Property prices dropping

[rocketboybkk]

So, ive read that Pattaya property prices are dropping.

Any views?

Or is it the Thai way of if it doesn't sell put the price up?!

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[SidJames]

Where did you read this rocketboy?

I've heard tales of people dumping condos that they've pre-purchased before completion at lower that they paid for them but it was 2nd hand info.

I've never actually met anyone who has admitted to doing this.

Although it may be a bit like gamblers who shout about their big wins but rarely mention the donkeys that they have backed.

House prices don't seem to have dropped on agents websites but I haven't kept an eye on condos

[rocketboybkk]

I saw it on Pattaya property site on Facebook.

I'll be there soon, will be interested to find out more.

I agree with you about keeping it hush!

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[SunLover2]

It would not surprise me as the Russians were a big influence in the Pattaya RE market. Their current economic situation was sooner or later bound to effect things to some degree.

SL

Edited May 30, 2015 by SunLover2

[rocketboybkk]

I think the prices are over inflated anyway. Just my opinion

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[Lukecan]

Well russians make up a huge portion of the Pattaya RE market. As a turk let me tell you that prices in Antalya have dropped, its another popular seaside resort frequented by Russian travelers. The prices in Antalya have dropped by as much as 30%in USD

[kbelyeu]

I was poking around Bahtsold today and see quite a few reduced for quick sale with Russian sounding names..

Kurt

[cooked]

Why anyone should want to buy property here is a mystery to me.

Maybe the bubble is slowly popping.

[ThaiBob]

This has been discussed so many times recently it borders as a troll post.

[rijit]

on another 'similar' thread a guy was saying his wife works selling real estate and property never realise's its 'new original ' selling price. i find that a touch 2 broad to believe but it gives a feel of the market.

[konying]

Yes many are. But those were overpriced in the first place and even with the drop its still about 30% higher than it should be.

Agents add their 5-10% on top of the price , then add another million or two for room to " negotiate"

After few months of no interest, price drops by a million yet still overpriced

[PattayaPhom]

Same as always, property whether land, condo, residential or commercial sells if priced correctly and in a good location. Overpriced shoeboxes with views of another shoebox or 3 bed pool villas in the boonies stay on the books for ever. Just sold 2 Rai land for 41 Mil, hardly say prices are coming down as sold the same plot 3 years ago for 26 Mil.

[Asiantravel]

Why anyone should want to buy property here is a mystery to me.

Maybe the bubble is slowly popping.

It's only artificially low interest rates that is preventing this turning into a disaster

[rijit]

Same as always, property whether land, condo, residential or commercial sells if priced correctly and in a good location. Overpriced shoeboxes with views of another shoebox or 3 bed pool villas in the boonies stay on the books for ever. Just sold 2 Rai land for 41 Mil, hardly say prices are coming down as sold the same plot 3 years ago for 26 Mil.[/quote

yep your right but the question wasnt about land prices, though they take their toll, the question was about condo prices are they going down or up ?

Edited May 31, 2015 by rijit

[LennyW]

Same as always, property whether land, condo, residential or commercial sells if priced correctly and in a good location. Overpriced shoeboxes with views of another shoebox or 3 bed pool villas in the boonies stay on the books for ever. Just sold 2 Rai land for 41 Mil, hardly say prices are coming down as sold the same plot 3 years ago for 26 Mil.[/quote

yep your right but the question wasnt about land prices, though they take their toll, the question was about condo prices are they going down or up ?

No it was not, it was about property in general.

[rijit]

Why anyone should want to buy property here is a mystery to me.

Maybe the bubble is slowly popping.

It's only artificially low interest rates that is preventing this turning into a disaster

they've been 'low' for how long now?

[rijit]

Same as always, property whether land, condo, residential or commercial sells if priced correctly and in a good location. Overpriced shoeboxes with views of another shoebox or 3 bed pool villas in the boonies stay on the books for ever. Just sold 2 Rai land for 41 Mil, hardly say prices are coming down as sold the same plot 3 years ago for 26 Mil.[/quote

yep your right but the question wasnt about land prices, though they take their toll, the question was about condo prices are they going down or up ?

No it was not, it was about property in general.

fair enuf so your saying what exactly. 'priced correctly' means prices are going up or down ?

[SidJames]

Same as always, property whether land, condo, residential or commercial sells if priced correctly and in a good location. Overpriced shoeboxes with views of another shoebox or 3 bed pool villas in the boonies stay on the books for ever. Just sold 2 Rai land for 41 Mil, hardly say prices are coming down as sold the same plot 3 years ago for 26 Mil.

That must be in a very decent location to be worth an uplift in premium of that much & to worth 20M a rai now.

I would guess that it's for development so more cost on top for the investor

[GaryB1263]

Same as always, property whether land, condo, residential or commercial sells if priced correctly and in a good location. Overpriced shoeboxes with views of another shoebox or 3 bed pool villas in the boonies stay on the books for ever. Just sold 2 Rai land for 41 Mil, hardly say prices are coming down as sold the same plot 3 years ago for 26 Mil.

That must be in a very decent location to be worth an uplift in premium of that much & to worth 20M a rai now.

I would guess that it's for development so more cost on top for the investor

Is this land near the new train station???

[SidJames]

Have there been a definitive statement about where the train station is going to be?

[Anthony5]

Well russians make up a huge portion of the Pattaya RE market. As a turk let me tell you that prices in Antalya have dropped, its another popular seaside resort frequented by Russian travelers. The prices in Antalya have dropped by as much as 30%in USD

Did you notice that the USD has almost increased by 30% against the Euro in the same timespan?

[Anthony5]

I saw it on Pattaya property site on Facebook.

I'll be there soon, will be interested to find out more.

I agree with you about keeping it hush!

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That would be the most credible source one could think about. NOT?

Edited May 31, 2015 by Anthony5

[rocketboybkk]

I saw it on Pattaya property site on Facebook.

I'll be there soon, will be interested to find out more.

I agree with you about keeping it hush!

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That would be the most credible source one could think about. NOT?

I take it you're the expert then will a multi million pound property portfolio built up through your expertise whilst your very serving is the special forces?

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[Anthony5]

I saw it on Pattaya property site on Facebook.

I'll be there soon, will be interested to find out more.

I agree with you about keeping it hush!

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That would be the most credible source one could think about. NOT?

I take it you're the expert then will a multi million pound property portfolio built up through your expertise whilst your very serving is the special forces?

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I take it you're the owner of Pattaya Property, or at least linked to it.

In case you still don't get it, a real estate agency is the last place one should look for property advice, because there is a remote chance they have an agenda.

[Anthony5]

I know from a very reliable source that several well known developers are currently in deep shit, and no he isn't a real estate agent or in the market for a condo, but he is one of the few people in Pattaya who are in a position to know the details.

Edited May 31, 2015 by Anthony5

[SidJames]

As we saw with the banking industry debacle once an industry gets to a certain critical mass it then takes on a soul of it's own.

If these go then they will eventually be replaced.

If the developers borrowed then the lenders will take possession of the plots & developments then put them back out onto the market.

It may take a year or it may take 5 years as was seen in Bangkok during the last major crash.

We won't see a situation where the land is returned to it's natural state & farmed again plus corner-cutting becomes derigour as they try to claw back some money.

No money goes into the local infrastucture & future planning seems so poor that you could see parts of Jomtien turn into ghettos in 20-25 years time the way some council estates in the UK & projects did in the US.

I doubt we'll see a situation like Detroit but you never know.

I never hear talk of Na Jomtien & Ban Amper around the Ambassadour being turned into a super casino anymore

[toenail]

I do not believe real-estate or the condo companies or a Thai owner would lower the price. It is called "saving Face" They would rather keep the place empty than sell it and make a smaller profilt. But!!!-if the apartment is being sold by a foreigner, then that could be a different situation.

[toenail]

I do not believe real-estate or the condo companies or a Thai owner would lower the price. It is called "saving Face" They would rather keep the place empty than sell it and make a smaller profilt. But!!!-if the apartment is being sold by a foreigner, then that could be a different situation.

[Rimmer]

Confrontational troll post and replies removed

[GaryB1263]

Have there been a definitive statement about where the train station is going to be?

I don't think so but people that own in the "AREA" are talking it up.