Property in Thailand

I was just looking at property for sale on an internet site - it looks extremely cheaper than I thought, has there been a decirease in property prices in Pattaya recently? I noticed a few properties in the 3 million range (2 bed apartments), albeit not new build, and somewhere else a few "deals". I do appreciate there is a vast difference in price of properties a few years old compared to new build. But overall they look cheap. Thoughts.

I agree the prices seem to comming down some but I also think they will continue to come down. The big rip-off today is buying condos before they are built or finished and then being left with an unfinished building or a contractor that declares bankruptcy. Never buy anything that is not finished and immediately available to move into.

[catawampuscat]

It certainly feels like a buyer's market.
Some say the Russian money is keeping prices relatively steady and Arab
money as well on some high end properties..
The speculators are out of this market, at least in Pattaya/Jomtien and I would agree
with luvthai and be very careful, especially of unbuilt or unfinished condos... :cat:

[Lunchtime O'Booze]

good time to buy..the Russians are coming to save Pattaya. There's a huge property convention later this year in Moscow at which Thailand will be featuring heavily. There's a booming middle class in Russia with accesible cash that wants quality digs by the sea.

[bing]

While in Russia some time ago, I could not help but notice how fine the people were. Tall and slender and blond or at least light complected. It might not be such a bad thing if they move next door. Those Russians are a beautiful people to behold. If one is into sticky-rice, then it would not be such a big deal, but young Russians have to be among the tops in great looking bodies, both guys and gals.

... is to pay in instalments, the final instalment being paid upon completion. In a lot of cases, that is the norm, however, you still come across "crooks". I have a friend who is buying in Morocco who is paying in such a way, the changes and what they haven't told her is unbelievable, one of the caveats was that she could only live in it for a few weeks a year and it has to be rented out via their management company. They soon changed their mind - they didn't realise she had set up an internet group and basically a large chunk of would be owners joined. The rest is history and they soon backed down. Other things they do is change their mind about fixtures, fittings, furnishings etc, using cheaper models and then saying we are not putting items in the apartment anymore. They expect you to just sit back and agree.

Stick to buying one that has been built for a few years.

[Lunchtime O'Booze]

' I have a friend who is buying in Morocco .."

and what is she doing in Morrocco and where ?

Lovely people those Arab lads..they love to kiss you like you are woman ( well..old bat in my case)..soft skin..wonderful !

That old queen Lawrence was so in love with his Arab boy he couldn't bear to leave him behind..so shot him dead.

While in Russia some time ago, I could not help but notice how fine the people were. Tall and slender and blond or at least light complected. It might not be such a bad thing if they move next door. Those Russians are a beautiful people to behold. If one is into sticky-rice, then it would not be such a big deal, but young Russians have to be among the tops in great looking bodies, both guys and gals.

Ho ho! You bring back a memory from the time I was living and working in San Francisco. This involved daily bus rides which were frequently unpleasant. But one evening, while returning home, I was completely amazed to see a handsome heterosexual couple sitting across from me -- both blonde, and (gasp) with a very cute blond baby -- happily riding the bus around San Francisco and enjoying the sights.

For some reason(s), you just never see such a thing on a San Francisco bus. You may see black leather queens dripping chains and razor blades, discussing why the spinach quiche last night didn't turn out JUST right, you can definitely find drug addicts, criminals, the homeless and other such by the handful -- but a good-looking young married couple with a child???? Unheard of!

Just then, they began speaking to one another, and the light-bulb went on over my head. They were Russian! :-) :-0

By the way, Mr. O'Booze, you can just shut up about those boys from the Maghreb. :-) It makes me all moist! (My first lover was Tunisian, and my second was Moroccan. If Thailand blew up and I miraculously survived, I'd be back in the Maghreb in a heartbeat.)

' I have a friend who is buying in Morocco .."

and what is she doing in Morrocco and where ?

Lovely people those Arab lads..they love to kiss you like you are woman ( well..old bat in my case)..soft skin..wonderful !

That old queen Lawrence was so in love with his Arab boy he couldn't bear to leave him behind..so shot him dead.

She won't be doing anything, her partner of 12 years is Moroccan, hence the interest, buying a Le Mango type villa, forgot what part of Morocco, but she is watching it being built very closely and won't part with her instalments till each stage is completely finished and that has had its major hickups at times but has increased in value quite a lot since the "beginnings" I suspect she will and her partner retire there eventually.

Ditto to all the posts above.

40% discounts are not unusual and I have even seen houses discounted by a desperate 60% to get a quick sale.

The influx of Russians could also have an adverse affect on house prices as some housing estates can be very "national", although this is likely to be less noticeable with condos.

[Lunchtime O'Booze]

The Russians are more likely to be just more and more tourists..not buyers ( except maybe for some heavy Mafia types wanting a bolt hole).

They're already the only ones landing at Pattaya airport..just wait until that's a few plane loads a week. I've seen them operating in plenty of places now-Canne, Monte Carlos, St Tropez-Italy. They want the best and they'll pay big money for it.:occasion9:

You get the very rich who want fabulous places in the best location and for some reason-Pattaya is where they want it. Then along come the middle classes who aren't too different from their counterparts anywhere ( although thankfully won't want frigging fish"n'chip with soggy tea joints than now plague the Spanish coast)

Forgive me English friends ( and White Desire ) but there couldn't be anything worse than a mass of Brits in a holiday ghetto with their silly hats and buckets and spades. :cyclopsani: the once lovely paradise of Ibizia !!-yehhh ..and all those awful Soho queens who plague Mykonos :crybaby:

treat them well..like the Japanese who have saved tourism in Hawaii & Australia they spend up big but can move on quickly if they feel cheated.

The Russians are more likely to be just more and more tourists..not buyers ( except maybe for some heavy Mafia types wanting a bolt hole)

Or more appropriately, possibly a Baht hole. ;)


George.

lob = ( although thankfully wotn't want frigging fish"n'chip with soggy tea joints than now plague the Spanish coast)

That's not the middle-classes; that's the hoy-polloy. I, for one, have never been to Spain and had to stop going to certain parts of Greece when it was discovered by TUI's prole customers.

There is an interesting article in the latest (June 2008) issue of Property & Lifestyle Magazine, available free to those living around Pattaya - the first "honest" property article I have ever read here!

Entitled The Greater Fool Theory it compares the property market in Pattaya to that in Southern California in the 60's and 70's:

" The property market was so hot there that there evolved what became known as the Greater Fool Theory. The Greater Fool theory posited that it really didn't matter how much you paid for a piece of SoCal property; there would always be an even greater fool who would pay you even more when you sold it. There was no such thing as over priced real estate, there being no limit to people who wanted to live in the sun ...."

It concludes:

"Woe to the unhappy "investor" who bought a condo for 1.5 million (in Pattaya) in 2000. They're lucky if they can get an offer above 750,000 baht when they try to sell - if they get an offer at all.

The Greater Fool has left the building. But still the building continues."

Not quite what some of the property experts (and developers) want to hear ....

[Smiles]

" ... there couldn't be anything worse than a mass of Brits in a holiday ghetto with their silly hats and buckets and spades. :cyclopsani: the once lovely paradise of Ibizia !!-yehhh ... "
Any perspicacious commentary on above observations, jinks? :clown: :cherry:

Cheers ...

[Bob]

Any perspicacious commentary on above observations, jinks?


Our buddy jinks will be back to you on that as soon as he looks up "perspicacious." (jinks....don't use the Thai dictionary).

[jinks]

Strange comments...

I shall check out Eivissa next month. You might have to look this up.

[Smiles]

Strange comments ... might have to look this up.
Typo! Shirley you meant " ... lock this up ... "? More in character I'd think. Hahahahahahahaha :cheers:

Cheers ...