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BANGKOK 23 January 2019 22:25
nickt092

Pattaya High Season and Prices

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Guys,

 

I'm curious about everyone's view on the cost and development in Pattaya.  Relatively new here.  Living off and on in Pattaya for the past 2-3 years.  This years high season is incredibly low yet prices for monthly condos incredibly high.  The first year I came here monthly rates where at 15,000-20,000 baht easy.  Now all the posters around the city appear 10,000 baht more!  Prices to buy condos are nearly doubled.  Previous a condo at The Base would run 1.5MB baht and now easily starting at 3.2MB. 

 

Now for the real question, is Pattaya creating a bubble?  Prices have increased so much and looking around what does this place really have to offer that justifies such an increase in inflation?  I keep hearing from locals invested in shops and condos that 2018 has been a bad year for money.  All I keep thinking is no shit - its too expensive, lower prices.  But the mindset that i see is "Mai beli we will just raise the prices and hope we get lucky."  Anyone else have thoughts on the future of Pattaya compared to alternatives?

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It's been dirt cheap for 20 years. How long did you think that would last?

Shitty fan rooms on soi Buakhao are still cheap and that's what people refer to when they say rents are cheap but if you want nice you got to pay

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7 hours ago, KittenKong said:

Thai economics 101. They rely on new idiots arriving on every banana boat.

 

Property asking prices in Pattaya have been delusional for many years. No one in his right mind would ever pay anything even close to the asking price, be it for rentals or purchase.

Indeed they rely on getting overvalued prices. Well are they getting it? Is the demand there ? If so they have a case

if not then what ?

 

 

 

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Buying a condo is crazy here, especially if you come from the UK with the Pound at 41. A nice one would cost 100-150,000 GBP !!! In a third world country.

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     You didn't say specifically where you were renting a few years ago in the 15 to 20,000 baht range, which has now gone up 10,000 baht a month.  The only project you mentioned was The Base.  Hipflat shows condos still for rent there in the 15 to 20,000 baht price range.  We rented a top floor 1 bedroom we owned at The Base several years ago for 25,000 baht a month and Hipflat shows several high floor units for that same price today.  Ditto for Centric Sea, the other popular newer highrise in central Pattaya.  There may be a few exceptions but I doubt most rental condos have gone up 10,000 baht a month; more likely you can strike a better rental deal than a few years ago, especially for a long-term rental.

    As for condo sale prices, the vast majority have not doubled in price the past few years.  I've always made a profit on my condo sales but none has doubled in price.  Supply and demand is mostly governing prices, as it does most places.  High quality seaview condos are in demand and supply, at least until recently, has been fairly limited so prices have been maintaining and in some cases increasing.  Low rise 'theme park' condos in not good locations have been over-built, demand is not high, so prices at some of these projects have fallen, especially at projects that have been open for a few years.  It remains to be seen how the many new highrise seaview projects coming on line in Jomtien will effect prices there.

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10 hours ago, newnative said:

     You didn't say specifically where you were renting a few years ago in the 15 to 20,000 baht range, which has now gone up 10,000 baht a month.  The only project you mentioned was The Base.  Hipflat shows condos still for rent there in the 15 to 20,000 baht price range.  We rented a top floor 1 bedroom we owned at The Base several years ago for 25,000 baht a month and Hipflat shows several high floor units for that same price today.  Ditto for Centric Sea, the other popular newer highrise in central Pattaya.  There may be a few exceptions but I doubt most rental condos have gone up 10,000 baht a month; more likely you can strike a better rental deal than a few years ago, especially for a long-term rental.

   

How the hell did you rent a 1 bedder for 25k a few years ago when i see them now renting for 12-15k, basically half the price? Same with Centric Sea.

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8 minutes ago, RoadWarrior371 said:

 This.

 

Those that buy quality Condo in good locations (Zire, Northshore, etc.) have seen stable values, and have condos that are actually pleasant to live within.  If your condo is being shown to you by a Russian with full sleeve tattoos, you are doing it wrong.

Agree.

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Plenty of condos to rent under 10000 baht if you do your home work and avoid the new upscale projects.

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