Wanna buy a condo?

Condo under construction in Jomtien

The last few years have seen an orgasm of condo building across Pattaya. From Naklua to Jomtien and beyond, complexes of varying sizes have been thrown up at varying rates of speed. Many of them offer small units, typically 25-35 square metres, with target customers often being Russian. It has been a mystery to many of us as to who is actually buying these things, and with the retreat of the Russian market thanks to the collapse of their currency, it is becoming clear that the answer is “almost nobody”. Some construction projects appear to be running slow and some appear to have stopped. As for those that have yet to start…; well, if you have put down a deposit you may want to try to get it back (don’t hold your breath, especially if you bought into Golden View).

New builds may be floundering; but the second-hand market is doing no better. Stocks of property are rising and very few existing condos are selling; and the housing market is effectively dead (even though one of my readers bought a house last week in an attempt to keep things afloat).

Of course my pessimistic view is not shared by the local press whose property pieces are invariably written by “Property Professionals” who have absolutely no vested interest in talking up the market. However, I did have a brief conversation with an agent who doesn’t sugar-coat things.

“How’s the property market?” “Condos - fucked. Houses - completely fucked.”

Technical jargon, but I am sure you get his drift.

Comments 🔗

2015-02-04 | Grant says

So are you telling us that in the housing market-place you have recently moved from “fucked” to “completely fucked?”

2015-02-04 | genuinej says

But “downsizing” was a shrewd move in the right direction. Clever boy! And he managed to acquire a new set of wheels along the way,

2015-02-05 | Spike says

I’m only completely fucked if I want to sell it; which I don’t. My condo was costing me more than 200,00 baht a year in service fees and projects to restore the infrastructure, my house isn’t. And yes, condo replaced with house, nice car and money in the bank. Happily completely fucked.

2015-02-05 | Chang Noi says

Well buildings are just bricks and basically worthless after building … land on the other hand. Housing market might be fucked but if I (well my wife) would sell our house + land nearby Pattaya (for a very moderate price) and export the money back to origin it would result in a 180% profit …. not bad in 10 years.

2015-02-05 | Spike says

I made more than 300% when I sold my condo; but that was after 13 years.

2015-02-05 | Digbats says

That is a thing of beauty - I propose they leave it as is. :-o

2015-02-05 | Grant says

You bloated old capitalist you! Well done.

2015-02-05 | Grant says

There’s a hugely bigger one in Bangkok on Sathorn Road near Saphan Taksin, 49 stories, known as “Sathorn Unique”. It’s been crumbling for nearly 20 years, it’s going to make a hell of a mess when it falls over…