This week I am going to take a break from the “Do You Live in Pattaya” series and take a look at a few of the things we have been hearing about the real estate market in Pattaya and get your opinion with a short survey at the end of the article.

It is hard to get a feel for what is actually going on the market here because there is so much conflicting information and even harder to get accurate data that truly reflects the market.

Anyone who has been paying attention to the property market in Pattaya knows that the number of condo and house projects being launched has been reduced dramatically. A few years ago it seemed there was a new condo development being launched every week.While some of the current projects are nearing completion some developers have put their projects on hold and some have even returned buyer’s money since they can no longer continue due to lack of buyers and funds.

Construction Updates on Off Plan Projects

We do get regular updates from some of the developers who are moving along with their projects. The Whale Marina Condominium (photo above) sends updates several times a month as to the progress on their condo development.

We also get regular updates on the Aurora Pratumnak, Nakarasiri the projects by the Global Top Group and others.

Probably the best thing to do right now if you are thinking of buying a condo “Off Plan” is to check the developers track record to see how many of their projects they have finished on time, how many have been delayed and what they have that is currently under construction. Unless you have money to burn you don’t want to be in a project that is going to be delayed for years or not be completed at all.

The best advice we can offer is to stop by the Coastal Real Estate office and talk to one of our experienced staff about the best “Off Plan” condos or houses to purchase if you are thinking of going that route. We can tell you who has finished on time and who has not.

Remember, not all of the real estate “Experts” you meet in the beer bars around town know what they are talking about. It is better to deal with an established agency.

Fire Sale! Huge Reduction! Must Sell!

Take a quick look at any of the classifieds around Pattaya and I am sure you will find ad headings similar to these. It seems that half the property owners in Pattaya want to get rid of their property.

There have been a lot of Russian owners offering large discounts since the Ruble lost a lot of its value but properties offered at huge discounts seem to be far and few between. We did have some units in Novana Residence a few months ago that were reduced to a price below on million Baht but generally the price reductions have been minimal.

In the instances where sellers are willing to reduce their properties to attractive prices buyers are quick to snap them up. This is not to say you have to lose money on the sale you just have to hit the price point where it represents a good value. At Coastal we post price reductions to our Facebook page as well as to Twitter and Google+ so that our followers hear about them first.

When we consult with potential sellers one of the first questions we ask is how they came up with the price they are asking. We get a wide range of answers such as, “this is what I have in it” or “this is what the one across the road sold for and mine is much nicer” to “I have no idea.”

Again, this is where a professional agency can be a huge help. A professional agency will be able to advise you on what other properties in the development have sold for as well as similar properties in similar developments.

We talk to a lot of sellers who are discouraged that their properties are not moving but unwilling to move to a price that truly reflects the value of their house or condo.

Baan Balina 2 House for Sale

View Talay Villas Rental

Rentals

Currently we have over 600 rentals on our site, with about three quarter of them being condos, so there is definitely a lot of competition in the rental market. If you are a landlord you have probably seen prices go gown over the past few months especially if you are renting smaller studio condos for short term stays. 

High-end rentals are the exception to this trend with a lot of those types of condos going to corporate clients or renters staying in Pattaya for a long time. Even then some discounts may have been given for multi year leases or to secure a good tenant.

Keep this in mind if you are purchasing low-end condos for rent. There is a lot of competition on that end of the market.

Conclusion

As I said at the beginning of this week’s article, it is hard to get a feel for just what is going on out there. There seems to be both optimistic and pessimistic buyers and sellers alike. There are a lot of deals being made though so it might be a good idea to have your property evaluated by a trusted agent.

I am going to ask you now to take a few minutes and take the short survey below to help us get a feel for what buyers and sellers are thinking about the Pattaya real estate market. We do not ask for your name or email so all responses are anonymous. 

Create your own user feedback survey

If you are looking for some advice on buying or selling a house or condo in Pattaya please feel free to contact us. Or better yet, stop by our office and meet our staff. We are always here to help.

Coastal Real Estate