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The Tongue

Price Of Condos

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Out with KTAB (Kris) yesterday looking at 1 bedded accommodation for rent and it was obvious that the studio is by far the most available style of living space available. I suppose it is natural but there does seem to be a lack of 1 bedded style apartments around. What we did see was quite acceptable though although prices varied.

Anyway I was quite shocked to see the prices of some new condo accommodation. I saw prices of starting 3.49 million for about 45 sqm and on to 6.5 million for about 80sqm. Has the price of condos gone up that much, the prices seem to have skyrocketed beyond what I would say the value/size dictates.

I also noted such as Jomtien Complex that back in 2004 they were asking 20-25000 baht for a 2 bedded 110 sqm apartment but now it is 50,000 a month and more (you were getting 65 to the pound in 2004).

To me it just makes the price of houses so much more of a value option for what you get both in terms of price and rental value.

Just caught me unawares really.

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Guest rabid beaver

The condo's are just not worth what they are asking in pattaya, massive bubble that is going to pop IMHO

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And they keep building..must be a market waiting to happen.

Bring on the Chinese next I guess. They have a shortage of women in that country..we are talking millions...and they are rich.

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This could turn out to be a very interesting and informative thread since it covers at least three things

1. Cost to purchase condos

2. Cost to rent condos

3. Cost to rent property

I know nothing of item 3, and a little on items 1 and 2.

Hopefully subsequent posts will keep on topic.

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What condos are actually priced at and what they sell at are two completely different levels. If you look at the Matrix development who are selling off plan 36m2 condos for 1-1.2m they cannot shift enough of them. Indeed their Park Lane and Paradise Park developments are pretty much sold out. If you look at the second hand market, then nothing is shifting. Plenty of land about to keep building. Personally I would not invest in a second hand condo in pattaya unless it was a studio and fell under the 1.5M mark. Unless you are super rich, the market at 3-7 Million THB is not moving. So anything about 10-15M is ok and at the other end of the scale I reckon you will also be alright.

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One size doesn't fit all. For some people purchasing a condo or a house in Pattaya can be a good option. For others not and rental is the best option to chose.

If an individual decides to comit and stay long term, has done the research, is certain on staying in a particular location, is certain about a condo versus a house and can buy a condo at the right price then condo purchase can turn out to be a good decision. If no to any of the foregoing then rent, even if the answer is yes to all think it through very carefully.

As to prices of Condo's I only have the limited experience of buying a one bedroom condo in VT2B. It turned out to be a very good decision that suited my situation, objectives and needs. Still does even though those of you that have met me will understand my needs have changed. Spoken to quite a few guys over the years at the pool and they are happy with their decision to buy. But then their knowledge may only be limited to their own experience, needs and what they have. Even so they are happy.

Having recently seen photographs of Dave's house in another thread it looks to be a whole different style of living and much more to suited to a long stay in Pattaya, but then it being on the Darkside (no criticism of the DS) may not suit some people. Personally I am interested in buying a house. It would be interesting to receive feedback on the cost of purchase and rentals of houses / villas in say Jomtien and the Darkside.

As for the condo market and leaving the risky off plan failures aside I have heard people complaining that the bubble is about the burst for many years now. But Pattaya does not seem much different to the rest of the world. Provided the price and location is right the property will sell. There will always be swings in the market but one thing going for the lower end of the market, be it houses or condo's, is there is always an influx of newcomers, be they European expats, Asian expats, Thais or Russians.

Not able to comment on if there has been a significant increase in rental prices over the last 8 years but would have expected them to, probaly least in line with inflation. But then the overall market conditions will be a driver for the price of rental.

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The condo's are just not worth what they are asking in pattaya, massive bubble that is going to pop IMHO

Totally agree.

I spent the last 3 months looking at buying and have decided not to, I have seen them all, they are all overpriced but my biggest concern was that its the Russians that are buying and I dont want to live with Russians.

I almost signed for a development in south Jomtien called Reflections but the service charge on top of the 7m was just ridiculous. 140,000 pounds for a condo? :thumbdown:

2014 there will be literally thousands of empty condos and desperate owners - ill wait till then so In can see exactly what Im buying too.

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What condos are actually priced at and what they sell at are two completely different levels. If you look at the Matrix development who are selling off plan 36m2 condos for 1-1.2m they cannot shift enough of them. Indeed their Park Lane and Paradise Park developments are pretty much sold out. If you look at the second hand market, then nothing is shifting. Plenty of land about to keep building. Personally I would not invest in a second hand condo in pattaya unless it was a studio and fell under the 1.5M mark. Unless you are super rich, the market at 3-7 Million THB is not moving. So anything about 10-15M is ok and at the other end of the scale I reckon you will also be alright.

The speculators buy off plan because the bank wont lend the developer the money without a percentage of units sold, so they offer them at low prices with the promise that the list price will be 30% higher - the list price can be 130% higher it doesnt mean that they will sell. The coin hasn't dropped with the speculator

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Guest Mr Ploppy

This could turn out to be a very interesting and informative thread since it covers at least three things

1. Cost to purchase condos

2. Cost to rent condos

3. Cost to rent property

I know nothing of item 3, and a little on items 1 and 2.

Hopefully subsequent posts will keep on topic.

I own 2 x 44sqm studios in Nova Mirage, Naklua so here is my input.

1. I purchased mine off plan as empty shells so after doing them up the cost to me was 2m each. I won't sell for less than 2.3m. One person regularly asks to buy one for 1.8m saying that is what his friend paid for his....So I simply say go and buy one then and stop bothering me..!!

2. Cost to rent are dependant on length of contract. One has been rented out for 18months. First year was 15,000 a month but the second year was 12,000 a month. The other has a regular customer that rents it twice a year for 3 months a time for 15,000 a month. This suits me perfectly as when they are not there we used it for family holidays.

3. No idea

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Guest

I rented my house in the Village on 3rd road for a year, 2 story 3 bed 2 bathroom corner location for 15k a month, I was very happy there.

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And they keep building..must be a market waiting to happen.

Bring on the Chinese next I guess. They have a shortage of women in that country..we are talking millions...and they are rich.

The theory is sound but the conclusion is a bit off, in my estimation. The Chinese will import the off shore women they marry, not set them up in a condo in Pattaya. Well on second thought, the older ones might set up a mia noi in Thailand but any Chinese fella wanting a family will import.

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I rented my house in the Village on 3rd road for a year, 2 story 3 bed 2 bathroom corner location for 15k a month, I was very happy there.

Could a guy do that if he didn't have access to a car? Perhaps I'd buy the woman a bike and me an excellent helmet.

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I own 2 x 44sqm studios in Nova Mirage, Naklua so here is my input.

1. I purchased mine off plan as empty shells so after doing them up the cost to me was 2m each. I won't sell for less than 2.3m. One person regularly asks to buy one for 1.8m saying that is what his friend paid for his....So I simply say go and buy one then and stop bothering me..!!

Mr Ploppy, that's not off plan and its important for anyone reading this thread to know that, because there is a massive risk and a massive saving to be potentially made if you go along the 'off plan' route. Off plan is buying off a drawing - before the first brick is laid

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Guest Mr Ploppy

Mr Ploppy, that's not off plan and its important for anyone reading this thread to know that, because there is a massive risk and a massive saving to be potentially made if you go along the 'off plan' route. Off plan is buying off a drawing - before the first brick is laid

Hi..Yep for this thread to be usefull it should be made clear .....and I can see that I wasn't clear.

I bought mine off plan just as you describe...from a drawing without a brick being laid with payments over a one year period .....but purchased as empty shells...some can be bought off plan but with the unit being fully completed by the developer.This is also an important thing to make sure buyers understand when purchasing off plan.

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Guest chris2004

Out with KTAB (Kris) yesterday looking at 1 bedded accommodation for rent and it was obvious that the studio is by far the most available style of living space available. I suppose it is natural but there does seem to be a lack of 1 bedded style apartments around. What we did see was quite acceptable though although prices varied.

Anyway I was quite shocked to see the prices of some new condo accommodation. I saw prices of starting 3.49 million for about 45 sqm and on to 6.5 million for about 80sqm. Has the price of condos gone up that much, the prices seem to have skyrocketed beyond what I would say the value/size dictates.

I also noted such as Jomtien Complex that back in 2004 they were asking 20-25000 baht for a 2 bedded 110 sqm apartment but now it is 50,000 a month and more (you were getting 65 to the pound in 2004).

To me it just makes the price of houses so much more of a value option for what you get both in terms of price and rental value.

Just caught me unawares really.

I don't know what condos you were looking at but in my condo you can get a 2 unit condo 90+ sqm for just over 3 million baht. Of course that was better value when i bought at 71 baht to the Pound but even now it's not so bad. Can you get a large condo anywhere else for 60,000 GBP. I guess we would all prefer a house for the same money but i am not willing to risk my home buying a house which is not mine.

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Guest hanibal7

My cousin has bought a 3bedroom condo for 11million,and i checked what he could have if buying a house for that much.Hopwever his condo is huge,very beautiful when furnished,he will be spending 1 million baht on furnishings.I would have bought a house personaly,but the condo is still amazing

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Guest hanibal7

Give him this link, even cheaper, it costs 1.68 million only:

http://pattayacondog...taya,44260.html

Its a shoe box though campy.No wonder guys come here,and stay out on the piss other than having some time relaxing in their condo.Too Claustrophobic for me.

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Its a shoe box though campy.No wonder guys come here,and stay out on the piss other than having some time relaxing in their condo.Too Claustrophobic for me.

40 K Euro seems a bit much for 45 square meters. It looks more like a hotel room with a kitchen.

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Guest hanibal7

40 K Euro seems a bit much for 45 square meters. It looks more like a hotel room with a kitchen.

Doesnt seem like a good deal to me

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Guest Mr Ploppy

40 K Euro seems a bit much for 45 square meters. It looks more like a hotel room with a kitchen.

Yep. That is exactly what they are but for sure I don't have problems renting them out. It isn't just down to the condos themselves of course..It really is a nice chillout place with a couple of short tracks down to the beach....My wife, kids and I love taking holidays there when one is available...and my 2 English sons like it there too..

I think it all boils down to what people want and how much they are willing to pay for it.

For me I wanted something in a foreigner's name that I can put in my will for my English sons to inherit which you can't do with a house

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Guest

Could a guy do that if he didn't have access to a car? Perhaps I'd buy the woman a bike and me an excellent helmet.

Sure you can mate, there's a gaggle of motocy taxis just outside the entrance all you have to do is wave to them or call the security guard to send one or even a private taxi, that's what we did before I bought the car.

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Guest hanibal7

Sure you can mate, there's a gaggle of motocy taxis just outside the entrance all you have to do is wave to them or call the security guard to send one or even a private taxi, that's what we did before I bought the car.

Its only 5 mins walk to buckfast

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Guest hanibal7

Sure you can mate, there's a gaggle of motocy taxis just outside the entrance all you have to do is wave to them or call the security guard to send one or even a private taxi, that's what we did before I bought the car.

Do u think he is talking about a village rather than the village complex on 3rd road????

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Guest dannythered

Could a guy do that if he didn't have access to a car? Perhaps I'd buy the woman a bike and me an excellent helmet.

Do you trust the lady with your life? Get a very good helmet.

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