Pattaya Property Market Update
We are currently in a very interesting time with Pattaya real estate, it seems the buying frenzy has well and truly stopped, the Russians led the way over the last few years with thousands of them coming to buy off plan condos, but the collapse of the Ruble has had big repercussions on Pattaya’s once booming real estate market.
Now what we are seeing is lots of “fire sales” being advertised by local real estate agents and prices that are well below what the developers sell at or can even build at as some are saying.
We decided to go and take a look around the whole city and check out all the construction sites as well as the ones that have been recently finished, we knew that there was a lot of development over the last few years but didn’t quite realise exactly how much.
If you go and have a look around you will see for your self, there is a massive over supply right now, usually by this time of year we are struggling to find available to condos for people to rent, this year it is very different, every week we are inundated with emails from landlords letting us know that their rental properties are still available. This is the current situation and we counted numerous developments that are in the final stages of construction and due to release even more condos onto the market in the coming months, so once they add even more condos to the market surly the situation will only get worse?????
Starting at Na Jonteim and coming back into the city you have ( below are only approximate figures )
- Venetian – 980 units – completion date 04/16
- Nam Talay – 260 units – just finished
- Centara Grand – 480 units – completion date 2017
- Cote d’azur – 1308 units – completion 2018
- Reflection – 335 units – completed last year
- Aeras – 309 units – completion 2017
- Cetus – 350 units – just finished
- Lumpini Jontiem – 1850 – finished last year
- Seven Seas – 1450 units – finishing 2016
- Riviera Jontiem – 1049 units – 2017
- Amazon – 800 units – just finished
- Savana Sands – 1500 units – 2017
- Atlantis – 1000 units – finished 2015
- AD condo – 600 units – finishing 2017
- Dusit grand – 520 units – finishing 2016
- Aqua – 309 units – finished 2015
- Laguna beach resort 1 – 650 units – just finished
- Laguna beach 2 – 1100 units – finishing 2016
- Laguna beach 3 (the maldives) – 1750 units – finishing 2016
- Dusit grand park – 987 units – finishing 2016
- Grand Caribbean – 1112 units – finishing 2016
- Tree tops – 252 units – finishing any time now
- Axis – 1000 units – finished 2015
- Arcadia beach – 1350 units – finishing 2017
- Arcadia Imperial – 1150 units – finishing 2017
- Arcadia beach resort – 1200 units – finishing 2016
- Waterpark – 220 units – finishing 2016
- The winner – 107 units – just finished
- New Nordic – too many projects to mention
- The Vision – 220 units – finishing very soon
- The Cube – 96 units – finishing 2016
- Tropical Dream – 180 units – just finished
- City Garden Pratumnak – 157 units – just finished
- The Jewel – 122 units – finishing 2017
- The Point – 119 units – finishing 2016
- The Cloud – 161 units – finishing 2016
- Southpoint – 655 units – finishing 2016
- Peak Towers – 478 units – finishing 2016
- Elegance – 79 units – finished 2015
- Cosy Beach View – 256 units – finished 2015
- Aurora – 127 units – finishing 2016
- Orion – 282 units – finishing 2017
- Nova Amari – 278 units – finishing 2016
- Waterfront – 325 units – completion ?????
- Unix – 1200 units – finishing 2016
- City Garden Tower – 465 units – finishing 2017
- Novana – 259 units – finished 2015
- Golden Tulip – 780 units – finishing 2016
- Centara Avenue – 380 units – finishing 2016
- The Base – 1112 units – finishing 2016
- Centric Sea – 999 units – just finished
- Urban Attitude – 146 units – finishing 2016
- City Centre Residence – 639 units – finishing 2016
- Olympus – 800 units – finishing 2018
We haven’t even started on Naklua yet and I know we have probably missed lots of other developments, but with what is on that list combined with all the other existing developments there is defiantly no shortage of condos in Pattaya.
Mentioning no names we were surprised about the lack of activity on lots of the developments that were all ready well behind schedule, the only place we saw lots of construction being done was at New Nordic on Pratumnak hill.
So is Pattaya dead as far as investment is concerned???
I don’t think so, I think the long term future of Pattaya is bright, there is simply too much infrastructure here for Pattaya to fail. Pattaya has grown for a sex destination to a tourist destination in its own right, it caters for everyone from single men to families or couples, what ever you are looking for Pattaya has it.
Right now and for the next year I actually think that it is a good time to buy, with the Russian exodus there are some great deals to be had, and with the influx of Chinese I think its only a matter of time before the prices start creeping up again. So if you are an investor not in need of instant returns picking the right deals now and then waiting a few years until the market improves might pay dividends. If though like lots of investors here, you are relying on rental income from your properties to sustain your life style then buying condos hoping to rent them out right now is the worst thing you can do in my opinion.
It is not all bad news though, there is and has been for a long time another option available in town. New Nordic, Kurt Svendheim ( CEO of New Nordic ) has been successfully offering a rental guarantee for nearly 7 years now, every investor has been paid every month on time. New Nordic actually pay 10% per year ( about 9.5 % NET ) how they do it is very clever, they actually run condominiums as hotels, so by charging hotel prices they achieve far bigger returns than you would get renting condos out long term. Below is a link to more information to exactly how it all it works.
For more information on the investment opportunity that New Nordic Group offers visit this website: New Nordic Investments