While several local real estate brokers and property developers feel that business is a bit slow compared to the boom of the past few decades, they should be thankful that they are not operating in some western countries.
As one Californian broker stated: “Things are so bad that we simply do no know when real estate is going to recover from this recession.”
In America the whole messy situation was fuelled by greed on the part of both the financial institutions making unviable loans and investors pushing their finances to the limit to “get rich quick”.
In Thailand, an easing of prices on a few of the high-end housing properties is something that the local real estate market can comfortably ride out.
There is always the alternative of offering add-ons instead of price discounting, and these may include free furniture, free monthly maintenance for extended periods of time or guaranteed rental returns for extended periods of time on unoccupied residences.
In England a combination of a 20-30 per cent fall in real estate prices plus a huge devaluation in the British pound, has seen prices tumble in London by as much as 50-60 per cent.
Brokers have dubbed this phenomenon the “half price sale,” and are experiencing a boom in overseas buyers from some of the nearby affluent European countries, where their own currencies are still strong.
All very nice if you have your heart really set on living in England, but if you want to retire to a more cost-effective economy where your money goes further, Thailand is still looking better.
By comparison, English residences are not as price competitive as those in Thailand, even with the recently perceived price falls. A quick survey of the prices of apartments in places like London show that these do not come cheaply and a survey in one area showed that the lowest priced residence available was still way above local Pattaya prices, and no renovations had been carried out for more than 40 years.
Furthermore, what you get for your money is a big plus, with the best fixtures and fittings coming as standard on most homes, plus the option of fine furniture as an optional extra. The latest Siemens kitchen & bathroom accessories come as standard and the woodwork by Thai tradesmen and women is excellent.
Nowhere else in the world can fully finished & outfitted condominiums and homes be purchased at such competitive prices, in a city offering such a range of entertainment, plus a unique infrastructure.
When viewed in their totality, these factors still leave Pattaya close to the top of the field as one of the world’s most desirable residential destinations.
Here in Pattaya we are seeing developers starting to buy land again for housing developments. Ω