{"id":35314,"date":"2016-11-22T12:59:45","date_gmt":"2016-11-22T05:59:45","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/this-property-market-in-thailand-isnt-impressing-anyone\/"},"modified":"2016-11-22T13:01:36","modified_gmt":"2016-11-22T06:01:36","slug":"this-property-market-in-thailand-isnt-impressing-anyone","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/this-property-market-in-thailand-isnt-impressing-anyone\/","title":{"rendered":"This property market in Thailand isn\u2019t impressing anyone"},"content":{"rendered":"


\nA depressing decline
\nCHAI1979\/Shutterstock
\nWith a backlog of condo units building up and more foreign buyers avoiding Pattaya, a number of developers have decided to slow, freeze or even revise their new developments in the city, according to local media outlets. The decision comes after there had been some hope of a turnaround in the renowned party town.
\nSurachet Kongcheep, associate director for research at property consultant Colliers International Thailand, told the Bangkok Post that 307 condo units were launched in Pattaya in the first half which is the lowest level it has been in years and a significant decline from the number of launches in the second half of 2015.
\n\u201cThis was due to many factors such as the drop in the number of Russian tourists who have been the main buyers in Pattaya\u2019s condo market for the past few years,\u201d Surachet told the newspaper. \u201cSome of the new supply is still waiting to be sold.\u201d
\nIt was noted that 17,000 of the 72,000 condo units launched from 2011 to the first half of this year are still available. The government\u2019s property tax incentives helped bump up the take-up rate in Pattaya to 77 percent during the first half of 2016 before expiring at the end of April.
\nMore: Why Pattaya\u2019s condo market is balancing on a knife edge
\nDuring the past two years, Chinese buyers have begun to invest in condo units in Pattaya but they have been unable to make up for the dramatically declining number of Russian buyers that were found here during Pattaya\u2019s boom.
\nTirachai Pipitsupaphol, managing director of Ocean Property, pointed out that his company still has more than THB1 billion worth of condo units available at Ocean Portofino Condominium in Jomtien Beach. The project was finished a few years ago but sales have been sluggish at best.
\n\u201cPattaya\u2019s property market is likely to take several months to return to normal as there are no entertainment activities during the mourning period,\u201d Tirachai noted.
\nThis article originally appeared on DDProperty.com on 22 November 2016
\nRead next: 5 things you should know about Bangkok\u2019s residential market
\n
\nSource : property-report.com
\nRead more…This property market in Thailand isn\u2019t impressing anyone<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A depressing decline CHAI1979\/Shutterstock With a backlog of condo units building up and more foreign...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-35314","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-9bA","jetpack-related-posts":[{"id":15582,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/north-pattaya-celebrates-completion-of-new-upmarket-condo\/","url_meta":{"origin":35314,"position":0},"title":"North Pattaya celebrates completion of new upmarket condo","date":"June 4, 2016","format":false,"excerpt":"\r Golden Top Group now has four completed projects in the area\u00a0 Despite the current slump in Pattaya\u2019s real estate market, one local company has reason to celebrate. 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Presented by Hansgrohe and organised by PropertyGuru, Asia\u2019s\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":22512,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/explained-the-rise-in-chinese-demand-for-thai-real-estate\/","url_meta":{"origin":35314,"position":5},"title":"Explained: the rise in Chinese demand for Thai real estate","date":"August 10, 2016","format":false,"excerpt":"\r Chinese real estate investors are heading to Thailand in a big way \u2013 here\u2019s why Pattaya has seen increased demand from Chinese investors. Image credit: Prachanart Viriyaraks Thailand has seen a significant increase in\u00a0investor interest from China over the past year, according to\u00a0Juwai.com, the Chinese international property portal. 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