Peppered throughout Pattaya and Jomtien are a huge amount of new condo projects in various states of completion.
Many are sitting empty and unfinished like the one in back of the Blue Olive restaurant or the huge building at Bali High pier, this is not only in Pattaya, Jomtien has so many in the same condition. The Russians were the driving force behind many of these projects, not anymore as the Ruble has plummeted and the builders took advantage of cheap loans. When the banks call in their loans apparently many builders just fade away.
Pattaya/Jomtien Building Boom or Bust
- Gaybutton
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Re: Pattaya/Jomtien Building Boom or Bust
Two years ago a three story condo was built behind my house. I have yet to ever see a single light on in any of the rooms.
Re: Pattaya/Jomtien Building Boom or Bust
Not just condos but hotels. I'm intrigued; I visit every three or four months and there seems to be a new hotel every time I arrive. Often they spring-up in what seems a few weeks- heaven knows what the building quality is. What is the occupancy rate? Are the guests Chinese?
- Undaunted
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Re: Pattaya/Jomtien Building Boom or Bust
There was a time when I thought casinos would come, I had been told that the woman that owns the Royal Cliff hotel and a supposed friend of Thaksin bought the hotel with this in mind. After all, Cambodia, Laos and Vietnam have casinos.....must be something else I don't understand about Thailand.windwalker wrote:Hotels will be filled once the casinos arrive in town.
"In the land of the blind the one eyed man is king"
Re: Pattaya/Jomtien Building Boom or Bust
When I came to Thailand sixteen years ago there were dozens of huge, partially completed abandoned buildings. The rate was forty-five baht to the dollar.
Could it happen again?
Could it happen again?
- Gaybutton
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Re: Pattaya/Jomtien Building Boom or Bust
I certainly wouldn't object to seeing the exchange rate reach 45 baht to the US dollar. And if it does, I hope it either stays there or gets even better. I remember when the Asian money crash happened, the US dollar to baht exchange rate reached 55 baht to the US dollar. It stayed there about two weeks. In accordance with Murphy's Law, it reached that level that level just after I had returned to the USA.Geezer wrote:The rate was forty-five baht to the dollar.
Could it happen again?
Re: Pattaya/Jomtien Building Boom or Bust
Property markets tend to be cyclical, so there is a very good chance that a bust could follow a boom.
Re: Pattaya/Jomtien Building Boom or Bust
.....and when will that be?windwalker wrote:Hotels will be filled once the casinos arrive in town.
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Re: Pattaya/Jomtien Building Boom or Bust
"On a serious note" http://pattayadailynews.com/pattaya-sky ... suspended/
"In the land of the blind the one eyed man is king"