“We all know the Chinese love to take photos, but will they want to but property in Pattaya? Only time will tell.”
The Chinese are certainly coming to Thailand but are that many coming to Pattaya? The North of Thailand and Chiang Mai in particular has seen huge influxes of Chinese tourists for a number of years – but in reality that is exactly what they are, tourists. Can we realistically expect these people who are coming on their annual holiday to buy a condominium or house during their holidays especially when many are handheld on coach tours? There are a number of reasons to have doubts.
The first issue relates to Pattaya itself. The Chinese are naturally quite conservative and although Pattaya’s image has certainly changed in recent years, it is certainly not what you would call conservative. Pattaya may be great for a holiday’s but could they really see themselves buying a property here? The answer probably depends on the individual but the developers are probably hoping that these people are investors concentrating more on potential returns rather than viewing it as a regular residence for themselves. The Chinese are certainly more affluent and perhaps are looking at what returns they could get.
The second issue relates to ownership. This issue relates more to houses than condominiums but could still be a factor if the entire foreign ownership quota has been sold. As we all know, non Thais are not allowed to own land in their own right so this could put a lot of people off in the fear that they could lose their investment. People who are not overly familiar with the Thai property market will naturally be wary and again enough doubt could be place in their mind to put dissuade them. The same issues again could come into play if they are unable to buy their condo in their name.
A third reason that should be considered is ‘do they want to own a 26 or 32sqm condominium?’ Would this be viewed as a good investment? Again this is probably an individual thing, but if this is the first time you have purchased something outside of your home country would you view this as value for money? The Chinese often go on holiday with their extended family, in reality something of this size would not be suitable 4 or 5 people.
At the end of the day, the Chinese are coming to Thailand; they have money so it seems reasonable that the developers are chasing this market but we will wait with baited breathe to see if things come to fruition.