With the drastic downturn in the value of the ruble there are now some obvious bargain properties to be found in Pattaya. Many Russian expats are looking to leave Thailand this year, especially those that rely on income from Russia and business is not good for Russian touristic companies and real estate agents selling to the Russian market.
On the flip side you can see fire sales daily on many property re-sale websites and Facebook pages. Russians when buying a house in Pattaya tend to buy on a Russian village or estate, such as Baan Dusit Pattaya. The problem for the Russian owner is if they want to sell quickly they may have a problem as English speaking foreigners and Thais probably wouldn’t be too keen on living on a predominantly Russian estate. There is of course the medium to long term investment potential in buying houses on such estates at fire sale prices and then renting them out until the Russian buying market recovers, which could bring a good return. This is of course not without risk as it could be several years before this market recovers.
There are also many re-sale and flipped condos available with good discounts too. With over 40,000 new condos coming onto the market in Pattaya over the next few years, bargain buys could be soon available for the off plan project units that were originally aimed at the Russian buyer. Buying off plan always comes with a certain amount of risk, but when big risks pay off, the rewards are sizeable too.
2015 also sees the beginning of the ASEAN agreement, it would be prudent right now for developers and real estate companies alike to target ASEAN countries with the latest projects in order to open up new and developing markets.