Thailand’s Condo Market Is Rapidly Changing - Why?

Añadido: 2026-05-24

[00:00:03]Hello again. Welcome back to the channel. Today, we're talking about condominiums. Buying a condominium in Pattaya or even in Thailand sounds like a bit of a dream, doesn't it? Sunshine, low living costs, modern apartment, rooftop swimming pools, and maybe even retirement security. Very, very attractive. I completely understand the attraction to doing this.

[00:00:31]Today, when you go visiting these modern high-rise condominium buildings with a view to renting or maybe even buying, you're often met with a fantastic facade surrounded with beautifully manicured garden, imported marble and granite reception areas, immaculate swimming pool, fully equipped gym, and courteous staff that greet you and walk you through the door into the into the facilities. Welcome to Prestige Residences.

[00:01:00]>> [music] >> Thank you. It's beautiful. We're glad you like it. Our model unit is right over there. Great. Let's see it. And for a great deal of the people that do this, there is an immediate desire to become part of this wonderful lifestyle. It becomes almost over overwhelming.

[00:01:18]But, behind the polished presentation, what are you really buying? And perhaps even more importantly, is it actually the lifestyle that you're looking for long term?

[00:01:30]Because after living here in Thailand for some considerable time and listening to people and after speaking to people who have done this and have bought condos here, I've noticed something very, very interesting. And of course, the people wanting to sell these condos are speaking very positively, but actually very few people talk honestly about the resale problem, the maintenance issues, the rental reality, the legal complications, and the financial risks that these foreigners may find later.

[00:02:04]So, in this video, you know, I'm not telling you not to build a a condo in Thailand. Many people do very very well, actually. But, just before you transfer millions of baht into Thailand in 2026 for the purpose of purchasing a a condominium, there are definitely some realities you should know about first. So, I've I've broken this video down into eight sections, and each one covers a different area and is important to understand. Section one, the big difference between holidaying in Thailand and living in Thailand. This is one of the biggest mistakes people make in confusing the holidaying in Thailand and the living in Thailand. When you come here for 2 weeks, everything is exciting. The condo looks amazing. The rooftop pool looks incredible. And the And the sea views actually complete the picture that sells the dream. But, living somewhere long-term, you know, and actually owning property there, they are two different things. After a year or two of living here, priorities can change. The actual areas that you're in change. Buildings age. The management changes. And then, sometimes people just want to simply move to somewhere else.

[00:03:23]And of course, that is one of the big advantages to actually renting as opposed to buying. Renting is much much easier just to change your plans and move on. Now, let's move on to section two. There's a rule rule here when you're buying condominiums, the 49% foreign ownership rule. Now, this is an exceptionally important point.

[00:03:44]Foreigners cannot directly own land in Thailand. But, foreigners can own freehold condominiums in Thailand.

[00:03:55]However, when it comes to condominium, only 49% of the sellable floor area in a condo building can be foreign owned. 51% must be retained in ownership by Thai people.

[00:04:09]Now, this can create a few issues that many buyers don't really think about. If the foreign quarter of a building, it can become very hard as a reseller to sell your property on to another foreign buyer. Secondly, you really need to ensure that all the ownership paperwork and foreign transfer documents are correctly done. Because as many have found out, problems at the purchase stage can become really [snorts] big problems when you eventually want to sell it. I've known this, if you're really serious about buying a condo, I would strongly recommend you use an independent lawyer to assist you. Don't go for one of the lawyers that are simply recommended to you by the agents or by the the developers because those might have an interest in just getting the property sold. By all means, if they recommend lawyers to you, make a note of the the the lawyers they recommend and avoid them. Get an independent lawyer.

[00:05:17]Important. Remember, there's a lot of your money involved in what you're doing and you want to protect yourself. Now, let's look at section three, the resale reality. This is normally one of the biggest shocks that foreigners get about trying to sell their condominiums on.

[00:05:36]Especially here in Pattaya and Jomtien.

[00:05:39]There's parts of Phuket that are affected and there's also some areas in Bangkok applicable. At any one time, you know, there's a huge competition of people trying to sell condominiums. New condominiums are being built all the time. There's several developments on the go here right at this moment in Pattaya. With a lot a lot of property for sale, condominiums. And developers are getting more aggressive in the way they [clears throat] sell. They realize they've got to keep improving their their their product with the likes of infinity pools, or working areas where you can sit and if you're a a computer nomad, these these areas are very popular. Smart access systems is another new one. Luxury gyms, bigger gyms, rooftop lounges to relax. They're moving the the the game all the time and finding more attractions to make theirs just that little bit more special. And that's what as a condominium owner, this is what you're competing with. And this can really affect the prices you can ask. If your property is 5 or 10 years old, and you're competing with the new condominiums being put up round about you, it's going to be difficult. And this is something at this moment of time is affecting many investors who bought properties just before we had the problem with COVID, are now finding is affecting them now. It is true to say that many older properties now really struggle against the the newer high-rise condominium buildings that are being offered on for sale now. Buyers today expect significant savings when buying older condominiums against the the new ones currently on offer. And many owners who bought their condominiums some years ago are now facing having to take a loss on what they would hope to be an investment, or absolutely unable to sell at a price anywhere near what they were hoping for.

[00:07:42]Now we come on to another important section, you know, building management.

[00:07:46]This is an area that nobody really wants to do if they're selling the properties.

[00:07:50]Nobody really wants to talk about this at all. And in my opinion, this is absolutely one of the most important things for and purchases should really look at in detail. Not just does this building look beautiful today, how good is this building going to look in 10 years time? And I've seen many, many buildings over the years that looked fantastic when they're new and they're put on the market slowly but progressively deteriorate over time.

[00:08:18]Items like poor management, that's one of the big causes. And then you go on to things like broken gym equipment. They don't want to purchase replacement item.

[00:08:28]Worn out corridor corridors, damp smell that you find in a lot of these older condos, very prevalent. The swimming pools not correctly maintained. Another big, big problem, of course, is the elevators constantly breaking down. The reasons that these happen is, firstly, as I've said, poor management, low occupancy of of the condominium, which reduces the money coming in, which means that they've got to be much more careful on what they spend it on. Owners not paying their fees, another very common aspect, or inadequate funding of of the of the building. That beautiful facade that you come across is not worth very much at all if it's not looked after because it is going to go downhill constantly. Now this is one section, section five, that might be of great interest to many people. And that involves rental income from your property. Just as an aside here, you know, when I come to Thailand firstly, it was a boom area, this area Pattaya and Rayong. There was many, many foreigners here working on many, many projects and they're getting paid big money.

[00:09:41]And quite a few of them people I know invested in buying condominiums at that time thinking that it was going to give them a good passive income in years to come. Most were wrong. And I I have several friends and several friends that have passed now that actually lost a lot of money on what they paid out for these condos and having all the service money's to pay etc. And eventually they sold them at a a loss as well. So, it didn't turn out to be a good idea.

[00:10:12]And I think a lot of foreigners are doing this now buying as an investment and to rent them out totally overestimate the rental income that they can achieve. But so I'm saying, you know, there are people who do well at it as well. So, it's not a it's not a overall rule. It's just a a lot of people go wrong in it, but some people do very well.

[00:10:34]But bearing in mind it's a a renter's market. There's a lots of lots of empty property round about that are competing to get people to rent them out. So, you've got to consider that in the equation as well if you're considering renting it out. Renters have good choice in the market today. Lots of owners reducing their prices just to try and attract someone to come and rent the properties. This is the final part on this section, you know, there's a lot of laws and regulations that can affect things like Airbnb, short-term renters etc. They've got to be complied with and you have to be aware of these regulations and laws if you're going down this way. To summarize, I would just say if you're planning on doing this as a a rental aspect, I would be cautious. Now, another section that I want to discuss here is off-plan purchases. Is Is a good idea?

[00:11:34]Not a good idea.

[00:11:37]Or not. Another important one. A lot of people buy when it's still in the planning stages and they do very well by buying early.

[00:11:48]They get the the condo they want at a price that they're happy with. Because I see in many occasions that as soon as the the property is ready to be inhabited prices do creep up fairly quickly for some time. So there is a good saving to be made. But sometimes projects are delayed and delayed significantly. And sometimes they're never completed as we see in some big condominium buildings that have never been completed here in Pattaya.

[00:12:35]And people have lost a lot of money. The specifications can change. The facilities as they're eventually presented are not what were as described in the proforma for the building was built. The the facilities inside the condominium and does aren't as described. Or the market changes before completion. From a personal aspect, I would be very very careful about buying off plan. I would much much rather have be in the situation that you see the condominium that you like, you agree the price that you're willing to pay and the deal's done. Not waiting months or years or maybe never to see what you paid for. Section seven is about agents and property listings.

[00:13:25]One thing that surprises a lot of people is exactly how chaotic property listings can sometimes be in Thailand. You'll often see duplicate listings, outdated listings, already sold units still up for sale, different prices being offered by different agents for agents for the same condominium. And sometimes and commonly realistic marketing. Another thing many foreigners who buying condominiums report feeling pressurized into making quick decisions. I'm you know, I when I think about this, I think about when all these uh timeshare properties were up, you could be on holiday anywhere in the world and be pressurized to try and get you to invest in a timeshare. Selling condominiums is a very similar aspect, you know, they'll promise you the earth and they'll push you and try every effort to make you make your decisions quickly. Aspects like it's a limited time offer.

[00:14:23]Yeah, today only. Special discount for you.

[00:14:28]We've got special discounts available for today only. Claim that all the units are selling fast and this unit may not be available by the weekend. Or suggestions that the prices are going to increase very, very soon.

[00:14:43]Better you buy now.

[00:14:46]The prices will go up tomorrow. So, this is a good time to buy. Sometimes the promotions are genuine. Buying property is probably one of the biggest decisions a lot of people will make. Personally, I would never rush in making a quick decision. Take your time. A big decision. View multiple projects.

[00:15:06]Compare the prices. Are they Are they Is the price realistic? Visit the area more than once. And never allow yourself to be emotionally pressurized into transferring large sums of money. And the final section to this video is the flexibility of renting. And I think renting is a very attractive alternative to many, many people who want to have a condo. In the USA and in Europe, renting can be very, very expensive. But here in Thailand, it's still it's still is relatively affordable. And the flexibility of renting has a great value. Maybe today you love being in Bangkok. After 2 years in Bangkok, you think, "Ah, I'd prefer to live in Hua Hin or to live in Pattaya or Phuket or maybe even up north in Chiang Mai." If you're rent- If you're renting, no problem. You simply move. If you own a condo and you If you own a condo, you want to sell it on to move, but suddenly discover it's not quite as easy and maybe much slower than you expected.

[00:16:13]Now, that's the eight sections over and I just want to be completely fair here.

[00:16:16]Despite everything I may have said in this video, many foreigners are very happy that they've bought property in Thailand. Especially people who are planning to stay here long time. Know the area very well. Buy for life- lifestyle as opposed to investment. Of course, fully understand all the risks that are involved in it. Many people, buying completely makes sense. I think many people arrive here in Thailand and they start looking around, maybe just out of interest, and then they get hit by the uh the urge to move and do something and buy buy something.

[00:16:54]They want this lifestyle, so they rush in they rush into the with an emotional urge that they may regret in due course. Well, I hope this video has given you a good insight into buying uh considering to buy or rent a condominium here in Thailand in 2026.

[00:17:12]Now, I'm going to follow this video up with another video about buying a condominium as opposed to what I consider a much better option and that's getting a a house because I see many people that start off in condominiums and up buying houses instead.

[00:17:32]Purely because they want more space, they want areas to grow their life and maybe have some pets and family etc. So, that will be my next video and if you want to see it, please think about subscribing and ringing the bell etc. And I look forward to seeing you in the next video. Thanks for now.

[00:17:53]Bye.