Thread: Has the Thai Bubble Burst by Our Own Danny Boy , Happy Christmas .

Has the Thai Bubble Burst?

Has the Thai bubble Burst?

If you believed everything you saw in the media, you wouldn’t be being silly in thinking that Thailand’s tourist industry was booming. With reports coming out of the TAT that record numbers of tourists are arriving, there should be no need to panic, right? Well between you and me,it doesn’t really seem to be the case. Is the bubble about to burst, or has it already?

Anyone who is here will tell you straight away that the figures in these reports simply do not match up with what we are seeing. Business owners all over Thailand, not just in Pattaya, are emailing on a daily basis telling us how their businesses are way down from the previous years. I spoke to 1 business owner in particular, who told me that his business was down 90% on last year. So why has it come to this?

Go back 5-10 years and Thailand really was on the up. Foreign money was being invested from all angles, and the Thais were benefiting big time. It was a cheap holiday for us foreigners, yet the business owners saw a massive rise in profits from previous years. Did they get greedy; I think it’s a very possible answer?

Another theory held by some is that it’s down to the type of tourist that Thailand has attracted over the years, but that’s a whole different argument, because you will find it to be the same, or similar, anywhere else in the world. Thailand does however, have a way of attracting some pretty unique tourists, shall we say.

I personally think that one of the biggest changes is the neighboring countries, i.e. the competition. Places like Vietnam, Cambodia, and Philippines have come a long way in regards to hotels, food and entertainment in the last few years. Service standards are good, and visa rules are much more lenient compared to here in Thailand.

The Thai currency is another obvious factor. Whilst the Pound, Euro, Dollar, and more notably, the Ruble, have fallen, the Thai baht has somehow managed to stay strong. Not only does this make for a more expensive holiday, but it also affects retirees, living here on a pension from back home.

Then there are the darker sides, which I won’t go into too much. Crime levels for instance may be a factor, and tourists would rather go elsewhere. People come on holiday to have fun, and relax; not to be constantly worrying about their safety and well-being.

There is almost nowhere to go from here except upwards, although the big question that remains is when, of even if, that will happen. I almost feel sorry for Thailand; they were on to such a good thing, but with new restricted visa laws, the currency, and the rest of it, it’s difficult to see a way back.

Personally, I still enjoy living here, and still think Thailand has a lot to offer its tourists and expats, so here’s looking forward to seeing what the future hold for Thailand.

Has the Thai Bubble Burst Finally Burst Open

Careful, you'll be accused of lese' majestie.

God, what dross.

So you run a successful hotel or restaurant here?

Originally Posted by sabang

So you run a successful hotel or restaurant here?

Who are you talking to?

You. I've seen the rent on my villa drop from 65K+ per month, to a 'lucky to get' 45K now- actually I rent it out on Air BnB these days. Expats (of the professional variety) have been leaving in droves over the last decade. Bar owners, hotel operators etc- suffering, probably even worse than myself as a Villa owner (east Pattaya). It's been an awful decade for Thailand, that has seen it reduced from one of the most promising economies in Asean, to probably the least promising..

^

Join the club mate.

The rent on my Gaff in Perth has dropped from 400 buks a week to 330 buks a week in three years and is gunna go lower.

Got my mate in renting my gaff though and charge him 345 Cash.

All good.

Originally Posted by sabang

It's been an awful decade for Thailand, that has seen it reduced from one of the most promising economies in Asean, to probably the least promising..

Sounds like it's just nearly the right to buy.











Yeah right. Place is foked for the next 5 decades at least.

Originally Posted by sabang

So you run a successful hotel or restaurant here?

NO

Originally Posted by crackerjack101

Who are you talking to?

Originally Posted by sabang

You. I've seen the rent on my villa drop from 65K+ per month, to a 'lucky to get' 45K now- actually I rent it out on Air BnB these days. Expats (of the professional variety) have been leaving in droves over the last decade. Bar owners, hotel operators etc- suffering, probably even worse than myself as a Villa owner (east Pattaya). It's been an awful decade for Thailand, that has seen it reduced from one of the most promising economies in Asean, to probably the least promising..

Sorry to hear that. But might I point out that I was referring to the form of the report more than the opinion proposed. Was there an opinion? It's actually totally contradictory. Still that's Danny.

Seriously, I'm sorry to read what you say and I've no doubt it's true. It's getting harder by the day and, though I'm not as involved as you seem to be it's still a concern.

I don't quite understand what Perth rentals have to do with it but there you go.

^

It's been an awful decade for Thailand,

serves them right.

with the incessant gouging of foreigners by just about all involved in the tourist business, the cheating, the double pricing, the lack of openness, the flexible laws, the sleazy police and the mafias they are in cahoots with, the ridiculous and constant price increases, and the increasingly poor value, it is no wonder that tourists have had enough and are finding other destinations.

from the minute one arrives at the airport and encounters the utter confusion of the taxi system to the minute one leaves, it is a cat and mouse game between tourists and the avaricious locals whose only aim is to rake in the maximum profit by providing the least service, the superficiality of the "welcome" and the plastic smiles hide nothing but the utter contempt for the tourist that the lowlife chickenheads who service the tourist industry show.

the government and tourist authority do little if anything to regulate the industry and remove the thieves and scum who give the country such a bad reputation.

it certainly wasnt like this before the millenium

Originally Posted by taxexile

It's been an awful decade for Thailand,

serves them right.

with the incessant gouging of foreigners by just about all involved in the tourist business, the cheating, the double pricing, the lack of openness, the flexible laws, the sleazy police and the mafias they are in cahoots with, the ridiculous and constant price increases, and the increasingly poor value, it is no wonder that tourists have had enough and are finding other destinations.

from the minute one arrives at the airport and encounters the utter confusion of the taxi system to the minute one leaves, it is a cat and mouse game between tourists and the avaricious locals whose only aim is to rake in the maximum profit by providing the least service, the superficiality of the "welcome" and the plastic smiles hide nothing but the utter contempt for the tourist that the lowlife chickenheads who service the tourist industry show.

Offer them 1,000thb today or 5,000thb next week. Which will they choose?

That said, I rent out two condos here, rent hasn't gone down, one signed for a second year 6 months in advance after I put in a new washing machine.


But that said, they're Thais, and not foreign scum on possible 90 day reports and deportation orders.

Originally Posted by Luigi

Sounds like it's just nearly the right to buy.

Hope so- 'cus I'm looking to sell when I get back from a month in Australia, late March. Right now, the sales market in Pattaya is absolutely dismal

Originally Posted by sabang

Originally Posted by Luigi

Sounds like it's just nearly the right to buy.

Hope so- 'cus I'm looking to sell when I get back from a month in Australia, late March. Right now, the sales market in Pattaya is absolutely dismal

I bet.

I was between Pattaya and Jomtien last month in quite a nice and new apartment building. 1-2 yrs old. The whole thing seemed to be Russian owned, including ours booked on booking.com. Out of about 100 apartments there was about 10% occupancy just from looking at the lights over 2 nights. Most of the others had rental signs up. Eating out in Western/Scandinavian restaurants fitted out to Western spec and we'd be the only ones in them.

Crazy.

TAT,s figures maybe correct because a few on here have seen the large groups of mainly Chinese tourists who don't go to the places that are struggling, the businesses that are not getting tourists any more catered for a different type of tourist.

Originally Posted by sabang

Expats (of the professional variety) have been leaving in droves over the last decade.

Respectable people?

Giving Pattaya a miss?

However could this be?

Danny Boy, get the fookin' drinks in, lad. It's your round.

Originally Posted by cyrille

Respectable people?
Giving Pattaya a miss?

Used to be quite a lot of respectable people living in East Pattaya actually, especially Mabprachan area, on juicy expat contracts with wife & kids, and generous rental allowances. They chose the area because of proximity to motorways (to Rayong, Laem Chabang, various other industrial estates & the airport), access to decent schools, & of course the farang delights of bars & restaurants. But they've been leaving for some years now. Pretty shit rental & sales market unfortunately.

I suppose you think Pattaya is all retired dudes & sex tourists. Figures.

Originally Posted by terry57

The rent on my Gaff in Perth has dropped from 400 buks a week to 330 buks a week in three years and is gunna go lower.

Got my mate in renting my gaff though and charge him 345 Cash.

Some mate. Getting cash and still charge more than the going rate!

Originally Posted by Maanaam

Originally Posted by terry57

The rent on my Gaff in Perth has dropped from 400 buks a week to 330 buks a week in three years and is gunna go lower.

Got my mate in renting my gaff though and charge him 345 Cash.

Some mate. Getting cash and still charge more than the going rate!

And not only that, I stay with him on my trips back in my own room for fok all.

I do buy him a free trip to Bali and pay a months electricity for him though.

But he's happy as fuk, my Gaff is a lot better than the other gaffs going and he does not have to deal with real-estate agents doing inspections every 3 months.

He just has to deal with me for a month or so twice a year.

Poor bastard eh.

Some people seem to think the good times roll on for ever.

If ya are punching up in years one should of been through the boom and bust before and factor in the bust before embarking on investments of either the financial sort or real estate.

When i retired three ago the Australian dollar was pulling a top exchange rate, my super was earning 12 % and my gaff in Perth was pulling top rent.

I had worked out my finances to allow for the whole lot to spiral down the shit house, things simply could not last.

Well, that time is now, every thing is fuked but I'm treading water and not going backwards financially because i allowed for the worst case scenario.

Seen it all before my friends, the trick is to now just cruise along and wait for the upturn again.

If ya got spare cash though it's not a bad time to buy a Condo, just don't rely on any rental income.

Originally Posted by taxexile

serves them right. with the incessant gouging of foreigners by just about all involved in the tourist business, the cheating, the double pricing, the lack of openness, the flexible laws, the sleazy police and the mafias they are in cahoots with, the ridiculous and constant price increases, and the increasingly poor value, it is no wonder that tourists have had enough and are finding other destinations. from the minute one arrives at the airport and encounters the utter confusion of the taxi system to the minute one leaves, it is a cat and mouse game between tourists and the avaricious locals whose only aim is to rake in the maximum profit by providing the least service, the superficiality of the "welcome" and the plastic smiles hide nothing but the utter contempt for the tourist that the lowlife chickenheads who service the tourist industry show. the government and tourist authority do little if anything to regulate the industry and remove the thieves and scum who give the country such a bad reputation. it certainly wasnt like this before the millenium

^ Agree, as you sow, so shall you reap.

My friend in the Hotel industry, said they were feeling the pinch from much less room occupancy than years gone by. But this is fairly high-end, so the low-end backpacker type Hostels might be doing ok...

Uncertain economic times for most countries... interesting times ahead for sure.

It's obvious.
Bring back the wedged up brainless white sex tourists. Forget the cheap unwashed chinese