Messy Pattaya draws new cash

Posted on October 31, 2005 by admin
Messy Pattaya draws new cash - The Nation, October 31, 2005
...So even as old troubled projects are washed out, new ones are sweeping in, bringing more cash to one of Thailand's messiest, worst governed towns. Twenty years after it became a registered township, Pattaya is still filled with potholes, unpaved roads and half-finished esplanades that are left to rot in the open for a year or more.
Many foreign retirees here are resigned to the ways of local efficiency and provincial-level competence. ...Eerily, the first Pattaya real-estate crash came in 1979-1980 following the "Raja Finance" stock-market crash. At the time there were also many global chains that had opened large hotels in Pattaya, Hyatt among them. All faded out after the crash as the properties reverted to Thai hands.
The second Pattaya crash, in 1989, also followed a real-estate meltdown. As prices in Pattaya outpaced Bangkok the bubble burst and it took 15 years for Pattaya to claw back.
The current boom started two years ago and since then, the Pattaya housing market has climbed and slumped.
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