There are winners and losers with regards to having been involved in business in Pattaya during the last 10 years.
Talking about the local developers, who are the winners and who are the losers? Some people say they all ended up as losers. Is that really true?
I say no. Sure, many of them did lose something. They lost their reputation as trustworthy builders. There is no doubt their reputation went down the drain. Many of them lost face. They won’t be giving interviews to the media in the years to come. They will be keeping a low profile for a very long time. Some of them will never surface again. If they do they will be working behind the scenes.
Can a group of people who have made from somewhere between 50 million baht up to a few billion baht be described as losers? Of course they can’t. They still have their properties and luxury cars. Their net worth might have been reduced slightly in size as a result of the property crisis. But it would be absolutely ridiculous to describe them as losers. They are not. Rest assured they are living the same life as before the crisis.
The developers had many really good years where they made plenty of money. Naturally that money is in a safe place. Thailand is not a safe place, I am sure OA Travel & Tours will vouch for that. The money has been transferred to a tax haven, somewhere safe.
These developers did lose something. There was a time when everything they touched turned to gold. They truly believed that the party would go on forever. They lost the opportunity to double or triple their fortune. I am sure they are disappointed that things didn’t go as planned, but that does not qualify them as losers.
So who are the losers then? The losers are the investors. Thousands of investors have lost their deposits paid to the developers. The little guy is the loser here. The little guy calling the developer wondering why the phone is not answered anymore, wondering why the project’s website has been taken offline. Who cares about the little guy? Every investment carries a risk, we all know that. They knew that all along so we can’t really blame anybody. Every time you gamble you might lose. Indeed, there was a time when off plan investments was a very good idea. Not anymore! These investors have burned their fingers badly.
What about all those people depending on the property engine running smoothly? All of a sudden the engine came to a halt. All those property magazines, what were they supposed to do now? They couldn’t possibly keep a magazine running when nobody was spending money on advertising anymore. Is it business as usual for them? I doubt it.
The property sector in Pattaya was hit quite hard. Staff working for the developers lost their jobs. Project managers, agents, website developers, you name it, they all lost their jobs. There wasn’t a bonus for a job well done when they had to go. These guys didn’t earn enough to put money away for a rainy day. They are among the losers. Many have had to return to their country of origin. For them the party came to an abrupt stop.
Ask yourself these questions:
Who are the winners and losers in Pattaya? Who paid the highest price? Who lost everything? Who wasn’t really affected?
Published 25 November 2016