With the city’s main sources of tourists dried up, “for sale” signs are becoming as common as happy hour placards in Pattaya.
An unscientific survey of Pattaya’s busy downtown streets found an apparent increase in closed businesses and for sale sales, in some cases due to the disappearance of Chinese tourists due to the Covid-19 outbreak. Shops open just a week ago in places like the Soho Town Market and Mae Wilai Market are closed today.
While there are still Indian, Russian and European tourists in town, many businesses put all their eggs in a Chinese basket and were forced to close down when Beijing banned overseas tours to control the spread of the deadly virus.
Of course, one man’s misfortune is another’s opportunity. Properly speculator Sei Kom said he buys properties when the market is depressed and holds then until things improve. It’s all cyclical, he said. All he needs are investors willing to take the leap with him.