The Property Market in Pattaya

Posted on 06 November 2012 by ABPC

The Thai economy has been growing rapidly over the last number of years and the property market is no different especially here in Pattaya. Anyone coming to the city will see the vast number of developments that are under construction and along with those that are already completed and those that are planned.

The demand for these new properties – condominiums in particular, is exceptionally high with many buildings selling a high percentage of rooms within a matter of weeks of going on sale. Many of these condos are purchased by investors at pre-launch prices therefore maximising their potential returns immediately, either through the rental market or as resales.

The Naklua and Jomtien areas are where we are presently seeing the most growth with quite literally thousands of rooms being built or planned over the next 5 years in both locations. The influx of visitors from Russia, Korea, China and India is also helping to ensure that the demand remains high with many of these visitors looking to purchase second homes or investment properties.

Land prices are something else that has rocketed over the last few years with prime pieces of land now being extremely scarce. Any vacant plots of land in the Pratamnak area are quickly snapped up, often at vastly inflated prices. The same could also be said for Naklua and Jomtien not to mention the city itself. This has resulted in other areas such as Bang Saray increasing in popularity. Again in this area prices seemed to be rising almost weekly with private investors and developers looking to take advantage of the area’s popularity.

It is fair to say that there has also been a shift in the popularity of certain properties. Many developers are now building studios that are between 20-30sqm in a more hotel room style. These condos are aimed more at the short term visitor looking to have there own kitchen and such facilities rather than feeling the constraints of staying in an actual hotel. The developers have gone to great lengths with their furniture packages to ensure that every centimetre is utilised without feeling too cramped or claustrophobic.

As more and more families are seeing Pattaya as a holiday destination we are seeing demand for larger condos also increasing. One of the main reasons for this is the culture of many visitors coming here with their extended families. 2, 3 and even 4 bedroom condos are often required and the market has shifted somewhat to accommodate this.

As with any major purchase it is always recommended that you seek the advice of an expert. At Alan Bolton Property Consultants we are in an ideal position to offer this unbiased advice and assist you with your purchase.

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