Blog posts tagged with 'eastern economic corridor'

East Pattaya. “What, and where is it?”, and why has it become so popular?

Firstly, East Pattaya is categorised as a large residential area, which is on the Eastside of the Sukhumvit Road, away from the city centre and Pattaya’s coastline.

This area is bigger than most people appreciate, when you consider that it stretches over 15kms East, away from the city, and also has a North to South distance of over 25kms. This whole area is broken up into smaller sub districts such as Nong Plalai, Nongprue, Pong, Mabprachan, Huay Yai, Baan Ampur etc, however, most refer to it simply as “East Pattaya”.

East Pattaya is a very different environment than Downtown. You will not find dozens of fast food chains, coffee shops, high rise condominiums or shopping malls here, but you will quickly identify that there are plenty of excellent Thai and International restaurants, fresh food markets, specialist clinics, pet stores, Thai and International schools, world class golf courses, and an ever growing choice of attractions.

Many of the businesses that used to be in the city, such as casual dining restaurants, offices and law firms, and larger supermarkets (such as Topps supermarket), are moving across Sukhumvit to East Pattaya, in order to take advantage of cheaper premises that offer the necessary car parking spaces that modern Pattaya residents requires.

Although many attractions are popping up around East Pattaya, this is not considered a tourist zone. Yes, there are coaches travelling to and from dolphin shows, sheep farms, beautiful temples, golf courses and water parks, but these are simply “passing through” and return their customers back to the hotels, and resorts throughout Pattaya City, and Jomtien.

East Pattaya can certainly be classed as residential. It is thought of as “home” by Thai and Foreign families with children, Ex Pat workers who are brought here to operate and manage the huge factories and logistics centres within the area, and retirees looking for a more peaceful lifestyle.

It’s a completely different lifestyle from the hustle & bustle of the city. It’s far more relaxed and laid back, and as more and more families move in, you get to see them jogging or cycling around Mabprachan reservoir, playing Polo, and even Cricket! There are full car parks outside new and established restaurants every evening, with people enjoying a Sunday roast dinner whilst watching various sporting events, as their children play safely in the grassed gardens, paddle pools, or climbing frames set within the property grounds.

The housing market in East Pattaya has a diverse range of properties.

There are smaller 2-bedroom terrace homes all the way through to 10-bedroom “mansions” on large landscaped plots with private pools with maid’s quarters or guest areas. Properties can be found as stand-alone buildings or within gated communities offering security and communal pools.

Low-rise condominiums are also being developed in East Pattaya, but you’ll not find the tall skyscrapers which dominate the Pattaya skyline here, as they do not comply with the city’s zoning.

Compared to prices in and around the city, you will certainly feel that you get “a lot of bang, for your buck”! It may be possible to half your monthly rental by moving out of the city, or upgrading from a small studio, or 1 bedroom condo into a 3 bedroom house with a small private garden and some communal facilities.

Likewise, when it comes to purchasing a property, you could invest much less money for a newer home than something comparable in the city which could be 10 to 15 years old!

This is due in the most part to land values. Pattaya is no different from other cities in the world in this respect. The closer you move to the centre, the more you will need to pay for the land. There are many people that can afford to live in a loft apartment overlooking Central Park in Manhattan in New York, but prefer an Estate in the suburbs. It all comes down to lifestyle choices. If you want the non-stop lively Pattaya lifestyle, beach access and inevitable massage parlors on every corner (or next to the 7/11 on the corner) then East Pattaya may not be for you. However, if you wish for a more sedate lifestyle with more choice in accommodation style and size, and if schools, golf courses and accessibility are more of a consideration for you then East Pattaya may well be the right choice. Rolling hills, mountains with walking trails, historic temples, lakes and even the odd farmyard remind you on a daily basis of the beautiful country that Thailand most definitely is!

Quoting a sentence written by Mr. Bart Walters in an edition of the local Real Estate Magazine, he signed off from a similar review of East Pattaya by saying “once people make the move, nobody comes back from the East Side”

East Pattaya – A home in Thailand.

There’s more to Pattaya than just the sexy girls!!

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Pattaya City is now an international destination for so many reasons: tourism, vacations for medical reasons, National and International sporting events, finance, and worldwide business and trade conferences. Pattaya city has also grown to become Thailand’s largest and most well-known resort city. It enjoys sustained growth from the booming tourism sector, which draws millions of visitors from around the world to Thailand each year.

Investors in the real estate market in Pattaya City can expect the property market to follow recent trends, including growth driven by foreign investment in holiday properties and favorable conditions for foreign buyers and developers. Pattaya City’s diversified economy leads to a more stable real estate market when compared to other resort cities in Thailand and the greater Southeast Asia region.

As Pattaya City becomes the major industrial hub for the country, and to cope with the increasing amount of transportation, needing direct high-speed access to the growing manufacturing estates throughout the region, the government have signed off on the development for the “Eastern Economic Corridor (EEC)”.

The first of the projects is the completed Bangkok – Rayong motorway. This multi lane motorway links the International “Suvarnabhumi” Airport through the province of Chonburi where Pattaya City is located. Passing the Laem Chabang deep sea shipping port and cargo logistics hub, it turns slightly inland, past the Eastern Seaboard with its mass of International companies manufacturing everything from steel, micro chip technology to pet food and garments. Finally, after the approx.150kms journey from its origin, it ends at ‘Map Ta Phut’ in the Rayong province with most of Thailand’s car manufacturing, and the countries oil & gas petrochemical plants.

Further additions to the new “Eastern Economic Corridor” infrastructure project are the continued upgrades to the (U-Tapao) airport which is just 30kms south of Pattaya City. This airport is being developed to become Thailand’s 3rd busiest International airport and also to be the national maintenance centre to oversee commercial repair and overhaul services, and an aviation training center.

Along with this the long time promised High Speed Rail Link that will join Bangkok with Pattaya City, this city will quickly grow in interest and thus property values will continue to rise accordingly.

Investments in infrastructure and economic development projects have already yielded gains for the property market from Bangkok to Phuket and beyond, so the expected growth this will bring to the Pattaya region is very exciting.

With a reportedly strong 8,000,000+ visitors each year and an expat population of at least 40,000, the outlook for the whole province looks fantastic. The uptake rates of condos here in Pattaya City surpassed the national average in 2018, which is another indicator of a healthy demand for current supply.

Pattaya City’s real estate market is more resilient than other tourist destinations in Thailand due to its diverse range of tourism and industry, property values are still in large part driven by foreign investors. Property values here can therefore be at the mercy of other international trends, such as the declining value of the Ruble which has recently led Russian investors to sell off properties and temporarily exit the market. That being said, there are areas within the Pattaya City market that may show dependable prospects for demand and growth from both foreign and local investors.

There is a real shortage of house-rental availability due to the number of working Expats filling the best properties quickly. The East Pattaya area close to the highway routes, Eastern Seaboard and the increasing number of International schools has seen the largest occupancy.

Recently, Chinese investors have started to invest in larger numbers than before, in both the upmarket and mid-market segments. Pattaya City, along with Phuket and other secondary cities, will remain a major focus for Chinese-driven development and property sales in 2019.

Like any property market, buyers should be aware of the fundamentals of the real estate market as well as trends over the short-, medium-, and long-term in order to make an informed investment.

Cornerstone Real Estate and our staff have over 20 years combined experience solely in the Pattaya City marketplace, so are well placed to offer our clients the very best information and advice for their real estate decisions. Whether looking to purchase land, house or a condominium, or searching for a rental property from our extensive portfolio, we have the ability to help you in your next investment.