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.