Pattaya is a city located in Thailand. This year has been slow in real estate for Pattaya in previous year. The demographics in Thailand in terms of tourism have been so immensely. A lot of local and tourist business ventures are still trying to comprehend this matter. The present construction of Terminal 21 North Pattaya is nearing completion. On the other hand, the East Pattaya, Lake Mabprachan, Na Jomtien and The Eastern Seaboard has ongoing developments. Furthermore, areas south of Pattaya City (like Jomtien, Na Jomtien and Bang Saray) are enjoying the current boom with Bangkokians featuring the beachfront condominiums and pool villas.
Property Study and Research
According to a study carried out in 2016, it was mentioned that condominiums in Khao Yai, Phuket, Cha-am, Hua Hin and Pattaya bear new low-risk assets with benefits, such as resale profits and earnings from rentals. This can be surprising for property developers and real estate salesman, who in the previous years has attested to having floor level property sales. On the international scene, there is political unrest for Global and Russian economies, which was recorded to have continued growth. This has influenced the real estate sales in Pattaya.
The real estate sales in Pattaya has been influenced by the political unrest, the international and Russian economies and the birth of other markets. However, it is a note that there is a comparison within the present and past of the real estate market. More on the international scene of real estate can be seen at this link.
Number of Tourists
During 2015, 29.88 million tourists took part in Thailand. In 2014, it was 24.8 million, where Pattaya is said to be a favorite pick among the tourists. Each year the number grows. In Pattaya, the number of condominiums has reached 38,000 in counting, with a percentage demand of 82%. According to a study, the number of tourists indicates that Pattaya indeed possesses a growing real estate market.
Change of Demographics
During the previous years, a change in demographics on the types of property being sold in Pattaya and who is purchasing them. There was a growth in the number of Thai nationals, who are either purchasing holiday homes or investing in property amidst the booming industry of Thailand. For a fact, the Russian market has been changed into Chinese and European investors are beginning to come back. Furthermore, the condominium type was also reformed. The high end luxury market maintains its good position in the market and the simple developments offers to sell a unit in 1 million baht.
A study says that property in Pattaya has indeed experience more demand growth from the progress of tourism. This is paired with the Thai government’s mega projects like the construction of the U-Tapao airport and road from Pattaya to Map Ta Put. Moreover, Pattaya has always built strong relationships to tourists and due to these amenities not found in the other regions of Thailand is here in Pattaya. For example, it already has 5-star eateries, magnificent golf courses, successful medical services, high gearing international schools and etc. Such phenomenon has made Pattaya to be on top of its competitors. Also, with the continued growth of tourism, the real estate market has boomed eversince.
The real estate market continues to grow in the Eastern Seaboard. The local and foreign investors still sought out for large discounts and competition remains steady. This make it a reason to attract more future investors and allowed true prices in the real estate market. It is predicted that the property situation in Pattaya will continue to grow over time and will redevelop itself. The investors and builders will need to take in mind what Pattaya has to offer in the market. Read more on the topic of real estate at this link.