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The future looks bright for Pattaya
The residential market in Thailandīs resort hotspot Pattaya has been resilient, due to pent-up demand from Pattaya locals, Thais and overseas buyers of condominiums and single houses. As a result of the opening of the Suvarnabhumi airport, and continued improvements in the infrastructure and in the property market, more property developers are now entering the Pattaya market and launching a variety of developments, including residences, international chain hotels, retail and lifestyle facilities. This will benefit Pattaya and increase its attractiveness as a convenient leisure home location.
"We are seeing more people buying houses and condominium units in Pattaya as first homes, as second homes for leisure and relaxation, and as retirement residences. The rise in demand has been seen in all grades of residential property, particularly condominiums, which has been proven by good sales performances," said Aliwassa Pathnadabutr, managing director of CBRE Thailand.
Good examples of successful projects in Pattaya are The Sails, a five-star beachfront condominium project, which has already sold over 75% of the total units. Another successful development is Baan Talay, a luxury single detached housing project on Jomtien Beach with a starting price of Baht 15 million, and which has received a lot of interest from Thais and foreigners who are looking for luxury resort homes with true privacy.
Prime locations in Pattaya are Wong-Amat, Khao Pratumnak and Jomtien, where many commercial and residential developments have been constructed. For residential projects, especially in the luxury market, the prime areas have been extending towards Bang Sarae and Haad Tawanron, where you can find stunning scenery, clean beaches, and higher levels of privacy. Most of the projects are located on the beachfront or within close proximity of the beach. Ensuring sea views from units is a crucial element for grade A developments in achieving high prices.
According to the latest survey of residential condominium projects in Pattaya, conducted by CB Richard Ellisī Research team, there are six high-rise developments being actively marketed, totalling 966 units, with 70.4% sold or reserved.
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