Pattaya – A New Reality Market for Investment
Pattaya is a resort city on the east coast of the Gulf of Thailand. The city is built around a wide crescent shaped bay. It has a rare combination of being both, a beach destination and having all the amusements & comforts of a big metropolis. It has become the second most important city in Thailand after Bangkok and has a huge influx of international tourist all round the year.
The delights of sun, sea and sand, combined with outstanding entertainment, commercial and tourist attractions, have made this formerly a small fishing village, a big winner amongst expats from all over the globe.
You will get the best beaches like KoSamae San, which is a tiny island, almost 35 Km south of Pattaya. The North Pattaya (Pattaya Neua) is an upmarket area with north Naklua which is having some top end resorts and Pattaya South (Pattaya Tai) is famous for its nightlife.
Pattaya is a true tourist destination. It caters to all types of traveller category - for families, honeymooners, Senior Citizens, group of friends or for a solo traveller. Here, you will get to see a world-class underwater world, Dolphin world, an open zoo, Ripley’s Believe it or not, beautiful Khao viewpoint, beaches, floating market, beautiful Buddha Statues, monasteries, amusement parks, wellness centres and Walking Street. People come in Pattaya, to engross in its mega shopping centres and amenities.
Pattaya overview – Economy & Infrastructure
The city of Pattaya has flourished due to a large number of Thai and Foreign tourist visit it every year. All the businesses and services catering to tourists and upscale expats are doing well.
Real estate in Pattaya has been one of the fastest growing and most sustainable industries in the past few years. The rapid increase in the number of property developments is a clear indicator that this trend is set to continue. A large number of new businesses are opened every year and the old ones are sold to Thai or foreign investors. The city of Pattaya is very beautiful and the amenities and infrastructure provided by the government are good. The transportation facilities are improving and the area covered for mass transit is also expanding. It is merely two hours or so away from Bangkok, making it a perfect retirement spot or weekend getaway. This expands one’s scope of searches for better property in Pattaya according to his/ her requirements and budget.
The Thai government initiatives have helped the region for its rapid industrial and commercial growth. The new deep sea port – Laem Chabang is having a vast industrial estate. The Eastern Seaboard has almost 12 industrial estates where, about more than 10 Thousands of expatriates are employed. Pattaya boasts some of the Thailand’s finest hotels and resorts, malls, entertainment and recreational facilities.
Why Pattaya for Reality Investment?
The overseas tourists love to come again and again to Pattaya, for vacations. The happy lifestyle, cheap cost of living and scenic beauty has tempted thousands of international tourists to buy a Condo in Pattaya. The city is well connected to all major cities of the world through airways and waterways. The Thai Government has allowed foreigners, to buy property in Pattaya. Usually, buying a Condominium or "Condo" is a little easier to purchase than a house on land. One needs a help of a broker and a Thai lawyer while purchasing a Condo, which is simple and convenient.
A Condominium (Condo) is an apartment, which is divided into different units. Each unit is separately owned by individuals. It has common amenities like swimming pool, parking lot, gym, garden, etc., which are jointly owned and maintained by condominium owners association.
The Special features of Condominium are:• Airports and railways are easily accessible
• Latest building designs, layouts and interiors
• Quality standard of construction is maintained
• High-quality materials and specifications are implemented
• Good and secure neighbourhoods, ensuring privacy of residents
• Adequate elevators and efficient M&E system
• Complete range of Amenities
• Car parking
• Professional management
The cost of Condo depends on the area of location, type of amenities provided and the area of the unit. The new residential real estate projects are designed according to its future residents and their lifestyle concerns. Efficient unit layouts offer better value to the purchaser by increasing the ratio of usable living space.
Many luxury projects maintain resort-style landscapes carefully, merge the existing trees on the site and water features like beach frontage. The recreational facilities in the projects include fitness centre, sun and shade decks, swimming pools, kid's pool, tennis courts, car parking, water slide and playground for kids. The per sq.m charges of a Condo in Pattaya is much reasonable as compared to Bangkok. There are many Condo available for sale and rent in Pattaya. Local or Overseas tourists, any one can take a Condo for rent, and if they like it, can also buy it. After possession, if they desire, they can put it on rent. About renting a Condo, the return on investment is faster, almost 8-9% pa.
Investment on the Rise
An International research report suggests that more people are buying condominium units in Pattaya as second homes for leisure, relaxation and also as retirement residences. The rise in demand in residential property, especially in Condominiums is mainly due to good sales performances. The rise in prices is seen in prime market areas and in those areas, which are located on the beach front or are in close proximity to the beach. The special features of these residential real estate properties have been - view of clean beaches, stunning outside scene, a higher level of privacy, etc. Ensuring sea views from units is a crucial element for grade A development projects in achieving high prices. Given the strong demand and limited high-quality supply, prices have been increasing in Pattaya.
It is said that the high-end development projects will go a long way towards raising Pattaya's profile and attracting both quality visitors and investors in its real estate sector. Pattaya is riding the rising wave of a new property cycle as demand continues to improve and expects to see mega real estate developers launching more new residential condominium and holiday-home projects in coming times.