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Pattaya Condo Projects Continue to Grow in 2013 Featured

Pattaya Condo Projects Continue to Grow in 2013

FOR SALE: VIEW TALAY 5 STUDIO ROOM JOMTIEN SIDE

Tourists are continuing to flock to Pattaya, with the popular Eastern Seaboard resort destination set to accommodate over 8 million hotel guests in 2012. If this figure is achieved, it will be the highest ever for any Thai resort destination.

The boom in tourism is partly driven by a rediscovery of Pattaya by Thai nationals, especially the quick-growing ranks of Thailand’s middle class, as well as a continuing influx of tourists from Russia, China, and India, plus big improvements in transport infrastructure and accessibility.

Tourism also continues to drive the property market, and the surging arrivals from Russia, China and India are reflected in the growing number of people from these markets buying condominiums in Pattaya.

This trend in tourism is to a large extent shaping the market in terms of condominium sales. While high-end condominium sales are steady, activity is thriving in the lower segments, especially under THB3 million.

Increasingly affluent travellers from China, India and other regional hubs are seeking boltholes where they can stay on more frequent but shorter trips.

The domestic market is also reinforcing this trend, as many Thais are now aspiring to have a second home in Pattaya, especially as the number of attractions such as large-scale retail malls, water parks, theme parks and other family attractions grow.

In the past 12 months, 731 units have been completed in Pattaya out of seven projects, a big decrease over the 7,400 units completed in H2/2010 and HI/2011. The drop is not due to one major factor but a combination of project delays.

Most activity continues to centre on non-beachfront locations in Central and South Pattaya, where 547 units were completed. North Pattaya – in particular Wong-Amat Beach – retains its cachet as the premier upscale luxury strip, but just 30 units were completed there in the past 12 months.

Activity in Jomtien and Na Jomtien also remains steady if unspectacular, with 154 completions. The relatively low number of completions meant the take-up rate of 81.9%, an impressive number, was unsurprising. Of the units that were finished in the past 12 months, most of them were sold, which is regarded by market watchers as a good sign.



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