The Property Future Looks Bright For Pattaya

[george]

The future looks bright for Pattaya

PATTAYA: -- The residential market in Thailand´s 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 Ellis´ Research team, there are six high-rise developments being actively marketed, totalling 966 units, with 70.4% sold or reserved.

--property-report.com 2006-11-21

[ThaiBob]

This article didn't specifically mention the new 91-story Majestic Tower (610 units) scheduled for completion in 2010. They just had their first entry level price increase to 130,000 THB/sm. Sales are reportedly strong. Nice to know somebody's got the baht.

http://www.pattayapropertyagents.com/ads/Ocean1Tower.pdf

(Note: Ocean Tower was the old name)

[LaoPo]

This article didn't specifically mention the new 91-story Majestic Tower (610 units) scheduled for completion in 2010. They just had their first entry level price increase to 130,000 THB/sm. Sales are reportedly strong. Nice to know somebody's got the baht.

http://www.pattayapropertyagents.com/ads/Ocean1Tower.pdf

(Note: Ocean Tower was the old name)

I wonder what kind of people are buying here and paying Baht 7.000.000.-- for a studio to Baht 45.000.000.-- for a 3-bed appartment...

LaoPo

[Tolley]

This article didn't specifically mention the new 91-story Majestic Tower (610 units) scheduled for completion in 2010. They just had their first entry level price increase to 130,000 THB/sm. Sales are reportedly strong. Nice to know somebody's got the baht.

http://www.pattayapropertyagents.com/ads/Ocean1Tower.pdf

(Note: Ocean Tower was the old name)

I wonder what kind of people are buying here and paying Baht 7.000.000.-- for a studio to Baht 45.000.000.-- for a 3-bed appartment...

LaoPo

Hard to believe but with everything in Thailand there is an asking price or advertised price and then there is what you actually pay.

[ThaiBob]

This article didn't specifically mention the new 91-story Majestic Tower (610 units) scheduled for completion in 2010. They just had their first entry level price increase to 130,000 THB/sm. Sales are reportedly strong. Nice to know somebody's got the baht.

http://www.pattayapropertyagents.com/ads/Ocean1Tower.pdf

(Note: Ocean Tower was the old name)

I wonder what kind of people are buying here and paying Baht 7.000.000.-- for a studio to Baht 45.000.000.-- for a 3-bed appartment...

LaoPo

Hard to believe but with everything in Thailand there is an asking price or advertised price and then there is what you actually pay.

I wouldn't generalize to that extent because there are regional variations. What you say is often true in the 2nd hand or resale market but not true for the new project developments in Pattaya when buying off the plan. However, if you walked in with cash they would probably give you discount, but would you want to pay cash for a project that wouldn't be completed for several years?

[ThaiBob]

This article didn't specifically mention the new 91-story Majestic Tower (610 units) scheduled for completion in 2010. They just had their first entry level price increase to 130,000 THB/sm. Sales are reportedly strong. Nice to know somebody's got the baht.

http://www.pattayapropertyagents.com/ads/Ocean1Tower.pdf

(Note: Ocean Tower was the old name)

I wonder what kind of people are buying here and paying Baht 7.000.000.-- for a studio to Baht 45.000.000.-- for a 3-bed appartment...

LaoPo

I've heard that Sir Elton John might be one of your neighbors if you decide to buy.

[astral]

The relative proximity of the new airport can only help.

[Naam]

However, if you walked in with cash they would probably give you discount, but would you want to pay cash for a project that wouldn't be completed for several years...

------

or never completed?

[think_too_mut]

The relative proximity of the new airport can only help.

More precise: being on the right side of the airport.

Yes, I would agree, the location of the new airport will play some role.

For me, no need to set my foot in the BKK City any more.

[suiging]

For all the negatives the place has an airport, a port, and the Eastern Sea Board Industrial nerve centre which will give it, in addition to the overseas market for beach front condos, a steady stream of family oriented buyers/renters for the eastern end of the city. The schools are in place as are the golf and leisure facilities, sadly what is lacking is a local administration willing or able to address the infrastructure, whilst at the same time closing some, but certainly not all of the lady bars.

Patters still needs the best of these well run establishments at one end of town. They are a vibrant part of the local scene and if taken out of the dark ages by the enforcement of existing building codes etc, are no bad thing.

If...............big if, the money stream keeps coming into town these negative aspects along with crime ( amazing how the loss of a potential gold mine will kick the junta into a Thaksin like clear up ) will get better purely through the pressure of the big bucks and the potential gain for the local elite.

Edited November 23, 2006 by suiging

[Abrak]

However, if you walked in with cash they would probably give you discount, but would you want to pay cash for a project that wouldn't be completed for several years...

------

or never completed?

...or never even started...??

[solo siam]

I saw a 20 bedroom house being built there complete with glass bottomed swimming pool and an underground disco/bowling lane. The maids house was bigger than my house, Amazing.

[Edonista]

However, if you walked in with cash they would probably give you discount, but would you want to pay cash for a project that wouldn't be completed for several years...

------

or never completed?

Sometimes we do agree , don't we Dr.Naam ?

[Edonista]

However, if you walked in with cash they would probably give you discount, but would you want to pay cash for a project that wouldn't be completed for several years...

------

or never completed?

...or never even started...??

That's even more probable.

[Phil Conners]

What a load of ad copy....

[eljeque]

There are housing estate developers in Pattaya who are no longer trying to sell their remaining houses, and have instead decided to rent them out, as they have no buyers in site.

It is not that there are NO buyers, but there are a lot of houses, both new and second-hand on the market--far more than the number of buyers for this year and possibly most of next as well.

RENT!!!!