Everybody tries to second guess the Pattaya Property Market as each new year begins. Indicators are wide and varying of how the market is going to perform, and not all property analysts and financial gurus have the answer.
Numerous factors combine to deliver market demand and investors confidence. Many people try to predict Pattaya’s future real estate market simply on tourist numbers arriving in the Kingdom. But surely this is not the only accurate guide? What about the global financial market? The rate of growth of the ASEAN project, government development plans, local infrastructure improvements? All these factors and others combine to make a micro-economic climate that is not simply judged on how Bangkok is faring. Thailand does have regional differences when it comes to real estate, and after all Pattaya is quite unique. However, it is always the case if new Blue Chip companies move into an area then it is for a concrete reason. These types of organisations always carry out detailed feasibility studies together with financial forecasts based on real information.
Terminal 21 is already under construction with a projected development cost of around 7 billion baht. Siam Retail Development Co have revised their investment strategy to include this new luxury lifestyle mall in Pattaya, this decision was not made on a whim. The latest news breaking is that Best Western Hotels & Resorts are bringing a new upscale hotel concept to NaJomtien. This is the first time a BW Premier Collection development is to go ahead in the whole of Asia. BluPhere Pattaya, is an 8-storey project that will continue the brands upscale and luxury theme. Best Western are working closely with the Habitat Group to deliver this spectacular development to the city. These two corporate giants have not chosen Pattaya for their first ever Asian destination by chance, they feel that Pattaya is one of the world’s most sought after destinations.
In 2016, Pattaya was the 10th most visited Asian city with 7.3 million international visitors. After Bangkok and Phuket, Pattaya is Thailand’s third most popular city for international travellers. Looking simply at the figures, Thailand welcomed a record 32.6 million international visitors to its shores in 2016. This generated an estimated 2.52 trillion to the economy. These extra tourists visiting Pattaya are the future potential real estate investors of tomorrow. With the large influx of Chinese tourists and wealthy Bangkok Thai’s, the property market has evolved, but it looks very much that it has changed for the better, certainly the big corporate investors such as Best Western think so. The Global Top Group have a number of exciting developments that investors can secure units now, if you are looking for a condo in Pattaya then the advice is to contact Global today.