An new voice has just been heard reiterating the confidence is Pattaya’s Real Estate Revival. Sansiri Public Company Limited, one of Thailand’s biggest property developers released a statement saying that they are confident the resort city remains one of the primary choices as a tourist destination in Thailand. This has resulted in increased interest among property investors. The most preferred locations seem to be newer inner city developments such as Global Top’s City Garden Tower Condominium and Olympus City Garden Condominium along with beach front condos from North to South Pattaya. A spokesman for Sansiri said, “The overall market projection for 2017 should be interesting for real estate developers, as the impressive growth trend in Pattaya from 2016 is still gaining momentum. This may be due to the fact that Pattaya is a high-potential seaside resort city that has always been popular among Thais and foreigners, although Pattaya tourism has had a setback due to the drop in the number of Russian tourists that used to make up the majority of visitors to Pattaya.” “However, it is notable that the demand for beach-side developments has grown substantially among Thai’s and foreigners of other nationalities, such as Chinese, whose presence in Pattaya grew by 31%. Currently the Wongamat location is strongly coming into focus due to its private and tranquil location with as much as 85% of the total supply sold in the 95,000-120,000 baht-per-square-metre-range. The most popular are the one-bedroom units with floor areas of from 40 to 55 square meters. This is because these mid-sized units can accommodate more people and can more readily fulfill the needs of renters.”
This confidence in Pattaya’s real estate growth in 2017 and the coming few years is not only held by Sansiri. The Global Top Group has also backed the claims made by Sansiri and said that recent offers such as guaranteed rental returns seemed to have kick started the demand in the condo investment market. Investors are now seeing the benefit in buying now and taking full advantage of lower prices and great offers. As there has been a slowing down in new developments being built, each condo sold is eating into the glut of available units. And it will not be as long as expected that the market will gradually change from a buyer’s to a seller’s. When this will actually happen it is difficult to foresee, but the indicator of sales of the popular developments seems to be rosy. Whether such a shift in the market demographics will spark a new condominium building development phase remains to be seen, but Pattaya is fast growing short of prime real estate land and if new developments are to start then they will be in new areas that radiate out from the centre and will not command such central and sought after locations. The wise move would be to invest now, pick a class condo development in a prime location and take full advantage of any offers, such as guaranteed returns. Choose wisely and your investment will be a seriously good move.