Colliers International has just published their Condominium Report and the overall results are very encouraging for the market in general--- there seems to be no stopping the immense popularity that Pattaya holds for both investors and end users.
FOREIGN OWNERSHIP/DOMESTIC DEMAND
In contrast to the last few years when foreign buyers were the mainstay of the Pattaya and Jomtien property scene, we are seeing a remarkable entry of Thai buyers into all segments of the market. For many years the majority of the foreign-owned local development companies struggled to sell their 51% Thai requirement, however, there is now a shift in as much as many Thai listed developers coming to Pattaya achieve good take up rates from the Thai market and do not come close to filling their foreign ownership quota. the listed developers do not tend to focus their attention or marketing on the foreign segment, which when you look at many worldwide economies could be understandable.
The Thai market is particularly brand-conscious and tends to follow well-known names such as LPn, Q House, major developments and other big names such as Sansiri. other not so well recognised local developers have discovered the attraction of adding a brand name hotel component to their project which adds kudos to their developments and in turn, sales to both Thais and foreigners are encouraging.
The Russian market continued its resilience during the second half of the year and it appears that they are less affected than other nations by global economic problems, though primarily they tend to buy into the lower end of the market. European, British and American buyers have not shown the demand as in previous years, however, buyers from Australia have been notable throughout 2012 due to preferable exchange rates.
Emerging markets, such as India and China, have now started to put their toes into the water. We believe that these countries could quite possibly become the superpowers of the future when it comes to buying property in Pattaya.
Throughout 2012 we witnessed a wide range of condominiums of all types and budgets entering the market and were amazed by the massive success of many and the incredible take-up rates in most areas. Certain projects almost sold out as soon as they were launched, others took several months to reach 50 to 70% sold; however, the overall results are very encouraging for the market in general and there seems to be no stopping the immense popularity that Pattaya holds for both investors and end users.
2013 promises to be an interesting year as we witness many more project launches and will see many thousands of units due to be completed and handed over to excited buyers with great anticipation.
- Asia’s ‘Most Luxurious’ Home Sold in Phang Nga for US$24 Million
- First High-speed Train between Bangkok & Pattaya by 2018
- Colliers: Real Estate Prices for 2013 Remain Positive
- International Condominium Report Published by Colliers International(Part 3)
- International Condominium Report Published by Colliers International