The rapid economic development, allied to the support of government and the political class as a whole, has created growth in Pattaya that has developed an unstoppable dynamic of its own. This has fuelled a growth in demand for high quality residential property on the rental market, moving rental prices significantly up, a development which is typically preceding a boom in the property sales market.
The boom has already started with sales of condos at the lower end of the price scale and a strongly increasing demand for high-end villa and condo rentals. Indications are that demand for higher value property is increasing as buyers see opportunities as the economic crisis eases and Pattaya grows into a solid commercial and tourist hub.
The demand for Pattaya property is being driven by a number of favourable factors that gives the city a number of advantages over other locations in Thailand.
The city’s close proximity to Bangkok and its global flight connections makes getting to Pattaya a simple matter for international property buyers. In fact, the hours’ drive along a modern multi-lane highway from Suvarnabhumi International Airport means that it is quicker to get to Pattaya than many destinations in traffic-choked Bangkok.
The city’s seaside location is another reason why Pattaya property investment is in the first row to benefit from the boom. The city is strung out along Pattaya beach and there are half a dozen excellent beaches within a 30 minute drive of the centre. Each stretch of sand has its own character, which makes Pattaya the perfect place to mix a beach lifestyle with urban living.
However, perhaps the biggest driving force behind the increasing interest in Pattaya property is its bid to become ASEAN’s business hub when the community integrates in 2015. As a city, Pattaya has bold ambition and is working towards the goal of becoming one of ASEAN’s most important centres for international business. It is a goal that has united all of Thailand’s major political parties and already the city authorities are putting in place transport and infrastructure improvements to attract global corporate players.
Read More about Pattaya City: ASEAN’s Booming International Business Hub
Many of the ingredients for success are already in place. Pattaya is already an international city in many respects with a large expat population. Perhaps more important is that the current business infrastructure is already centred on the English language, with government official and business leaders producing reports in English as well as Thai. This is a key factor as not only as English the world’s business language, but it is also the official language of ASEAN.
Pattaya’s commercial and service sector is growing at an unprecedented rate and supports the already existing strong industrial base. There are a number of factors that favour Pattaya as a base for manufacturing industry including a well-educated, low cost workforce and competitive land prices. Export based industries in Pattaya are also well served by the world class container port at Laem Chabang.
A further benefit of manufacturing industry locating in the area around Pattaya is freedom from the destructive flooding that wreaked havoc among industries in central Thailand in 2011. In fact, many companies are relocating from the flood prone area north of Bangkok to the Eastern Seaboard to mitigate against floor disruption and damage in the future.
Traditionally the Thai property market has been dominated by Bangkok and Phuket, but now both these destinations are facing increasing competition from Pattaya on the Eastern seaboard. Pattaya property investment is likely to enter a boom phase as overseas buyers recognise the opportunities offered for both investment returns and enhanced lifestyle in Thailand’s fastest growing city.