The Mayor of Pattaya has called on people from around the world to make his city their second home.
Ithiphol Khunplume recently called on retirees, investors and long-stay visitors to buy property in the popular Gulf of Thailand beach resort city.
Pattaya, which now has a population of more than one million, has undergone a major revamp and is now more than ready to provide the best of recreational, healthcare and infrastructure facilities.
Mayor Ithiphol issued an invite to people from around the world to visit the city and explore the wide offer of longer term residential opportunities on offer.
Many local and overseas property buyers and investors have been flocking to the city in recent months, with the city overtaking Phuket it terms of interest from overseas buyers according to several overseas sources.
Ithiphol said: “Global recognition of Pattaya’s superior quality of life, offering a wise and secure investment for a second home, has been confirmed by the UK’s highly reputable newspaper, The Telegraph where real estate and tourism experts ranked Pattaya as one of the world’s best 20 cities for foreigners to establish their second home.”
Condominiums are by far the most popular property type amongst foreign investors looking at the Pattaya real estate market. Like most other parts of Thailand this is due to the condominium law that allows 49% of the floor space in all developments with a condominium license to be sold to foreigners with direct freehold ownership in their own name.
However, Pattaya has a major advantage over the other real estate hotspots in Thailand, such as Koh Samui and Phuket, in that is much more accessible from Bangkok, from which it only takes most taxi drivers no more than 90 minutes to reachcentral Pattaya.
Therefore the Pattaya condo market has not only proven to be popular with foreign investors and expats, but also hugely popular with the local Thai investors as well, due to the relatively easy commute from Bangkok – thus providing a weekend holiday home only a matter of minutes away. Of course the demand for condominiums and the limited land on which to build such projects has driven the prices steadily upwards over the years, of course to many investors delight.
Also, due to the serious development in the past 10 years the Pattaya skyline has become more and more populated with high rise condominiums, thus meaning that the higher floors will always be more expensive as the views are more likely to be protected for the foreseeable future.
The condo and housing market in Pattaya continues to do well with an ever increasing two tier market forming with both the high end and mid end sectors performing equally well and now rivaling the more established investment market associated with high end, luxurious, Thai resorts.
Pattaya’s investment hotspots are now growing outwards as the cost to develop near central Pattaya has spiraled over the years, with the east side of Sukhumvit becoming more and more popular amongst investors. The current main hotspots are, Wongamat beach (in north Pattaya), Pratumnak Hill (just south of Walking Street) and Jomtien (just south of Pratumnak Hill).
With the demand for high end luxury/mid end condos being so high, developers have moved even further south to the beaches of Na Jomtien and Bang Saray, both of which can boast much more pristine beaches than the developments near central Pattaya. With the exception of a few, most of Pattaya’s leading condominium developments have chosen their locations to be as close to the beach as possible, so as to protect their investors view and long term investment.
A steady flow of condominium developers all seem to be offering their base units at around 30,000 THB per sqm, with some fully furnished as well, and rise up to 200,000 THB region per sqm for penthouse units with panoramic views of the sea and the city of Pattaya.
With such a wide pricing spectrum, the real estate market in Pattaya now supports a much wider demographic by now allowing the more budget minded investor a very easy access route in, with some condo investment starting from well under 1 million Baht, but also providing the highest level of living for those that can afford it.