The Nation newspaper has reported that the value of Thai property bought by foreigners last year was Bt67.03bn, accounting for 11.6 per cent of all property available for sale during the year, according to a survey by the Agency for Real Estate Affairs (AREA).
AREA’s president Dr Sopon Pornchokchai said 26.9 per cent of the properties bought by foreigners, worth about Bt18.05bn, are in Bangkok and surrounding locations, while 21.1 per cent (Bt14.1bn) are in Phuket; 19.7 per cent (Bt13.17bn) in Pattaya; 10.9 per cent (Bt7.2bn) in Cha-am and Hua Hin, and 3.3 per cent (Bt2.2bn) in Chiang Mai.
The survey shows the top five Thai provincial cities in which foreign buyers are interested in purchasing property as Phuket (left, 21.1 per cent), Pattaya (19.7 per cent), Cha-am and Hua Hin (10.9 per cent), Chiang Mai (3.3 per cent) and Hat Yai (2.5 per cent).
The condominium supply, expected to be completed between 2013 and 2015 in the Jomtien area, is expected to surpass 14,000 mid to low end units. The largest condominium supply is in Jomtien, representing about 41% of the total followed by Pattaya with approximately 31%. Condominium projects in Pattaya are predominantly low rise in nature and the average number of units per project is approximately 140, which is similar to projects found in the Wongamat and Pratumnak areas.
The figure for Jomtien was around 360 units as until recently many of the projects have been high rise. As land costs are generally less along the Jomtien Second Road it has enabled developers to launch low cost, low rise resort style projects often numbering over 1,000 units surrounding a large lagoon swimming pool and often based on a theme.
The pattern of overall real estate development is different for Jomtien and Pattaya, as Pattaya contains the vast majority of both hotels and commercial developments, which leaves very limited land supplies for large scale condominiums.
On the other hand Jomtien was largely spared this kind of development during the 80’s and 90’s and as a result sizable tracts of land still remain available for larger scale projects.