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. In this three-part series, we share Colliers’ findings.
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.
Pattaya proved to be the most popular area for the condominium market in the years prior to 2000; however from 2001 onwards the Jomtien area has displayed continual growth due to the abundance of remaining beachfront and secondary development sites.
Pattaya, to the contrary, now faces a scarcity of development sites and those that are available are becoming prohibitively expensive. during 2005, the Pattaya City administration initiated improvements to be made along thappraya road and introduced a new Jomtien Second road extension. the road was designed to alleviate traffic congestion from the beach road and now has many sois linking both roads together.
Many condominium projects were launched along Jomtien Second road in the Jomtien area and most of them are large-scale projects, so approximately 15,400 units were scheduled to be completed during 2013 - 2015.
The largest condominium supply is in Jomtien, representing about 41% of the total, followed by Pattaya with approximately 31%.
Many large-scale condominium projects were launched in the Jomtien area, so approximately 15,400 units are scheduled to be completed in 2015 in the Jomtien area. around 10,100 condominium units were expected to be added to the market during 2013 - 2015 in the Pratumnak area.
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 supply for large-scale condominiums.
According to developers almost 14,000 units are scheduled to be completed in 2013; more than 3,900 units in Jomtien was the highest number of all locations, followed by Pratumnak with around 3,400 units.
Jomtien still holds the largest share of the condominium market going into the future with nearly 15,400 units expected to be completed during 2013 - 2015.
In Part 2, we’ll look at Colliers assessment of Foreign Ownership and Domestic Demand
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- Colliers: Real Estate Prices for 2013 Remain Positive
- International Condominium Report Published by Colliers International(Part 3)
- International Condominium Report Published by Colliers International(Part 2)