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 Part 3, Colliers gives us their overall assessment and projections for 2013 of the Pattaya condominium market.
The condominium market in Pattaya has remained robust over the last 18 months following the solid performance of 2011.
Jomtien is the most popular area for many foreign and Thai buyers looking to buy a second home in close proximity to the beach at an affordable price. Most of the projects launched throughout 2012 and in the coming months are focusing on the mid-price to low-end market.
Jomtien, in particular, runs the risk of oversupply to investors looking for strong yields and high capital appreciation. As a lifestyle choice and for an end-user, Jomtien can offer some very attractive properties at affordable prices, particularly along Jomtien Second Road.
Foreigners and Thais are almost equal in number as buyers, which assists developers in selling out projects 100% based on quotas. However, the ongoing EU debt crisis issues will have a negative impact on visitors coming from countries within the euro zone. Emphasis should be placed by developers on the domestic market with an increasing disposable income and a new-found fondness for Pattaya following the flooding in many areas in 2011.
Some water park projects were under construction and expected to be completed in 2013 - 2014, such as Cartoon Network Amazone Pattaya, Ramayana Water Park. In addition, Nusasiri Plc. also plans to develop 300 rai of land along Sukhumvit road in na Jomtien, and develop a new condo project and a new housing development.
Approximately 100 rai of land will be used to develop a water park and plaza called “the Grand Kingdom”. When all projects are completed, many Thai and foreign tourists will be attracted and the property market in Pattaya city could be more popular.
- 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 2)
- International Condominium Report Published by Colliers International