Thai property value looks set to keep heading upwards, and this upwards momentum looks set to continue, with Thailand expected to spend
approximately £44.8 billion on infrastructure projects over the next
According to a report by Knight Frank, real estate here is likely to experience "modest" price increases during the coming months.
"Despite large amounts of supply, increasing labour, construction and land costs are being passed on from developers to purchasers,"
the firm observed.
Continuing growth could ensure Thailand remains a good option for overseas property investors this year, given the economic turbulence
in other parts of the world.
However, Knight Frank noted the wider Asia-Pacific region is not immune to the effects of the continuing debt crisis in the eurozone.
This means that, if gross domestic product in Europe slumps by a significant amount, economies in Asia are likely to be affected too, which would in turn impact on property markets in the region.
Domestic demand boosts Pattaya condominium market
The market for condominiums in Pattaya is healthy, with increasing demand also from domestic buyers helping to support the
According to Knight Frank Thailand, local purchasers tend to target North Pattaya and the Wongamat district when looking for a property.
Meanwhile, South Pattaya is more popular among overseas buyers, with the firm noting an increasing number of Russians are investing in
this kind of Thai real estate
Knight Frank also observed that sea views don't necessarily translate into higher prices, citing a project in Pratumnak as an example. Here, condominiums have a lower value despite looking out over the sea because they are quite a long way from the beach.
Pattaya condominiums popular with investors
Investors looking for property in Thailand are also increasingly opting for condominiums in Pattaya.
With the country proving resilient to much of the world's financial troubles, the property market is flourishing.
Therefore, according to Knight Knox, those looking for investment property are heading to Thailand, particularly Pattaya, Property Wire reported.
Lee Chettoe, sales manager at Knight Knox International, stated: "The Thai condo market is booming at the moment. The increase in demand for property, particularly in the Jomtien Beach and Pattaya regions, has led to us taking on an additional six new projects this year alone, all of which have been extremely well received by our investors."
Pattaya in particular is experiencing a boost in entertainment facilities, retail outlets and restaurants, which are helping to make the area more attractive.