Backed by a thriving economy and a populace brimming with retirees, tourists, expatriates and prosperous businessmen, Pattaya is fast turning the heads of savvy investors looking for handsome returns in a beach destination.
Pattaya property market continues to attract astute property investors, who believe today’s market conditions offer the opportunity to lock into excellent future returns, either from rental income or through capital growth.
The last years signalled the rebirth of Pattaya’s real estate sector. Prior to this, few high-quality apartments had been completed, with the Royal Cliff residential complex among the more notable. Continued growth in new housing construction permits, which grew to the 3.9 million square metres approved, indicates a healthy property market.
Of note is the percentage of permits issued for high-rise residential construction, which tripled from 7% to 21%. Premium grade A condominium projects have joined beachfront developments in popularity, bringing the number launched to 31 sites for a total of 5,177 units. The number of units launched per year has also climbed, with 2,268 new units announced.
Pattaya itself received 33% of the newly launched units, with 11% and 22% in North and Central Pattaya respectively.
The Jomtien area attracted 26% of the new launches, with 2% in Jomtien itself, which is located south of Pattaya, and 24% in Na Jomtien which is located south of Jomtien. Interestingly, 41% of new launches were located outside of the Pattaya and Jomtien areas, with growing interest for Sri Racha and nearby Rayong.
Condominium buyers find a diverse market in terms of locations and pricing, which ranges from THB30,000 – THB160,000 per square metre (psm).
Views, beachfront access, quality finishes, fitouts and most importantly the location are key factors determining condominium prices in this market. Prime locations stretch from Wong Amart in North Pattaya to Jomtien in the south, even if sea views and beach access are limited, as they are close to Pattaya’s city centre.
Along with the rate of new launches, prices of units sold have also escalated from around THB60,000 to more than THB85,000 psm, before tapering off to just under THB90,000 psm, a level that touches the luxury range.