New Reseach Confirms Pattaya Condo Market Boom

Three independent reports released over the past month have all come to the same conclusion – that sales of condos in Pattaya are currently seeing a major boom, with sales well in excess of any other part of Thailand. 

The most comprehensive of the surveys was undertaken by the independent research organization, the Agency for Real Estate Affairs (AREA).  This, the largest survey ever undertaken of the Pattaya property market took data from 232 different developments in the city currently under construction or on pre-sale during July 2011.  The survey found that property in Pattaya was selling at a rate six times faster than other major Thai markets such as Bangkok and Phuket, a rate that the lead researcher on the project, Dr. Sopon Pornchokchai, says confirms that real estate in Pattaya is “selling like hot cakes”.

AREA’s findings were supported by the second of the three reports to be released by leading global realtor, Colliers International, in their H1-2012 Pattaya Condo Market Report.  The report stated that they “were astounded by the massive success of many [condominium projects] and the incredible take up rates in most areas … the overall results are very encouraging for the market in general and there seems to be no stopping the immense popularity that Pattaya holds for both investors and end users.”

According to the AREA survey, the average value of property sold during July was THB 3,540,000 ($114,000).  The most active sector of the market was for one-bedroom apartments of under 40m2 sold in the THB 1-2 million ($32-64,000) price bracket, with affordable studio apartments also showing strong sales. 

One of the major reasons for the strong health of the Pattaya condo market is, according to the Colliers’ report, the “remarkable entry into all segments of the market from Thai buyers,” stating that Thai buyers now account for 50% of all sales in the city.  The third report to be released over the past month, the 11th Edition of Condominium Focus, from publically-listed Thai developer, Raimon Land, confirmed Colliers’ findings, stating, “many Thais are now aspiring to have a second home in Pattaya, especially as the number of attractions such as large-scale retail malls, water parks, theme parks and other family attractions grow.”

Among foreigners, Russians continue to be the most active buyers in the city, accounting for 28% of all Raimon Land’s sales in the resort city.  Colliers noted that the numbers of European and American buyers are slightly down on previous years due to the economic problems at home.  The report notes the recent emergence of significant numbers of buyers from China and India, however, stating that these two countries “could quite possibly be the superpowers of the future when it comes to buying property in Pattaya”.

A detailed look at the Pattaya property market is now available in book form with the publication of Pattaya Property and Thailand’s Real Estate in August.  The book details the process of buying property in Thailand and compares more than forty different developments which are currently on sale in Pattaya.

Are you looking to buy property in Thailand ? Pattaya , Koh Samui , Chonburi , Bangkok , Tambon Nong Kae

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