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[Published on 2010-01-13 in Property News by Chris Thompson]

The Pattaya Property Market In 2010

Pattaya is the premier area for property development on the eastern seaboard of Thailand. But it is not the only prime spot, projects in picturesque and peaceful locations, like the popular Jomtien area, highly sought after Pratamnak Hill, around scenic Mabrachan Lake and further along the coast at Sattahip are proving to be very sound investment opportunities.

With the 1997 Asian financial crisis, precipitating the collapse of Thailand's property market, the sector was a little stagnant for a number of years. But in recent years there has been tremendous growth, and due to favourable reports in numerous local and international publications, investing in property on the eastern seaboard is gathering more and more attention, from well-to-do Thais, foreign retirees, international companies and consequently, international property agencies.

In recent years, the eastern seaboard has become an industrial centre, made up of approximately 12 industrial estates, with Laem Chabang deep sea port nearby and the new international airport roughly an hour or so away. There are at least 10,500 expatriates working locally and in Chonburi and Rayong provinces, with a large number of permanent residents living in the area on business and retirement visas.

Real Estate in Pattaya has become one of the fastest growing and most sustainable industries

The Pattaya property industry is now well developed and quite sophisticated and with prices rising at one of the highest rates in South East Asia, it is looking extremely positive for profitable investment opportunities. Real estate development in Pattaya has become one of the fastest growing and most sustainable industries and looking at the number of property developments currently under construction are a clear indicator that this trend is set to continue. The Daika Estate Company has announced that it will start the construction of a new luxury condominium development at Wong Amat beach, north Pattaya, in the first quarter of 2010. The value of this new project is estimated to in the region of 2 billion Baht. The development will consist of at least 100 condominium units with an average price of 80,000 baht per square metre. Executive Director of the Daika Estate Company, Dr Suebpong Atichartakorn explained that due to the current lack of high-end condominium developments in Pattaya the company has been prompted  to continue its construction ventures in the area.

The buyers from Bangkok and all over the world, that are attracted to the many luxury condominium developments are also proving to be equally attracted to the housing market.  Housing development has continued steadily over the past few years. The number of housing estates around Pattaya and Jomtien are now in excess of 150 in total and there has been numerous new openings recently, with more on the way. Pattaya and the surrounding area are seeing many new top quality residential housing developments coming onto the market. Packages can start as low as several million Baht but many cost up to and far beyond ten million Baht. In fact the housing market has been strong for the past couple of years with average house prices increasing between 5 and 25 per cent each year. The very best properties have doubled in price each year. A standard 150 square metre two-bedroom condominium, with a sea view, in one of the new luxury apartment developments will cost in excess of 10 million Baht. The same amount will buy a four-bedroom house of over 400 square metres with its own swimming pool, in a tropical rural setting. The same house close to the  beach would cost at least double that. It is clear that many expatriates, with families, are going for a bigger house away from the sea rather than an ocean-side apartment.

The very best properties have doubled in price each year

According to Suwanna Buddhaprasart, the Senior Executive Vice President of Thailand's third largest developer, Quality Houses is expecting a 30 per cent rise in revenues during 2010, entirely due to rising demand. An article in the Bangkok Post published on 29th December 2009, reported that in 2010 local property developers will be allowed to provide mortgage services after the Financial Institutions Act of 2008 permitted them to offer mortgage loans as long as they do not raise funds from the public. Early this year the Secondary Mortgage Corporation, under president Duangporn Arbhasil, will meet leading property developers and three real estate associations to discuss implementing this process. The SMC mediates between banks, other financial institutions and investors to develop liquidity in the mortgage loan market through the issuing of mortgage backed securities. It plans to make a securitisation worth about 400 million to 500 million baht each for Kasikornbank and Kiatnakin Bank. If they are ready, "Mortgage companies operated by property developers are likely next year" she said. Also, to help stimulate the market, the government has reduced all taxes and fees to less than one per cent of declared value until April 2010 at least.

Land values in Pattaya have been consistently increasing over the past ten years and all the signs point to this trend continuing. All the relevant experts predict a very bright future indeed for Pattaya and the eastern seaboard.

Sources:

• http://www.pattayainfo.com/
• http://www.bangkokpost.com/news/investigation/24608/

 

[Published on 2009-11-19 in Property News by Chris Thompson]

Pattaya property market - The future

Pattaya is a beach resort with city status and has reinvented itself as Thailand's primary holiday spot and one of the world's favourite beach destinations. It is located in the centre of the Eastern Seaboard, which is Thailand's fasting growing regional economy.  Easy to get to, Pattaya's and the surrounding area's residential and commercial property market is being fuelled by its location. It is just a two hour drive from Bangkok, one hour from Suvarnabhumi International Airport, thirty minutes from Laem Chabang Port, Thailand's premier deep sea port, and the industrial parks at Rayong. With the planned upgrading of the nearby U-Tapao Airport to an international transport centre, and the completion of the new high speed road and rail links, the journey time will be even shorter.

Thailand is one of the best countries in Asia to invest in property

In addition, Pattaya has upgraded its infrastructure, has several international schools, first rate hospitals, 23 professional standard golf courses and a vibrant nightlife, fine dining and many water sports activities that are bringing in two million weekend visitors every year from Bangkok, on top of the six million annual holidaymakers from all over the world. The tourist profile has become far more affluent in the last few years, with many wanting to rent property, rather than staying in guesthouses.

According to international property analysts, the outlook for Thailand's, and in particular Pattaya's, property market will continue to grow, especially in the residential housing and condominium building sector. Asian Property Development's chief executive officer said that among the many factors supporting the continuing growth of the residential building sector and why Thailand will become so attractive to investors, is because half the world's population lives in Asia - that is, China, India, Vietnam, Thailand and Indonesia. This is a vast, untapped market with a massive potential for growth.

Thailand is one of the best countries in Asia to invest in property. There is no inheritance or gift tax, capital gains are considered income and are charged at the standard tax rate and foreigners can buy condominiums freehold. There are other ways for foreigners to invest in property, but purchasing a condominium is by far the easiest way.

This is a vast, untapped market with a massive potential for growth.

Properties in Pattaya are incredibly cheap compared to European and western countries. A substantial detached house with swimming pool or a luxury seafront condominium can be bought for a fraction of what it would cost in the west - that is, of course, assuming it can be found in the first place!  Currently, supply is keeping up with demand and this is helping to keep prices steadily rising, but many agents and building industry analysts are predicting significant price rises in the near future.

Thailand has a well established reputation as a beautiful country, with a long, interesting history, superb, tropical islands and beaches, with warm and friendly people. But It is much more than that, with the many advantages over nearby countries, whether you are an investor, retiree, or looking for a second home in a tropical resort city, then Pattaya fits all the criteria. 

 

[Published on 2009-10-18 in Attractions by Chris Thompson]

Safari World

Although located just outside Bangkok in Min Buri, about a two hour journey from Pattaya, Safari World is most certainly worth visiting. It is Thailand's largest open-air zoo and leisure park with a vast range of activities, attractions and shows to suit all tastes and all age groups, from toddlers to grandparents. Safari World is actually in two sections; Safari World itself and Marine Park. They opened to the public in early 1988 and major developments were started in 1989 and the total land area of the complex now covers more than 480 acres.

Take a car or coach trip through the picturesque wilderness setting in the eight kilometre long Safari Park and get incredibly close to lions, tigers, giraffes, rhinoceros, zebras, cheetahs, ostriches and numerous spectacular birds, all roaming free in their natural surroundings. Then, in the Marine Park, take a jungle river cruise in a flume ride through thick reeds populated by gorillas and lurking crocodiles. Throughout the whole complex there are many presentations featuring rare and endangered species, such as polar bears and white tigers, along with other fascinating animals, birds and marine creatures.

Safari World and Marine Park are also home to eight world-class shows, from stunt displays to animal performances. The Stunt Show is set in the Wild West, where stuntmen perform death-defying exploits with fists, bullwhips and guns. Spy World is held in a state-of-the-art amphitheatre, where breathtaking action takes place on land, sea and mountainside, with deafening explosions, gunfire and dazzling stunts executed by paratroopers. Safari world also features dolphin, bird, orangutan and sea lion shows. The latest addition, opened in 2007, is Egg World which has informative displays about egg incubation and actual skeletons of egg-laying species, from crocodiles and turtles to all kinds of birds.

Open from 9 am to 5 pm, with numerous places to eat, Safari World and Marine Park is the perfect place for an entertaining and enjoyable family day out.