Many Pattaya businesses count their profit and sum up the results of the past season by the month of April. During the next six months there will be a low tourist season in Thailand and things will be slow. Those who have been in Pattaya in the last several years will probably have noticed a significantly higher activity in this year’s high season than the last ones. Streets, restaurants, bars and shops have been filled with tourists from all over the world. A huge number of Chinese tourists vacationing in Pattaya together with Scandinavians, British, Germans, Americans, Russians and other nationalities. The mixed community in Pattaya has been expanding within recent years.
The mix of nationalities in the real estate sales offices is almost the same. We should not forget the Thai buyers who are actively selling and buying real estate in Pattaya as well. Chinese and many Thais buy real estate primarily for investment purposes, and their favorite markets are off plan projects and the resale market. Most Europeans buy property for personal use, to retire to or as a holiday home. Russians are 50/50. For many Russians the idea of buying a house by the sea prevails when buying real estate in Thailand, but they are becoming smarter with every financial crisis, Russian-speaking buyers pay attention to the investment characteristics of the chosen property.
Pattaya has been waiting for this moment for the past few years. To meet demand new projects have appeared on the market as mushrooms sprout after the rain. The most popular type of condominium in this season has been modern high-rise buildings with developed infrastructure and a large number of services. We have recently received details of more than 8 new high-rise projects and sales statistics show that they all entered the market at just the right time. Some projects have sold up to 40% in just a couple of months from an unofficial release date and prices have reached up to 190,000 baht per sq.m.
The resale market is full of different offers for every need and budget. Some prices are surprisingly different from similar options on the off-plan market. Hot sale deals are very attractive to buyers, and sellers are getting used to the idea that some bargain hunter is always somewhere near. We noticed that fewer and fewer listings are appearing in the hot sales market, while demand for "below market price" continues to be high.
For a smart buyer, now is the best time for shopping because the real estate market can fully meet any needs. You can get all you want: payment in interest-free installments, purchase at the off-plan stage, purchase of finished housing at a bargain price, purchase with financing and so on. The city is developing rapidly and becoming more beautiful and more comfortable every day. After a holiday in Pattaya more and more tourists are thinking of buying a piece of this thriving city to keep it to themselves and their families for the future.
The plans of the Government of Thailand to develop the Eastern Economic Corridor project will have a good impact on the city’s growth and on investor’s expectations The latest innovations regarding contracts for the rental of residential real estate can affect the growth of rental prices, while demand for rental holiday property has remained strong and grows during this in this high season.