How to buy a condo in the 1,5 million baht price range
One only has to look at the central Bangkok market to see how possible future price trends in Pattaya might take shape. Bangkok is about five years or so ahead of the Pattaya market in terms of pricing, and although 1,5 million baht to 2 million baht may have bought you a condo in Sukhumvit some years ago, prices are now firmly above the 2 million baht mark even for modest studio condos
A budget of 1,5 million baht to 2 million baht will provide you with an abundance of choice in Pattaya, even in today’s more expensive market. This price range has been targeted by plenty of developers as being affordable for locals and foreign buyers alike. In the past, the same price range used to provide more choice but still gives plenty of opportunity for owning a property. Indeed with this point in mind, in previous years, when there were plenty of budget properties on the market for less than 1 million baht, the 1,5 to 2 million baht price range would have firmly put you in a position to buy a property above the budget band or even a mid range property. There are many high quality developers in Pattaya including Heights Holdings who have developments such as Arcadia Beach Continental and Beach Imperial, Laguna Bay and Beach Resorts and Wong Amat Tower.
Don't buy the cheapest condo
With prices having moved up, the budget range is now in this bracket. Yet you can still look to buy properties that are in the upper end of the mix. Most budget properties start at 1,3 million baht and rise to around 1,6 or 1,8 million baht. Thus you should be able to buy the best in this bracket, which will bode well for future resale.
For example, even if buying a modest abode, you may be able to secure a high floor property with views in a development where lower floors or viewless properties are offered at cheaper prices. It is wise to do this since you will get the best property in a budget development, as opposed to a property that you may feel is lacking in a higher class of project.
Local buyers getting more important
The 1,5 million to 2 million baht price range will enable you to buy branded properties. Leading brands still provide condos in the upper end of this price range in order to remain in the market. Although you might need to reduce your expectations for prime positioning of a condo in a branded development you could still buy a mid height or medium view condo without having to go to the lowest part of the project. A medium positioned unit in a branded condo development would likely set you back most of the budget in hand, and it may be a small foot-print affair. However it would be highly saleable in the future with branded projects gaining more and more attention from buyers, especially local buyers who are now an important part of the customer base for condos in Pattaya.
Newer studios often come as two-rooms
Generally per square metre prices in Pattaya are approximately in the 50,000 to 70,000 baht range for many budget properties. In terms of size, it means you should be able to buy something in the region of 25 square metres to 40 square metres. Most newly built condos are presented as one-bedroom dwellings (studios) even though in reality a partition may exist only in terms of a glass door between the bedroom and lounge areas. The reason for this is that typically the bedroom and lounge areas rely on a single outdoor light source from the front window or patio doors. Using a glass separator is a way to ensure light reaches all parts of the property. That said, many people prefer their rooms to be traditional in nature with four proper walls. Older properties may well have been more traditionally built with one-bedroom properties being made exactly as such, so these are worth a look at if you don’t like the new direction that developers have taken in this regard.
Countryside has cheaper square meter prices
For mid range properties, e.g. for those with 2 bedrooms or more there is not so much around for this price but you could look to buy a property out of town and/or in need of renovation. With the former aspect in mind look for places near to the Sukhumvit Road, on the eastern side of the highway, or those to the north or south of the city by a few kilometres. In the latter regard, buying a property in need of renovation means that you can then look to spend extra money on it as and when it becomes available and you can make the place into a much more expensive property as your own redevelopment of it takes shape.
The market continues to rise but the 1,5 million to 2 million baht price range is likely to remain attractive for buyers and developers alike. That’s because it is still in the cash buyer’s price range, and the yields from any condo at that price look good in today’s market. For developers it also means that units will sell faster as compared to higher priced ones and this helps them to close the project in a speedy fashion.
Still, if prices continue to rise you may find that the 2 million baht mark will become the baseline for new condos. Thus it may be worth securing a condo in Pattaya at today’s prices in this all important price bracket, as it is likely that prices will increase to make this range redundant in the future.
Bangkok is about five years ahead of the Pattaya market in terms of pricing
Local buyers are now a more important part of the customer base for condos in Pattaya