Resilience in Pattaya’s Condo Market
Over the past several years the Pattaya real estate market has changed tremendously, growing more and more every year. Despite the protests in Bangkok this year, Pattaya has retained its steady pattern of incoming property purchases, exceeding the expectations that were placed on the market in Q4 of 2013. Pattaya has continued to expand in regards to hotels, retail and commercial properties, hospitals, office space and most importantly, condo properties.
In a typical urban center you may expect to find townhouses, detached houses and a few condos – but the Pattaya property market is made up of 80 per cent condominiums and more projects are appearing all the time. The growth in residential space is specifically focused on downtown condominiums with ocean views.
The success of Pattaya’s residential growth this year may actually be a result of the situation in Bangkok, which steered tourists away from spending time in the capital and toward other parts of the country. Beach destinations like Hua Hin, Koh Samui and Phuket have reported changes in regular tourism patterns this year as well. This is not to say that Pattaya wouldn’t be expanding without the protests, though. Located only 90 minutes from the center of Bangkok, it is a prime location for not only tourists but for property seekers as well who wish to settle down or buy a second home in a cosmopolitan area while enjoying the perks of life on the Gulf Coast.
It’s true that Pattaya has been a no-brainer destination for property seekers for years; however the city was known to attract a particular type of crowd in the past. Recently, tourism officials have been working on developing a more wholesome reputation than the one it gained when its growth was initially spawned during the Vietnam War, when American servicemen would arrive for rest and relaxation. Today Pattaya is taking steps to develop more family friendly tourist attractions and new retail outlets. Developers and international entrepreneurs have also been introducing a broader selection of stylish restaurants and entertainment venues that a wide range of visitors can find appealing.
With a market that’s increasingly showing signs of growth, we look forward to seeing Pattaya continue both its property and personality developments.