Even though political unrest has been ongoing in Thailand ever since 2013, Pattaya is still pulling in a lot of investors due to its affordable property prices, big rental yields, growing tourist numbers and great climate.
Based from Juwai.com, a Chinese international property website, there is a growth in terms of investor interest coming from China within the past year, and the increasing demand is due to tourism.
According to Charles Pittar, Juwai.com’s CEO, the fast tourism grown in Thailand is helping the real estate investment from Chinese nationals.
Two destinations stood out in particular: Bangkok and Pattaya. Pittar mentioned that a property in Pattaya gets twice the number of buyer leads like those properties in Bangkok.
The factors that contribute to Pattaya’s success
Growing tourist arrivals
As stated by the Tourism Authority of Thailand (TAT), the arrivals in Thailand increased during the 1st half of 2016 – around 9.04 million visitors in the 1st quarter and 7.55 million visitors in the 2nd quarter, an increase of 15.45% and 8.23% respectively in comparison to the same period in 2015.
Even though property prices are increasing since 2008, this is still affordable. Units in main locations, such as in Wongamat, start from 60,000 baht per square meter. Beachfront units start at 120,000 baht per square meter.
Like every other property purchase in a country, the location is always important when picking a property. Pattaya is only an hour and thirty minutes from Bangkok.
There is no doubt that the infrastructure and facilities in Pattaya are fully developed. There are 10 international schools, 3 major hospitals, a MICE center, numerous 5-star hotels, shopping malls, spas, fitness centers and more.
According to experts, Pattaya is an ideal choice for buyers who wish to have a second home, while seeing the capital value grow or even earning rent in the long run.
According to Knight Frank Thailand, the selling price for a sea view condominium grew 2% or 119,795 baht per square meter in H1 2016 from 117,466 baht in 2015. Partly sea view is at 67,900 baht, and non-sea view is at 66,925 baht for every square meter.
This is definitely great news for those developers of the condo for sale in Pattaya especially since foreigners are seeing the location as a great investment for them.