Pattaya: Upcoming Property Interest for Foreigners

Pattaya in Thailand has seen a strong growth in its real estate markets since 2008 and is now considered the second city in Thailand, according to industry experts.

The recent inaugural Pattaya Property Outlook Forum organised by the Agency for Real Estate Affairs (AREA) and the Eastern Seaboard chapter of the Real Estate Broker Association heard that a number of long term environment improvements are helping to make it a more attractive prospect for development.

AREA president Sopon Pornchokchai presented new research indicating that Pattaya has a stronger and more valuable property industry that another other city in the country.

Kingdom Property chief executive officer Nigel Cornick, who was invited to share his expertise having been involved in real estate development in Pattaya for the last decade, said that there is a real buzz about the destination again with Jomtien and Pratumnak the most popular real estate locations.

He told the forum that the Baht three million to seven million prices range is showing particularly strong and tourism numbers are increasing coupled with the Eastern Seaboard attracting new property buyers from abroad including India and Japan.

‘There are great opportunities here but for me it is important to focus on quality. And that's not about gold taps but construction materials that last and that are low maintenance,’ said Cornick.

‘This is what we did with Northshore and Northpoint and it is what we continue to believe in. Combine this with good design and location, ideally with views, and Pattaya still offers great value for buyers,’ he added.

Kingdom Property is poised to launch its Southpoint project, a two tower 650 unit development on a site on Pratunmak Hill, a prestigious, private, quiet and green location near the Royal Varuna Yacht Club, having recently secured a loan from Krung Thai Bank. The project is valued at THB2 billion.

AREA