Local demand sustains Pattaya’s marketLocal demand ensures Pattaya’s condominium market remains prosperous, according to Knight Frank Thailand.
The Research and Valuation department reported that previous market interest was from foreigners whereas now, and after the financial crisis, more market activity is from Thai buyers.
Demand from the Thai market is particularly felt in North Pattaya and the Wongamat area, which are home to many retail outlets, fine dining restaurants, and bars.
Condominiums in the South of Pattaya still attract more foreign investment. Presently, Jomtien particularly appeals to the foreign market. Laguna Beach Resort, in Jomtien Sai 2 is especially popular with Russians, seeking a foreign residential property.
Low-end projects with partial sea views and 28 sqm in size are fetching THB900,000 (US$28,434), reported Knight Frank Thailand.
In the first half of this year there were approximately 5,500 condominium units launched from 12 new developments. Of which, the majority were budget condominiums with selling prices of THB0.9 million (US$28,434) to 1.8 million (US$56,841) per unit.
Miss Risinee Sarikaputra, association director of Knight Frank Thailand Research and Valuation Department explained that, generally, the selling price of Pattaya condominiums is categorised by its proximity to the beach: the closer to the sea; the higher the price. She said, properties sold below THB50,000 (US$1,579) per sqm were mostly located relatively far from the beach; with an approximate distance of 2 kilometres. Units with an asking price of over THB60,000 (US1,895)but lower than THB100,000 (US$3,158) per sqm are located in the city areas of South Pattaya.
Projects include Sixty Six Condominium, Centara Avenue Residence and Suites, and City Garden Condominium.
Those condominiums pulling in over THB100,000 (US$3,158) per sqm are sea view projects across the whole of Pattaya.
Knight Frank Thailand reported that three sea view condominium projects will launch over 2012; these include Waterfront, and Centara Grand Residence. All three developments are categorised as Hotel Branded Condominiums – providing no rental guarantees but offering value enhancement through brand affiliations, according to the report.