Pattaya sees expansion in real estate projects
Located on the eastern sea course of the gulf of Thailand, Pattaya is increasingly seeing a growth rate in its real estate market projects. According to Colliers real estate property consultants the first half of 2011 marked another eventful period for the condominium and hotel markets in Pattaya.
Among the properties being developed are two large-scale projects, which include the Grand Jomtien beach project and the Condotown development in north Pattaya located over a kilometer from Wongamat beach.
A key player in the expansion scene is LPN Development Group who initiated a number of projects in the eastern city. Tony Picon, associate director of research at Colliers believes this could be a motivating factor for the residential market in Pattaya.
“LPN has been a major player in the Bangkok condominium market for some time with its small unit sizes targeting first time buyers and now they are entering Pattaya for the first time” Picon said.
LPN also has two other projects in store for Pattaya. Picon feels that this will provide a huge confidence vote for the future of Pattaya, strengthening its importance in the real estate market.
Many Thais living in Bangkok are looking for affordable second homes out of the city in areas like Pattaya. Moreover, other development projects like King Power Duty Free Complex and hotel estate developments are increasingly adding to the appeal of Pattaya as a tourist destination.
Mark Bowling, senior sales manager at Collier’s Pattaya office reiterated the fact that hotel and condominium developments can be successful; one of his primary reasons is because buyers like best of both worlds.
He added: “Buyers like the best of both worlds, which means residential facilities are separate from that of the hotel/serviced apartment component but they can also take advantage of what the hotel offers such as room service and housekeeping for added convenience.”
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