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Plus Property confidents Pattaya’s condominium market continue to grow

15 Aug 2016 plus news and update

Plus Property, the full-service professional property and facility management agency reported that property in the Pattaya area has seen a high demand growth due the recovery in tourism, the government’s mega projects such as, the infrastructure project in building new highways to boost the domestic economy and local economy to grow. Mostly Chinese are interested to buy condominiums as a residence, over 80% take-up-rate. The Wongamat area is a prime location who wants to buy residences, due to its peaceful, clean and privacy.

Mr. Poomipak Julmanichoti, Managing Director of Plus Property Company Limited, the full-service professional property and facility management agency, said a property in Pattaya has a high demand growth compared year-on-year and that thanks to the local economy recovery because the government’s mega project in infrastructure investment including the U-Tapao airport in Chon Buri which the government want to set up for the aviation hub in a region and an industrial expansion, and the department of Highways have announced the construction of the new motorway from Pattaya to Map Ta Phut. These are main factors that will increase the purchasing power expansion. Also Pattaya is a centre of the international schools, so this has increased the demand of residential growth.

Pattaya is back on the map as a destination for travelers and tourists again, most the purchasing power comes from the Chinese. The tourism information reported that tourist arrivals in 2015 in Pattaya increased 8.17% (foreign tourists increased 7.42%) thanks to the Chinese tourists which replaced the Russian tourists. The trend of Pattaya’s tourism will have many positive factors to help support, such as the Harbor Pattaya, Terminal 21 Pattaya and Ramayana Water Park. Recently the Cartoon Network has opened in Pattaya.

The Pattaya’s property outlook this year has recovered from many factors. The demand for residences, specifically condominiums, has seen a consumption growth on average at 80%. Wongamat area, which is very famous in Pattaya as five stars of privacy.

According to the company's research, condominium units in Wongamat area have an average price at 97,000 baht per square metre. Many condominium projects’ prices were quoted at 95,000-120,000 baht per square metre. Wongamat is a popular area since it is a beach zone which had an absorption rate of 85% (It is higher than an absorption rate in other areas in Pattaya). There are plenty of five star hotels in Wongamat area, such as Centara Grand Mirage and Pullman Pattaya Hotel G, where most foreigners prefer to relax with their families because of its privacy, peacefulness.

“However, one bedroom condominiums in the city area which provide an ocean view, has also continued to grow. The popular areas for this type of condominium are located in Pattaya Sai 2 and Pattaya Sai 3 road. The key factor for its growth is selling price which is not too high for living in Pattaya City.

To compare with Pattaya Sai 1 road which is surrounded by many hotels, restaurants, it is always busy and crowded, people who look for residential may shift their preference to Pattaya Sai 2 and Pattaya Sai 3 road since it is more private. Recently, these areas are popular among tourists who stay long term. Rental yield of condominium in Pattaya Sai 2 and Pattaya Sai 3 road could rise to 12% per year” said Mr. Poomipak.