Pattaya is a beachfront city on the eastern coast of Thailand located a little over 160 km from the capital city of Bangkok. It has been for many years a popular tourist destination attracting numerous visitors from Russia, Europe, India, the U.S, and several other nations. It is also one of the more popular places for foreigners to retire in Thailand. But its popularity is shared by Thai people as well because it is only a 2-3 hour drive from Bangkok making it a perfect weekend getaway. Its popularity did not falter during the recent economic recession and property developments, especially high-rises, continue to sprout all over this beautiful city.
What makes Pattaya popular is its variety of services and things to do. It is close enough to the main population center, Bangkok, yet far enough south to have all the appeal of a tropical getaway. So, investors who do much of their business in Bangkok can easily expand into Pattaya. Retirees can purchase property in an area with modern conveniences and vacationers can own a holiday or weekend home in a city well-known for its nightlife and tourist attractions. Many expatriates also work in Pattaya which creates demand for rental property. This is why there are numerous moderately priced and luxury guesthouses as well as hotels in the city and surrounding area.
Pattaya is slowly moving towards the mid to high-end luxury style property market. The recent economic crisis had only a slight impact on foreign property investment in Pattaya. Currently, there is increasing interest in this area by Russian and Middle Eastern investors because of decreasing property yields in western markets. In fact, it is reported that Pattaya is seeing returns in the range of 80-90% on capital investments and rental yields.
Thailand is currently experiencing the largest growth in the property markets of Southeast Asia. Investors are seeing potential in the area because Thailand desires to promote tourism which is helping to bring in major hotel chains. It is reported that the Thai government is also spending more to bring in tourism and Pattaya is one of the more popular places for it.
The condominium continues to be the most popular type of dwelling in Pattaya. This is because in Thailand, you can own a condominium unit but not the land it is on. As mentioned before, this area is popular for weekend and second homes because of this city’s close proximity to Bangkok. Some of the developers here have solicited the help of architects skilled in western-style design so many of the units will have a mixture of this along with Asian tropical furnishings. Sea view areas continue to be the most popular places to live and command higher prices starting from around 52,000 Thai Baht per square meter and reaching up to around 220,000 Thai Baht per square meter. Popular areas for condominium living include North Shore, Jomtien Beach, Wongamat Beach, and Pratumnak. Some examples of prices you might pay for condominiums include an 87 square meter three-bedroom sea-view unit in Pratumnak for around 7.8 million Thai Baht and a 28 square meter unit in Wongamat Beach for around 1.9 million Thai Baht.
There are other types of properties available as well. For example, you can buy a 130 square meter private residence for around 3.9 million Thai Baht. Just like condominiums, foreigners can purchase a private residence but not the land it is on. So, it is best to rent first while you see if Pattaya is a place where you would like to invest in property.