Buying property in Pattaya

The biggest market for foreigners buying property in Pattaya is condos. The reason for this is because of foreign ownership laws that restrict the purchase of land. According to international property company CB Richard Ellis, “Pattaya is on the upward trend of the property cycle.”

The prime locations are Jomtien beach, Wong Amat beach and Pratumnak Hill. Wong Amat is the location of Raimon Land’s latest project Northpoint, which follows on from the success of their first project, Northshore, in north Pattaya. Demand for the luxury condo market is spreading so fast that developers are moving further south into Bang Saray and Tawanron beach. These areas offer pristine beaches, lush greenery and privacy.

Pacific Shore Developments is in the process of developing Thailand’s largest integrated beach resort and theme park complex in Bang Saray, investing upwards of 20 billion baht (US$640 million) within the next seven years. Also, Scandinavian developer Glen Asia, which develops residential projects in Pattaya and Rayong, have entered the market there.

Many condo developers are providing new developments at prices below 70,000 baht per square metre, while high-profile developments are being sold at in excess of 100,000 baht per square metre. This has lead to a broader purchaser demographic by reducing entry level pricing barriers, which has created a dynamic environment.

Investing in Pattaya property

Condo sales in Pattaya are equally supported by Thais. This is, in large part, due to the commutability to Bangkok. However, condos are comparatively expensive when compared to houses. When it comes to property, it is the condo market that has outperformed the more upmarket resort destinations in Thailand.

With Bangkok’s Suvarabhumi airport being serviced with daily flights from more international destinations than any other domestic airport in Thailand, this makes Pattaya a convenient holiday home or investment.

Pattaya has a large expatriate community with many bars and restaurants run by foreigners. There is also a support network of other expatriates to rely on for help and advice. Pattaya also offers a wide variety of professional services, such as English-speaking lawyers, private hospitals, international schools and even local newspapers in several languages. Sporting activities, on both land and water, include some of the finest golfing, game fishing and scuba diving in the country. Pattaya’s nightlife also offers a big pull, with a variety of restaurants, nightclubs, bars, cocktail lounges, cabarets and discotheques.