By Andrew Batt:
Demand from Thai property buyers and investors is driving the condominium market in large parts of Pattaya, according to Knight Frank Thailand.
Risinee Sarikaputra, Associate Director of Knight Frank Thailand Research and Valuation Department, noted that more local buyers have entered the market, especially in property developments in North Pattaya and the Wongamat areas – attracted by a large number of retail outlets and high-end restaurants.
She added that condominiums in South Pattaya are still generally favoured by foreign buyers, particularly in Jomtien and Pratumnak Hill.
Units at low-end projects with partial sea views are selling studios measuring 28 sqm for THB 900,000 per unit, and one such resort – Laguna Beach Resort – is gaining popularity with Russian property buyers.
Knight Frank Thailand revealed that during the first half of 2012 there were approximately 5,500 condominium units launched in 12 new projects. The majority of condominiums launching this year are budget condominiums with selling prices of between THB 900,000 and THB 1.8 million per unit.
Risinee further explained that generally, the selling price of Pattaya condominiums is determined by its proximity to the beach. Projects that sold below THB 50,000 per sqm were mostly located around two kilometres from the beach. Projects with selling prices of more than THB 60,000 per sqm but less than THB 100,000 per sqm are generally located in the city areas of south Pattaya and close to leisure and shopping attractions. Developments that sold for more than THB 100,000 per sqm are generally sea view projects and can be found in most parts of the city.
One exception is sea view units in Pratumnak which sold below THB 100,000 per sqm despite being located far from a beach.
Knight Frank Thailand said that this year there are three sea view condominium projects launching, namely Waterfront, Centara Grand Residence Pattaya and Movenpick White Sand Beach Pattaya. All three projects are hotel-branded condominiums that provide no rental guaranteess but offer value enhancement through brand affiliations.
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