Prices of condominiums in the Gulf of Thailand city of Pattaya has appreciated on average by between 8 percent and 10 percent per year since 2004 – although most appreciation has been seen by buyers who purchase off-plan at an early stage.
The research, provided in Kingdom Property’s Pattaya Market Update report, presented at a press conference in Bangkok yesterday, also revealed the take-up rate for the entire market is currently 61 percent – higher than some other resort markets in Thailand.
The report also noted that of the 30,045 units currently in progress, 45 percent are still at the land preparation stage. Many are being developed by small developers who are struggling with limited labour resources and rising construction costs.
Kingdom Property said one of the most frequently asked questions by potential buyers and investors’ concerns the Environmental Impact Assessment (EIA). Currently, according to the report, 46 of the 76 projects in Pattaya have been granted EIA approval, meaning 9,241 or roughly one third of units are still waiting for their approval.
Almost half of projects measured by the number of units – 49 percent – have commenced work but do not yet have EIA approval, the report noted.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote
this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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