Pattaya’s slumping property market is showing signs of a turnaround with increased tourism being cited as the main reason for an upswing in interest in real estate. Research from Plus Property showed that Chinese buyers looking for a vacation home are helping improve demand with the city’s Wongamat area being the most popular among buyers.
According to Poomipak Julmanichoti, managing director of Plus Property Company, the government’s new infrastructure projects including the building of new highways is another reason for the region’s improving fortunes. This along with the continued expansion of U-Tapao airport in Chon Buri is expected to help both tourism and real estate in Pattaya.
The region as a whole went into a slump when Russian tourists stopped arriving after the crash of the ruble. However, Plus Property noted that tourist arrivals last year in Pattaya increased 8.17 percent with a significant number of Chinese tourists arriving. This helped offset the loss of Russian tourists. In order to support the surge in tourists, a number of new attractions have opened or are under construction including Harbor Pattaya, Terminal 21 Pattaya and Ramayana Water Park.
And while tourists may be drawn to Pattaya Beach for entertainment, Wongamat is where foreign buyers are looking to purchase property. That’s because it offers a peaceful beach area to spend time with family while still being close enough to Pattaya’s attractions. Plus Property research revealed that the absorption rate here is at 85 percent, which is one of the highest totals in the city. It was noted that this is not the only place popular with buyers.
“One bedroom condominiums in the city area which provide an ocean view have also continued to grow,” Poomipak said. “The popular areas for this type of condominium are located on Pattaya Soi 2 and Pattaya Soi 3. The key factor for its growth is selling price, which is not too high for living in Pattaya City.”