There is hope again in Pattaya after a rough few years for the property market with as many as 20 new condominium developments schedule to be completed in Pattaya City and Jomtien by the end of the year, Pattaya One reported. In previous years, several condominium developers were dependant upon Russian investment and saw profits tumble with the the devaluation of the Russian Ruble in 2014 and early 2015.
During the property downturn in Pattaya, many real estate companies decided to focus on other buyers with Thai, Chinese and Indian investors all being targeted. Pattaya One noted that several developers believe these efforts are starting to pay dividends and have begun launching and building new projects in anticipation of greater demand.
In addition to the 20 projects expected to come on to the market in 2016, a number of other projects will be completed in both 2017 and 2018. Pattaya One added that property developers are also looking to acquire new land for future condo, apartment and resort developments in Pattaya and Jomtien.
Developers are embracing more ambitious design concepts that are equipped with innovative features to entice buyers to purchase properties in the still recovering market. Several of the new projects that are planned include resort-style hotels, family entertainment venues and retail shops in addition to the residences.
Experts have predicted that Thailand will become a regional transport hub once the ASEAN Economic Community shortly and this could boost the demand for houses, condominiums and commercial real estate throughout Thailand including in Pattaya and nearby Rayong where several international companies are based.
Three new construction projects planned by the Thai government could also help lift the residential and commercial property sectors in Pattaya, Jomtien and Chonburi. The new infrastructure projects include a new ferry pier to be built for a Pattaya to Pranburi route, a motorway connecting Pattaya to Rayong and a high-speed train line between Bangkok and Rayong.
