Pattaya’s promising condo market
January 31, 2012 - Pattaya
According to research conducted by Knight Frank Thailand, the Pattaya condominium market is booming as approximately 2,491 units were sold in 2011, which is a 120 per cent increase from 2010.
The research also indicated that the dynamics of the market were quickly changing as studios and one-bedrooms are now making up 70 per cent of the new property in Pattaya.
The trends can also be seen in one-bedroom unit hybrids less than 40 sqm. Despite the usual expectation of rising construction costs impacting the unit prices, they remain stable as well as specifications and unit sizes are being toned down due to the cut-throat nature of the market.
For the past two years, Thais have dominated the market as the biggest buyers of new project units located in the eastern seaside resort.
But, with unprecedented growth in the Pattaya market and areas such as Jomtien being built up rapidly as there is more land available, Pattaya is witnessing no shortage of buyers
With a plethora of options for buyers to choose from, more choices are in the pipeline as an array of condominiums are being launched this year with construction starting in 2013 and completion expected by 2014.
In a survey conducted by the Nation, property firms such as SC Asset Corporation, LPN Development, Sansiri and Sena Development depicted that they all have new condominium projects in the works that amount to a combined THB 10 billion (US$ 322 million).
Source: Property Report
Trends, condo, property market, real estate market, condominium