In order for any city to grow it must have sufficient infrastructure in place to be able to sustain the desired levels of growth. This, in many cases, will mean that constant improvements need to be made and this is certainly not a quick fix, more of an ongoing priority. Without the necessary levels of investment, any long-term expansion plans are doomed to failure.
Pattaya has seen a rapid expansion in the last decade or so and after initially ignoring the need for improvements realised that improvements needed to be made to the local infrastructure. This saw problems with flooding, the local electrics as well as communication and the road network.
Thankfully, this was recognised by the City Hall a few years ago, and efforts were made to readdress the problem. It seems that wherever you go in Pattaya these days you will see improvements to the infrastructure. The city is now in a strong position to grow and expand like all parties wish.
Improvements in the infrastructure were certainly needed in Pattaya and the fact that the number of visitors increases year on year is proof of that. You don’t have to travel far in the city to see large building projects such as new hotels and condominiums.
These are obviously springing up due to the increased demand thanks to this increase in tourists.
As the number of tourists increases so too the business opportunities for investors.
The maybe individuals or they may be the larger local developers, either way, there are some fantastic opportunities out there at the present time to make money and gain some excellent returns from the property market. Pattaya is expanding so it is hardly surprising that investors are looking to jump on the bandwagon and who can blame them?
Tourists visiting Pattaya come from all over the world and obviously opens up more opportunities.
Five or ten years ago, the majority of the tourists came from western Europe or the US, nowadays the majority come from Asia. The type of visitor has also changed, before it was predominantly single, middle to old aged males now it is a combination of these groups and families. In order to cater for the new guests, different accommodation was required and this obviously needed new investment.
Local developers needed to offer some attractive incentives to encourage investors to part with their money and invest in their projects. If the units sold were for investment purposes the returns needed to be attractive but not only that they needed to have some form of guarantee especially after the world had just been through a period of economic uncertainty.
One local developer, the New Nordic Group took up the challenge and managed to devise a scheme that was beneficial to the developer, the investor and tourists. They built dozens of condominiums in one area of the city that were design for investment purposes.
The intention was that the units would be let to local and domestic tour operators throughout the year. Their scheme offer a 10% p.a. guaranteed return for periods of five to twenty years. The scheme to this day is so well managed that only minimal occupancy rates are required in order to meet all monthly obligations making this a low risk investment.
This scheme offers great returns for little risk and has continually proved to be extremely popular. The improving infrastructure has certainly played a role in allowing this happen.