What are the long-term expectations for the Pattaya property market?
It would be foolish not admit that the Pattaya property market has suffered something of a minor blip over the last couple of years but it appears that the property market in the city does seem to be staging something of a recovery. Developers are now regaining their confidence and starting once again to look at new projects so this naturally brings with it a new wave of positivity.
The city of Pattaya has so much to offer visitors from all around the world. It really is a truly cosmopolitan city with regards to visitors and expats from all four corners of the globe living in harmony in one great city. The shops, restaurants, bars and businesses around the town are perfectly setup for guests coming to the fantastic city. It seems that the more people who come the more they return and in turn tell their friends about the superb time that they have had.
Obviously, the more people who visit and with it the more people who choose to invest in Pattaya the more the city grows. It is perhaps solely for this reason that there is a general air of confidence around the city. The city seems to be developing and developing fast but not at an unsustainable rate with City Hall certainly playing their part in ensuring that sufficient infrastructure is in place to be able to cope with the expected increase in the number of guests.
It seems like the city is constantly evolving and moving to meet the demand of the visitors. A vast proportion of the number of visitors at the present time are coming from China so the city is well catered to deal with what appeals to this group. Previously, it had been visitors from Russia and before that Western Europe. It doesn’t matter where these guests come from you can be sure that they will be well catered for in Pattaya.
With a city that is booming you will expect the long-term property market prospects to be good and indeed many of the local developers are offering some very attractive incentives in order to encourage people to invest in the city. There is need for investment as the number of visitors is increasing year on year so therefore more accommodation is required. There seems to have been a noticeable shift away from the traditional hotels with many guests now preferring to stay in complexes that err more towards self-catering although restaurants and all the facilities that you would expect are available onsite.
One such concept is available from the New Nordic Group who are based on the Pratumnak Hill area of city. They have a number of properties that have already been completed and a rented out largely through block bookings to tour companies from around the world. The New Nordic Group are encouraging investors to purchase units it their properties that are under development and are offering guaranteed rental returns of 10% p.a. for periods of anything from 5-20 years. These are excellent returns for something that would be seen as a low risk investment so there is little surprise that other developers and starting to show an interest.
As demand is presently high for quality accommodation and with such attractive offers available for investors the long-term prospects for the Pattaya property market seem very bright indeed. It is hard to see how the city won’t go from strength to strength in the forthcoming years.