Thailand property: Pattaya pickup on the way
For many years, Pattaya has offered one of the surest bets in property investment with prices consistently climbing by 10% to 15% a year, and the market is now gathering fresh steam, says Jugkarut Ruangratanakorn of Ratanakorn Asset Co.
Over 2010 he forecasts that Pattaya property prices will gain from 5% to 10% before the pace really picks up again from 2011 to 2014.
‘For Pattaya real estate, treasure is waiting ahead,’ Mr Jugkarut told a seminar organised by the Real Estate Information Centre.
But he advised investors to time their move carefully and to take time to understand the market – in particular, the culture and economic standing of the 15 or 20 nationalities who buy in Pattaya.
Terry Collins of The Vineyard, one of Pattaya’s leading pool-villa projects, said that the seaside town remained one of Thailand’s most appealing property markets.
‘Pattaya’s core attraction is that it has the infrastructure as well as the weather and holiday atmosphere,’ he says.
‘People here enjoy being part of a cosmopolitan community and being able to get every aspect of a modern lifestyle. At the Vineyard, for instance, you live in a peaceful rural setting but you can be at a modern shopping mall with a 10-minute drive.’
In his view, the main factor that will push futue capital appreciation is transport links.
‘Pattaya is always going to be a tourism hotspot but what is really going to drive the market is when people start commuting from here to Bangkok,’ he says.
‘Once that happens, all property owners will see a massive windfall.’