Thai condo market proving popular with domestic and international buyers
Thailand continues to be one of the most popular destinations for real estate investors with Pattaya a key market for condominium purchases, it is claimed.
Thailand’s economy has proven extremely resistant against the global economic downturn, with an annual GDP growth almost unheard of today amongst the traditionally richer Western countries.
Building on both its domestic and international market success over recent years, The Kingdom has committed to spending approximately US$72 billion on infrastructure projects over the next five years, to ensure Thailand remains competitive in the global marketplace.
On top of this the government’s spending programme includes support to the domestic market with a range of initiatives including the development of a system of rail networks in the North, the largest of which is a 750 km line connecting Chaing Mai to Bangkok.
As the country continues to invest heavily internally, international investors are increasingly looking to the condominium market in the popular coastal resorts of Pattaya and Jomtien, either as a second home for their retirement or as an investment vehicle for their pension fund, according to worldwide property investment specialist Knight Knox International.
Patima Jeerapaet, managing director of Colliers International believes that the introduction of a wider range of entertainment facilities, retail outlets and eating establishments in the Pattaya area has led to the increase in its popularity, amongst both international visitors and Thai nationals.
The firm estimates that approximately 5,900 units will be completed in the latter six months of 2012, particularly in the Jomtien region, as the introduction of the new Jomtien Second Road, which has opened the region up to larger scale developments which are more appealing to the lower end of the market.
‘The Thai condo market is booming at the moment. The increase in demand for property, particularly in the Jomtien Beach and Pattaya regions, has led to us taking on an additional six new projects this year alone, all of which have been extremely well received by our investors,’ said Lee Chettoe, sales manager at Knight Knox International.
‘Over the past 12 months we have also noticed that investors are broadening their horizons and starting to look more further afield than the traditionally popular regions in Pattaya, towards the more tranquil area of Bang Saray; either looking to retire or for a peaceful holiday destination, while only a short drive away from the main Pattaya resorts,’ he added.