A buyers guide to buying condominiums in Pattaya
Condominiums are by far the most popular property type amongst foreign investors looking at the Pattaya real estate market. Like most other parts of Thailand this is due to the condominium law that allows 49% of the floor space in all developments with a condominium license to be sold to foreigners with direct freehold ownership in their own name. However, Pattaya has a major advantage over the other real estate hotspots in Thailand, such as Koh Samui and Phuket, in that is much more accessible from Bangkok, from which it only takes most taxi drivers no more than 90 minutes to reach central Pattaya. Therefore the Pattaya condo market has not only proven to be popular with foreign investors and expats, but also hugely popular with the local Thai investors as well, due to the relatively easy commute from Bangkok – thus providing a weekend holiday home only a matter of minutes away. Of course the demand for condominiums and the limited land on which to build such projects has driven the prices steadily upwards over the years, of course to many investors delight. Also, due to the serious development in the past 10 years the Pattaya skyline has become more and more populated with high rise condominiums, thus meaning that the higher floors will always be more expensive as the views are more likely to be protected for the foreseeable future.
The condo and housing market in Pattaya continues to do well with an ever increasing two tier market forming with both the high end and mid end sectors performing equally well and now rivaling the more established investment market associated with high end, luxurious, Thai resorts.
Pattaya’s investment hotspots are now growing outwards as the cost to develop near central Pattaya has spiraled over the years, with the east side of Sukhumvit becoming more and more popular amongst investors. The current main hotspots are, Wongamat beach (in north Pattaya), Pratumnak Hill (just south of Walking Street) and Jomtien (just south of Pratumnak Hill). With the demand for high end luxury/mid end condos being so high, developers have moved even further south to the beaches of Na Jomtien and Bang Saray, both of which can boast much more pristine beaches than the developments near central Pattaya. With the exception of a few, most of Pattaya’s leading condominium developments have chosen their locations to be as close to the beach as possible, so as to protect their investors view and long term investment.
A steady flow of condominium developers all seem to be offering their base units at around 30,000 THB per sqm, with some fully furnished as well, and rise up to 200,000 THB region per sqm for penthouse units with panoramic views of the sea and the city of Pattaya. With such a wide pricing spectrum, the real estate market in Pattaya now supports a much wider demographic by now allowing the more budget minded investor a very easy access route in, with some condo investment starting from well under 1 million Baht, but also providing the highest level of living for those that can afford it.
Another excellent piece of advice, for those hunting for a good investment, is to look at some of the older, less desirable condominiums and renovate them to a high/modern standard. This has actually become quite a lucrative option now in light of the high demand in certain areas of Pattaya and there are quite a few options to choose from here – please click here to look at our full list of units for sale. There are also a few condo shells floating around on the property market which can be bought and done up as well for those fancying a bit more of a rewarding challenge.