Pattaya’s real estate market soars thanks to Chinese and Russian buyers
Real estate in Pattaya, eastern Thailand, is being snapped up like hotcakes thanks to Russian and Chinese buyers, according to leading real estate developer Habitat Group Co. Ltd.
Chief Executive Officer of Habitat Group Chanin Vanichwong revealed today that demand for real estate in Pattaya from both Thai and foreign customers is continually growing, reports Thansettakij.
Demand from the foreign market is only expected to rise in the long term since the Tourism Authority of Thailand (TAT) predicts that 23 million foreign tourists will arrive in Thailand this year, the top 3 destinations being Bangkok, Phuket, and Pattaya.
In Pattaya, 45% of real estate is foreign-owned and 55% is Thai-owned, said Chanin. At Highland Park Pool Villa Pattaya, the first phase of 20 pool villas are now sold out and 20 more properties are now up for sale for between 9.9 million to 20 million baht.
“Nowadays, you can travel to Pattaya easily in just 90 minutes. It is a city that accommodates various needs. It is a source of labour for the Eastern Economic Corridor (EEC) zone as well as a world-class tourist destination.
“Given the potential of this outstanding location, Habitat Group, therefore, chooses to develop projects that focus on ‘Lifestyle Investment’, i.e. buying for investment and renting out to tenants, as well as ‘Holiday Homes,’ which are second homes for families or to be moved into following retirement. The buyer will benefit in terms of investment (Yield).”
Currently, Highland Park Pool villas are 70% Thai-owned and 30% foreign-owned, added Chanin.
“Pool villas in Pattaya sell for 10-20 million baht and sell well. Foreigners buy them as a second home or retirement home. Real estate for investment continues to grow steadily and generate good returns.
“The demand for condos in Pattaya started growing as tourists started returning. Now, the most expensive condo on sale in Pattaya is on sale for 200,000 baht per square metre.
“In the next two to three years, it is expected that the price of Pattaya condos will jump 30%-40%, or around 250,000 to 300,000 baht.
“Therefore, now is the opportunity for both Thais and foreign buyers, to invest in a second home which generates returns in the long run.”
Habitat Group invested in eight real estate projects in Pattaya including The Ville Jomtien, X2 Vibe Pattaya Seaphere, X2 Pattaya Oceanphere, Bayphere Hotel Pattaya, Bayphere Premier Suites, Wyndham Atlas Wongamat Pattaya, Bluphere Pattaya, and Ramada Mira North Pattaya.
