Pattaya is a resort city with its own mayor and administration system, only about 100 km south-east of Bangkok. With a vast industrial estate and development zone, Pattaya offers the rare distinction of beach destination and having all the creature comforts of a major metropolis. The delights of sun, sea and sand, combined with outstanding entertainment, commercial and tourist attractions, have made this formerly sleepy fishing village a big winner amongst expats from all over the globe and city dwellers from Bangkok – a mere two hours or so away – seeking the perfect retirement spot or weekend getaway. Real estate in Pattaya has been one of the fastest growing and most sustainable industries, and the number of property developments currently underway is a clear indicator that this trend is set to continue.
Pattaya’s property market has matured to the extent that property developments are on par with international standards and trends. Unlike Bangkok, land is readily available in Pattaya, providing investors with opportunities of buying stand-alone houses or investing at a housing estate. However, the hassle-free option of condominiums that offer a lock-up-and-go lifestyle (and also given the advantages in terms of foreign ownership), remains undoubtedly the most popular and fastest-growing real estate trend.
A number of top developers of Thailand and some international developers from Russia, Indian and China have launched condominium projects in Pattaya. These attract an equal mix of Thai and foreign buyers. Riding on the property boom of Thailand, Pattaya shows promising future as a key market for Thai condominium development. Most of the projects are located on the beachfront or within close proximity of the beach. Ensuring sea views from units is a crucial element for grade-A developments in achieving high prices. The average price of grade-A high-rise condominium developments at prime beachfront locations is now between Bt 85,000 and 110,000 baht per sq. m.