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Prospects of the real-estate market in Pattaya

Is it the right time to buy real-estate in Pattaya? The prices are increasing now, but how long is it going to last and what are the prospects of Pattaya real-estate market in the nearest future? No need to read coffee grounds, since the market professionals are sharing their opinions with potential purchasers in the following.

Clayton Wade, director of PremierHomes real-estate agency, has been living in Thailand for 22 years.

About 26 millions of tourists visited Thailand in 2013, that is 19.8 % more than in 2012. Besides we are witnessing an unbelievable uprize of the economic indicators of the branch in general and of real-estate sector in particular. Looking 10 years back, I cannot help to notice an explosive growth and quick development of the Pattaya real-estate market. Nowadays investors are willing to bring in millions of bahts in the forthcoming projects and developers are devising many-million projects, thus solidifying the positive tendency in the market development on the East Coast.

Rony Fineman, general director of NovaGroup developing company, has been living in Thailand for 27 years.

On the one hand, I am seeing the excessive supply on the market today. On the other hand, more and more tourists are coming to Thailand yearly and basically are falling in love with the country and wanting to acquire an apartment here. The Russian, Chinese and Indian segments of the market will continue to expand. So I would not consider the evident excess in supply as a big issue. Yes, sure, there are many empty apartments in Pattaya, which are only inhabited in summer or winter months. I don’t see how is that a problem. I have an apartment in England myself, and show up there only for a few months per year. Pattaya’s infrastructure is steadily developing. There are aquaparks being built, the high-speed railway to Bangkok will be put in commission soon. Real-estate prices will certainly grow as the construction costs and land value are increasing.

Marko Wujek, general director of GoldenViewDevelopment, has been living in Thailand for 10 years.

There are voices to be heard that too many new projects are being launched in Pattaya today. But if you go to Italy and see innumerous restaurants crowded with tourists – they are never empty! In the same way Pattaya’s real-estate market is propelled by demand and there are always purchasers for various new projects. Ten years ago when I arrived in Pattaya, it was easy to discriminate between the high and the low season since tourists were only seeking for entertainment. These days Pattaya is a huge city with many foreign residents who bring in their families and relatives. All of them need a place to live. There are new factories being built, and the workers also require residential space. Therefore I see no clouds on the horizon of Pattaya’s real-estate market. There is always room for new projects.

Chalormpol  Khonjam, a partner and a CEO of Porchland Group development company, Thai native

In my opinion, there is currently indeed a supply glut on the real-estate market in Pattaya. Itwillaffectthoseprojectsthataremoreorlesssimultaneouslycompletedinthesameareaordistricts, sothatallownerswillreceivetheirkeysatonce. I am not sure that this is going to be beneficial for ensuing renting or re-selling.

So I recommend to choose the project and the development company very carefully.

In general, Thai real-estate market is becoming more and more attractive for investors by each year. Pattaya’s segment will expand and develop, slowly moving from the Second Road in Jomtien and Na Jomtien district towards Bang Sare. Of course, one should remain vigilant and constantly observe the ecomonic situation.

Heiner Messing, director of SiamProperties real-estate agency, has been living in Thailand for 17 years.

Real-estate agents in Pattaya are observing an increasing demand on expensive property. Along with «regular» apartments for 6-9 million baht, purchasers are more often acquiring spacious apartments at the seafront for 22-30 million baht. Not only condominiums are enjoying the growing popularity but also Eastern Pattaya houses, namely modern villas with swimming pools. The pricesstartat 6 millionbaht.

Beneficial exchange rate favors for increasing demand. Moreover the economic crisis in Europe is over, so the unemployment is not longer a threat, and people have started to earn and spend money again. Europe has always been considered a paradise for riches. Asia accepts everybody. Middle-class income can make good investments here as well. Baht is a stable currency. And the real-estate prices today do not yet hit the sky. After many capitals were lost in America in the course of the crisis, people started to invest in Thailand. So you should not suspect that the majority of our clients are millionaires. Most of them own a house or an apartment by now, which guarantees their pension!

Stephen James Smith, general director of Pratamnak Sands development company, has been living in Thailand for 12 years.

I am myself a long-term investor and I own many apartments all over the world. But I made a decision to engage into development business in Thailand. Why so? First of all, it is almost impossible for a foreigner to get a state loan from the Bank of Thailand. It means that the economical crisis has devastated USA is not likely to strike here. Chinese, Japanese and Korean are actively investing in Pattaya. 12 years ago I bought my first apartment here for 8 million baht. 3 years ago I sold it for 14 million baht. And if I come up with an idea to re-buy this apartment again now, it would cost me 22 millions! You know what – whatever happened – tsunami on Phuket or instable political situation in Bangkok, the economic indicators of Thai real-estate market never went down. The market has stagnated for a short while and then again propelled forward!

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