As you move around Pattaya City at the moment, you cannot escape the fact that the landscape is changing. The Covid-19 pandemic has brought with it extreme hardship to both individuals and businesses that no one could have foreseen. With an estimated 18-20% of Thailand’s GDP coming from tourism, the country, particularly Pattaya, has been through the mill. Therefore it may seem a strange time to look for reasons to invest in property, but now is certainly the time to do just that and here now are five good reasons why.
1 Buyers Market
Number one is pretty obvious if you’re buying and you have funds, you will currently be able to get an excellent deal. Regardless of what kind of property you’re after, you’ll find a bargain somewhere. With the pandemic limiting the number of visitors coming into Pattaya to view the property, it is certainly a buyers market. So spend time doing research, get good advice, and it will reap dividends. Whether you’re looking for a small studio unit in town or a six-bedroom mansion on the city’s outskirts, you can indeed find what you’re looking for here in Pattaya. The square metre value of some of the properties for sale at the moment is remarkable – you can get excellent value for money if you decide to buy right now.
2 Hotel, Retail & Property Development
Following on from the money, try to look past the pandemic’s effect instead of looking at the new money spent on numerous Pattaya projects. More importantly, look at the people who are investing here. Some of the biggest names in condo development, house building, and hotels, both Thai and international, are keeping the faith, looking at the long term, and banking on the future popularity of Pattaya. Happy with the way Thailand has managed the COVID pandemic, compared to many other countries, the country and Pattaya have become something of a haven to escape from the virus.
Great value four bedrooms house just renovated for sale not far from Rugby School
3 Improving Infrastructure
Then there are the perceptible improvements in Pattaya’s Infrastructure. During the last year, whilst the usual crowds and coaches filled with tourists have not been with us, the local authorities have taken the opportunity to carry out work throughout the city. Roadworks are almost everywhere to install new drainage pipes to ease flooding during the monsoon season. The burying of overhead electric cables in certain areas has improved the city’s look, especially along the beach roads. Doing this has added to the beautification of these seaside areas already benefiting from improvements to the beaches with work carried out on the promenades alongside more sweeping cleaner beaches with sand a bluer, clearer colour of the sea. Buying a property by the sea now offers a world-class view at a fraction of the price it would cost in other parts of the world.
Also, the ongoing and seemingly never-ending roadworks are all signs that Pattaya is not finished yet. Although we might get frustrated by the constant inconvenience of painters and diggers, if Pattaya is going to move on and reinvent itself, the improvements being worked on currently, both cosmetically and structurally, are part of that. As discussed in the previous paragraph, the investors would not be coming into the city without assurances from city hall that local amenities and facilities are improved significantly. It will be essential for the higher class of tourist that Pattaya aims to attract, and in the end, will benefit all its residents.
4 Eastern Economic Corridor
Another reason to invest in Pattaya is because of the Eastern Economic Corridor. The massive investment in this project will certainly go ahead, and geographically Pattaya is perfectly placed to take advantage of this. Improvements will include the industrial development of Laem Chabang port, Map Ta Phut Port, and the motorway improvements and new double-track railway. Extending U-Tapao airport into a major international hub will open Pattaya to tens of millions of extra visitors every year. You cannot overstate its importance, and it will help transform Pattaya into a significant destination for international and domestic visitors alike.
Great opportunity to own a spacious studio condo with a view not far from the city centre and all venues
5 Proximity to Bangkok
Lastly and much closer to home is Pattaya’s location within easy reach of Bangkok’s enormous domestic market. With a new high-speed railway connecting Pattaya to the capital in only 45 minutes, just a couple of years away, Pattaya will transform from a once sleepy, seaside location to a real destination for affluent Bangkokians; with them will come new opportunities and new businesses. A thriving economy is suitable for everyone, and you can be confident that property prices will benefit from all the extra visitors and their spending power.
Pattaya is a great place to live. It’s changing, of that, there is no doubt, but the city will survive and prosper after the pandemic has left us, and when the significant improvements outlined above are complete, it will be thriving like never before. If you take the slightly longer-term view, it may be that this is one of the best times ever to invest in property in the city. The current and future value in the property and development market is there for all to see.
It’s still fun to live here, too so, and please let the team at Pattaya Prestige Properties tell you more about why investing in a property right now is the right choice for you.