The COVID pandemic has had a profound effect on nearly every country that has had the misfortune to be visited by it. With vaccination programmes beginning to be rolled out but still some distance from vaccine passport availability, we look at how the current situation affects Pattaya City.
There are currently low property prices due to many Pattaya residents experiencing a change of circumstances caused by the pandemic. For example, people who may have a winter getaway residence in Pattaya and are experiencing travel restrictions in Thailand and their own countries have no clear idea of when to return and may well decide it is now time to sell. That could well be a mistake in the long term because Thailand appears to be a beautiful place to live in the future. After all, let’s not forget the appeal that the country has a tropical hotspot.
Judged solely on its handling of the virus itself, Thailand has great appeal as a destination, especially as it was the first country to confirm a case outside of China. The action taken by the government here may have seemed harsh at times, but If we look at the way the pandemic has ravaged other parts of the world, Thailand and particularly Pattaya, with all its attractions, must look like a paradise in comparison.
With Covid, some owners decided to relocate, and some amazing houses like this one came on the market.
The downside is the pandemic’s economic consequence, but it means that there are some real bargains to be had right now. Life in Pattaya will eventually return to some normality, and for those who can afford to buy and wait, the city offers excellent opportunities.
Business owners in Pattaya, particularly those whose companies are in tourism, have been waiting for tourists to return for a long time. With little or no revenue, the temptation to sell is clear. Some business owners have already decided that this is the time to take things easy and sell up, but that provides new investors with fresh ideas.
Another effect of COVID and the doubts surrounding international travel is that emphasis has shifted from overseas buyers to the domestic market. It is a trend that is bound to increase further once the journey time from Bangkok becomes shorter and travelling between Pattaya and the capital more convenient because of all the new infrastructure improvements that are planned and implemented.
Spacious 136 sqm newly renovated 2 bedrooms at 6.6m Baht in a beautiful residence near the Royal Estate in Pratamnak.
Pattaya presents a desirable proposition for Thai residents wishing to escape the capital, either as a weekend retreat or a more permanent location to live in after the trials of the lock-down experience. Since COVID has meant primarily working remotely or travelling for important meetings, the office culture is changing throughout the world.
Of course, the international market will also recover eventually. In particular, Thailand in general and Pattaya have too much appeal to the overseas visitor not to get their fair share of the tourist pie.
There have been other consequences to the pandemic that will change the face of Pattaya. If you look at almost any area of the city, you will find new developments springing up, most of them built by the most prominent developers from both here and abroad. They are certainly taking the longer-term view that Pattaya will recover and thrive as we move on.
Before Covid, you could hardly find at this price an estate with 4 bedrooms, a large garden with a pool, maid quarter on 1 Rai in a prime location in Pong.
Massive infrastructure investment is underway, which will lead to improved road, rail, and air links. Designated entertainment areas which will add to the attraction of the city for some markets but not put off the more family orientated, will be put in place, and Pattaya will have something for everyone.
Thailand is a good option for new retirees, and Pattaya, especially, will suit this demographic. It is also going through a rebranding process since the onset of COVID, with more of the old fashioned businesses that were initially best suited to a “singles market” given over to new, family-friendly attractions and entertainment.
In conclusion, Pattaya real estate is varied and highly adaptable to suit all budgets, thus offering solid investment potential for the middle to long term future.
The team at Pattaya Prestige properties are ready and willing to show just how many investment opportunities exist here in Pattaya. Our contacts with large scale developers who have attractive offers on everything from condo units to large scale villa complexes, not only from individual buyers but also through our contacts with large scale developers.