The worldwide Covid-19 pandemic and the subsequent financial fallout has led to a search by any potential buyers of property here for people who are desperate to sell at virtually any price. Quite clearly, there has been an upturn in property owners wanting to sell, and the astute buyer can latch onto a bargain if they look hard enough. But with a second wave of the virus spreading throughout most of the world will those sellers still be as keen to up and leave Thailand as they were before?
Whatever we think of the way the Thai government has handled the financial consequences of the pandemic, with effective and successful handling of the virus. People are mixing freely together and going about their daily lives in a way that will be the envy of many other countries, especially in the western world where winter is fast approaching.
Those keen to sell and move on from Thailand may be starting to reconsider, as the Kingdom is becoming a more attractive place not just to visit but for the longer-term buyers. Of course, having been effective in keeping the virus under control, the next step is to ensure that have kept the country safe the Thai Government now finds a way of allowing visitors back in whilst still maintaining the virus at bay. It is not an easy problem to solve, but various ideas are forwarded, and hopefully, some of them will come to fruition, and the influx of visitors will increase.
Recently built contemporary house for sale on the edge of Phoenix golf course
The property market was very much in favour of the buyer before the onset of the pandemic and now allied to the strength of the Baht, which allows the seller to reduce prices and still recoup the original cost in his home currency, those searching for value still have the upper hand.
However, once Thailand finds a way of allowing foreigners back in, those searching to escape the hard winters in many parts of the world may make this country their preferred destination. Even though at the current time, there are still large stocks of condos still available, these are for the most part small one-bedroom units. With increased demand, the balance may well shift in favour of the sellers of larger properties such as houses or bigger condos.
There is then the dreadful possibility of the virus taking hold yet again and large parts of the world suffering a third wave, which if Thailand manages to continue on its current path will make it a most desired destination for the foreseeable future. We already have tens of thousands of people who come to spend their winters here, and the current situation can only make that an even more desirable option. Solving the travel problem is the key to the issue which authorities have taken this on board. The quarantine period has reduced from 14 days to 10 days, and there is talk of a tracking app. perhaps allowing this reduction further and further relaxing of the regulations is undoubtedly on the way. Of course, at the same time, the balance of safety and accessibility is vital.
Ultra-luxury condominium for rent or sale on Wongamat beach
With the ongoing changes in Pattaya, it would be reasonable to assume that the city will become a more attractive place for our friends in Bangkok to either move here or purchase a holiday home in the future. Whatever the initial pitfalls and false starts, the massive investment from the Eastern Economic Corridor project will bring tremendous benefits to the city in the medium to long term.
Contrary to what the current circumstances may have led you to believe, there is still a tremendous amount of investment is ploughed into the city, which can be seen in the many new residential developments springing up in various parts of town. There some exciting new hotel and recreational projects in the planning stage or have been signed already, adding diversity and attractiveness of Pattaya for both the weekend visitor and the longer-term resident.
Pattaya also offers fascinating value for money villas in a peaceful and popular village.
It’s reasonable to assume that Pattaya will lose any stigma that it may have had in Bangkok and become a much more attractive place for the people of that city to spend their money on a holiday or second home, especially given the price comparison between the two. It would be foolish to ignore Pattaya’s current plight and the undoubted difficulties that some people are facing at the moment. The profound changes that were coming anyway have been pushed into the spotlight and started earlier than most people were ready for, brought on by the worldwide pandemic. For Pattaya to thrive, despite the current hardships, there is an opportunity to rejuvenate the city and embrace a new Pattaya.
In conclusion, whilst there may at this time be bargains to be had, the message is clearly “strike now whilst the iron is hot”. There are buyers both overseas and from other parts of Thailand monitoring what is available and ready to put in their bids as soon as possible.
At these times, you need the resource of a professional property agent more than ever. They will let you know the minute an appealing property is up for grabs or has recently reduced. They are also experts in negotiating on your behalf, and their knowledge of the area and of what other sellers are doing will be crucial in good price getting. Contact the team at Pattaya Prestige Properties to see what we can find for you, and we urge you not to leave it too late!