The Current Pattaya Property Market
If you are currently involved in the property market in Thailand and particularly Pattaya you are probably aware that over the last twelve months the Developers and Real Estate agents have had a tough time of things.
The property market as a whole in Pattaya to say the least is depressed, or that is what you keep on hearing all the time.
Thailand’s economy actually grew markedly in 2015 and the most recent data available shows that the first quarter of 2016 is looking to continue that trend. Exports are up and business confidence seems to be looking rosier towards the future.
Whilst many economies worldwide and struggling with static growth, the World Bank projects that Thailand’s real economic growth in 2016 at 3.5%. It looks as though Thailand has finally bounced off the bottom and is slowly climbing.
Pattaya’s economy is heavily influenced on tourism, and most people who have bought a property in Pattaya were once tourists.
The Ministry of Tourism in Thailand has said that tourist arrivals in Thailand are expected to reach a record high in 2016 estimated at 32 million.
The difference is the mix of tourists is very different than three or four years ago and that is largely the problem a lot of property developers are having.
Their marketing strategy was heavily focused at the European Expat market including our delinquent friends the Russians.
The clever marketeers are now looking towards the Asian market and in particular the growing new middle class Thai’s of Bangkok.
Traversing around the city it is easy to see the many signs of civil development and business investment that is currently happening.
The infrastructure development on Sukhumvit Road is taking place for a reason, the local government is ensuring the road capability is strong enough to cope with the increase of expected traffic from Bangkok.
The new Harbour Mall construction and the upgrade of Royal Garden Plaza are expecting a change in fortunes. The massive development site near Dolphin Roundabout is expected to be the construction of a 6 billion baht lifestyle mall. Surely these developments are happening with fact based data of economic resurgence.
Take a trip towards Rayong and you will be amazed by the expansion happening at Pattaya’s International Airport Utapao. What was once a rural military based airport is now starting to blossom into something far bigger. Does somebody know something?
Signs for the Future
World economists and the Thai Tourist Board are all forecasting that the country’s economy is on the mend and moving upwards and tourism is the driving factor.
International retailers are pouring their money into the new and upgraded malls across the city and major Bangkok investors are buying up chunks of land.
Finally the infrastructure to enable an ever increasing number of people from Bangkok and further afield is being completed.
The conclusion of all this? Just read the signs.