Foreign buyers continue to buy property in Pattaya

PATTAYA: Foreign buyers from the eurozone, United Kingdom and USA continue to buy property in Pattaya in large numbers, despite the continued strength in the Baht, Colliers International said.

It added spending power has, nevertheless, been curbed with the most popular price range being between THB3 million to THB6 million (RM300,300.34 and RM600,600.68), Colliers Pattaya Branch senior sales manager Mark Bowling said, adding that there is plenty of availability in this market segment as we see designers and architects have given much thought to innovatively maximising limited floor space more efficiently thus reducing sales prices without sacrificing location, facilities and overall quality.

"The Russian market has become a force to be reckoned with especially in Cosy Beach and Wong Amat. Growth in tourism from India and Middle East also presents an opportunity but one for the future claims. They mostly have a huge desire to buy property here, but are still very cautious and many have modest budgets. I do however see these countries becoming super powers on the Pattaya property scene in the near future, just as the Russians started off slowly several years ago," he explained.

The Pattaya condominium development market is in good health, according to the latest market report from Colliers International Thailand. Supply of units in 2010 was the greatest since 1997 with around 4,700 being added and launches for last year were also strong with over 3,400 being introduced.

Colliers associate director of research Antony Picon, however, said that take up remains robust throughout all zones so the new supply is being absorbed well.

"There are no concerns regarding a bubble in Pattaya as many are talking about in Bangkok at the moment. Take up was high at around 70% in Jomtien which reflected the popularity of the lower end products on the market there," he added.

The new darling of the condominium scene in Pattaya is Cosy Beach located in the Pratumnak Hill area, with several high rise condominiums are either currently under construction or in the relatively early stages of sales and marketing.

Colliers managing director Patima Jeerapaet said the success of Pattaya stems from a number of factors maintains, ranging from the introduction of retail outlets such as Central Festival shopping mall, a wider choice of trendy entertainment and dining venues, faster access to Bangkok and an increasing number of family friendly tourist attractions.

"That is why many Thais are now purchasing property in the city like never before," he noted.