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Pattaya remains hot spot for Russan investors

Pattaya’s strategic location will continue to be a key driver for growth in tourism and its property market, says international real estate consultants CB Richard Ellis.

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The coming of big shopping mall, Central Festival Pattaya was a big jump for Pattaya City.

The property market in the Thai resort of Pattaya is bouncing back again to become a hot spot for condominium buyers, attracting foreign and Thai investors, according to consultants.

Pattaya’s strategic location will continue to be a key driver for growth in tourism and its property market, says international real estate consultants CB Richard Ellis.

It is the closest beachside town to Bangkok, just over an hour’s drive from the capital, and it has all the amenities including shopping, good food, quality five star hotels and properties, golf courses, and beaches. These factors combined makes Pattaya well positioned for further growth, CBRE adds.

A number of celebrities are also buying in the resort. The latest is former snooker world champion Jimmy White who has bought an apartment in the recently launched luxury beachfront project The Palm Wongamat Beach.

Pattaya Central Beach Road

‘The choice was easy, I bought in the best location. After a lot of research and hunting for a holiday home, The Palm met all my requirements. Wongamat is one of my favourite beaches in Pattaya and The Palm’s beachfront location is ideal. I can enjoy excellent sea views from my unit, the facilities are extensive and the price is right,’ he said.

CBRE said that almost 70% of the units at The Palm Wongamat Beach have been sold, despite pre-sales beginning only six months ago. Out of total units sold, over 65% of the buyers at The Palm Wongamat Beach are foreign and 35% are Thai end users and investors.

‘The sales performance at The Palm Wongamat Beach indicates there is strong foreign demand in Pattaya driven mainly by non resident Europeans, particularly Russians who are looking to purchase affordable luxury holiday homes,’ it said.

There is also a significant portion of Thais who have bought apartments as a holiday home or/and as an investment, with several purchasing multiple units as the project is perceived as offering value for money.

There are a number of reasons for tenants favouring apartments over condos, according to CBRE. In an apartment building if there is a problem with the unit, the building manager is on hand to resolve this. In a condominium building the property manager is responsible only for the management of the common areas and not the individual units. Condominium building managers have no responsibility for repairs or maintenance inside individual condominium units.

Lifestyle

Bangkok falls 19 places to 49th most expensive location worldwide

Locations reliant on international tourism have seen their rental markets hit especially hard during the pandemic, resulting in some major drops in the rankings. Bangkok has fallen 19 places to 49th, while Hanoi saw a similar drop of 12 places to 81st.

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The decline of Bangkok reflects the severe impact of the Covid-19 pandemic on the rental market in the tourism-reliant Thai economy, according to ECA’s latest survey.

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Property

Is There a Silver lining amid COVID-19?

Thinking of the future impact of this pandemic on office buildings, it may have already dawned on many of us that a majority of potential long-term trends and health measures will become permanent work-life features in the times to come.

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A direct result of COVID-19 containment measures is that organisations are taking a real-time look at the effects of prolonged off-site work and its relation to productivity.

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