The biggest market among foreigners in Pattaya is condos. Like the rest of Thailand this is because of foreign ownership restrictions on land. Condo sales in Pattaya are equally supported by Thai buyers, due to the convenience and commutable proximity to Bangkok providing a weekend holiday home. Condos in Pattaya are comparatively expensive compared to houses and their prices increase the higher you are probably (especially with rampant development destroying the view of the sea).
Pattaya’s housing and condo markets continue to prosper with an increasingly two tier market developing as both the established high and mid-range sectors perform equally well. They now directly rival private investment associated with he more established upmarket Thai resorts.
Prime locations include Wong Amat beach where the new Northpoint twin towers are to be built, following on the success of Raimon Lands first project at Northshore in north Pattaya, and Pratumnak Hill. Another choice area is the Jomtien beach area where La Royale is one of several quality Pattaya condo developments soon to be ready for occupancy. In fact, so huge has been the demand that the luxury market is fast spreading to Bang Saray and Tawanron beach which still can offer pristine beaches, a lot of lush greenery and true privacy. Most of the Pattaya condo projects are on or near the beach as its essential to have sea views from the prime units.
With many condo developers providing new developments at prices below 70,000 baht per square metre, these values contrast with the more high profile developments in Pattaya marketed in excess of 100,000 baht per square metre. This pricing spectrum supports a broader purchaser demographic by reducing entry level pricing barriers and enabling budget conscious buyers to invest, creating a dynamic and sustainable trading environment.
The increase in the mid-to-high and high-end or premium sectors, however, represents a much higher value not only in monetary terms, but also in meeting the needs and aspirations of a luxury market for Pattaya condos.
In Pattaya many condos and houses are advertised in the local newspapers. A variety of agents and lawyers can also be found advertising their services. Another increasingly lucrative option in light of the demand, is to buy older condos in the less desirable buildings and do them up. Renovating is cost-effective and fun in Thailand and there are plenty of shells that can be snapped up cheaply.