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Treasures await for real estate buyers in Pattaya

Posted on 14 March 2010

Treasures await for real estate buyers investors in Pattaya but if you reach for it too soon you'll get hurt, says Jugkarut Ruangratanakorn, vice-president of Ratanakorn Asset Co Ltd.

Speaking at a seminar organized by the Real Estate Information Centre and quoted in The Bangkok Post, he says: "For Pattaya real estate, treasure is waiting ahead. But if you reach out for it today, you may get hurt. [You should] wait for a right time. Investors and developers should know its [Pattaya real estate's] life cycle. 1997-2000 was its bottom, 2001-04 was a recovery and 2005-08 was a boom."

The complex nature of the Pattaya property scene has changed radically since the halcyon days of 2007. Back then is was the high profile developments which took centre stage, but with just three of those currently active - Northpoint, Ocean Porfofino and The Cove - it has been suggested that international developers overestimated the potential of the market.

Virtually all sectors of the property market in the city suffered during the first half of 2009, with condominiums returned to developers and, crucially, tourist numbers generally down as a result of lingering fears of airport disruptions, political instability, swine flu and the general global financial malaise. However, the third and fourth quarters saw a significant upturn as customer confidence started to return and a number of bargains to be had. In common with others Pattaya City Property's Gavin Perfect recounts witnessing: "many fire sales that came on the market due to the owners having financial problems."

Salmanns' Tim Gladwin views the Pattaya property market as being decidedly cyclical and now sees sales are generally improving, but as Colliers International's Mark Bowling asserts: "The bread and butter is at the lower end of the market in condos priced between THB3 million and THB5 million." In the forefront in this area are Thai developers, particularly Ratarnakorn, SP Homes, Lenki , Apus, Iguana and Matrix.

Source : property-report.com

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