Originally posted on https://cornerstone.co.th/build-wealth-overseas/
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Pattaya has easily become one of the most favoured places for foreigners from Western countries to retire, and the worlds capital party town.
Pattaya City has become one of the biggest cities in Thailand, and seen a wide range of changes to the property market, and tourism sector during these times.
Pattaya City offers easy direct access from the International Suvarnabhumi Airport via the Bangkok-Pattaya motorway. Also, there are convenient access routes to the Eastern Seaboard estates, and now parts of Eastern Pattaya are right in the heart of the new “Eastern Economic Corridor” infrastructure projects. These upgrades will see the local (U-Tapao) airport become Thailand’s 3rd busiest International airport and develop a national maintenance center to oversee commercial repair and overhaul services, and an aviation training center. Along with this the long time promised High Speed Rail Link that will join Bangkok with Pattaya, this city shall quickly grow in interest and thus property values shall rise accordingly.
The retirement and family Ex Pat market sees Pattaya City as a more attractive location to the capital (Bangkok) as it offers far less traffic congestion and air pollution, a more relaxed and healthier lifestyle with clean fresh air, lovely beaches, and a large choice of world class golf courses.
Also, on the doorstep are a good selection wide range of Thai & Western restaurants (many with children’s playground), plus lots of family activities, lakes and tourist attractions.
Add to this the excellent choice of International schools and The Asian University, this whole area supports every family’s requirements.
Pattaya City covers a large territory and was predominantly a seaside location, with multiple smaller beaches creating individual areas such as Wongamat, Jomtien and Pratumnak. Now the city limits stretch 20kms south along the coastline to Baan Ampur and Bang Saray, plus 20kms east to include the residential housing market, employees from the ever-expanding Eastern Seaboard and the Western Ex Pat community.
Throughout the years, Pattaya has continued to grow even during the U.S and European economy crisis of 2008, and the Russian Ruble crash of 2014. Compared to prices in Bangkok with its daily congestion, or the premium islands such as Phuket or Koh Samui, Pattaya City still has an excellent array of properties to suit every budget and purpose.
There is now a good choice of condominium style available throughout the city. There are the obvious high-rise towers which span the Pattaya coastline from Wongamat beach all the way to Bang Saray beach around 35kms south of Pattaya City. These tall skyscrapers boast some incredible high floor panoramic views of the whole metropolis, yet tend to be the most expensive properties when calculated per square metre. So, if you want to live in the sky, you need to pay for it!
New towers along the coastline will start from around 100,000 Baht per square metre (approx. US$6,000 pr.sqm) up to 200,000 Baht per square metre (approx. US$12,000 pr.sqm) for the higher floor units and penthouses.
As well as these tall structures, there are developers building more simple, cheaper low-rise buildings. These tend to be a maximum of 8 stories. Older low-rise condominium complexes tend to be just 1 or 2 buildings with large apartments within. The newer complexes are now becoming very creative and have started creating “resort style” developments which can feature lagoon central swimming pools, underwater or poolside gymnasiums, waterfalls and water slides similar to themed waterparks!
Because the overall constructions costs are cheaper to build a low-rise building in comparison to a tall high-rise tower, the prices are typically a lot lower cost to purchase. Many rental investors choose this type of condominium project as the initial outlay is less for a similar rental return, or the lower cost allows investors to purchase multiple properties within the same project so that it is easier to manage as a rental portfolio.
Low-rise Condominium projects can start from around 65,000 Baht per square metre (approx. US$2,000 pr.sqm) up to 100,000 Baht per square metre (approx. US$6,000 pr.sqm) for the higher floor units and penthouses.
It is typical to see high rises along the coastline, and the low-rise complexes a little further inland but with lots of onsite facilities.
Beach and Countryside Houses
As Pattaya expanded from a small fishing town into one of the biggest cities in the country, the spaces to build have moved away from the coastline and further inland. Houses which are close to the sea or within the city limits are either starting to show their age and can be in need of total renovation to bring them up to 21st Century standards, or the properties have been built on recently purchased land plots that have become rare and highly sought after, that mean that after the initial land purchase and construction costs these homes are in the upper price bracket anywhere from 8,000,000 – 15,000,000 Thai Baht (approx. US$450,000) for the slightly older properties, rising quickly to between 25,000,000 – 80,000,000 Thai Baht – (approx. US$2,500,000++)
Driving just 15 minutes East and heading out of town you come to a huge residential housing area of Pattaya where there are a huge variety of properties ranging from stand-alone homes, terraced town homes, and Thai or Western secure village compounds with every house of similar style and including on site facilities such as communal swimming pools, fitness centers common gardens which may have children’s play areas. These villages are secured by entrance barriers with access granted by the onsite security guards or by more modern keycard entry. In many of the more expensive villages there can be CCTV installed around all the internal roads and common areas, landscaping throughout the whole village and even fiber optic Wi-Fi everywhere.
New prices for villages like these in East Pattaya can start from as little as 3,500,000 Thai Baht (approx. US$100,000) for 2-3 bedroom properties set upon 200sqm to 400sqm and rise upwards to around 7,000,000 Thai Baht (approx. US$200,000) for larger homes, land plot or total developer fit out and furnishings.
Also, another option would be the stand alone homes which typically sit upon much larger land plots, between 600sqm to over 1,600sqm. Easily secured with high walls and modern security such as alarms, CCTV, motion lighting etc. they are just as safe as other homes. These larger plots offer owners the chance to create lush tropical gardens, have larger private swimming pools, guest houses, outdoor dining areas and large covered terraces.
Large stand alone homes like these can be valued between 8,000,000 Thai Baht (approx. US$250,000) to around 15,000,000 Thai Baht (approx. US$450,000), however you can expect to pay between this, and anywhere up to 45,000,000 Thai Baht (approx. US$1,250,000) for the most lavish
The choice is yours!!