Firstly Pattaya is to host a succession of important world travel events. Each event will bring the world’s attention to Thailand and in particular to the resort of Pattaya. Secondly the opening of Suvannabhumi, the second international airport in Bangkok is also planned, this airport is expected to intensively and positively boost the entire Thai Eastern Seaboard area which includes Pattaya.
Famous for its high end prestigious property developments already, Pattaya is increasingly popular with international property hunters. British buyers currently top the league for expatriates buying property in Thailand and Pattaya is no exception with British buyers seeking mainly family homes or condominiums. International property investors are also getting in on the market and buying property to let out to the growing numbers of tourists who visit the resort annually.
Real estate developers are intensively constructing luxury towers, gated communities and residential beach resorts and a secondary property sector has been created from the success of the initial residential property market in Pattaya. The demand for, and construction of commercial property in Pattaya – particularly in the form of retail space is now soaring. The requirement for amenities, facilities, shops and entertainment from Pattaya’s new property owners and tourists is increasing which is fuelling such developments as the Central Department Store which is a lifestyle shopping centre for example, and this increase in demand for commercial property is further boosting the local economy in Pattaya.
The success of Pattaya’s economy has been unprecedented in Thailand and is heavily reliant on the property and tourism markets; in the past five years alone both sectors have boomed and more and more developers have begun constructing real estate both for property investors and for second home seekers. Pattaya’s forward thinking approach has led to a booming micro economy and it is the luxury of the resort that is drawing both the travel events and larger numbers of tourists to visit Pattaya annually which bodes well for the sustainability of the resorts popularity and success.
The Pattaya travel events will see tourism industry experts and officials travel to Pattaya for conferences, seminars and conventions – and the fact that Pattaya has been chosen as the host resort for the events is testimony to its success in repositioning itself on the world travel scene.
When Suvannabhumi airport comes online it is expected that visitor numbers to Pattaya will further increase and demand for quality tourism accommodation will also increase. This is boosting the property investment potential in this Thai resort and further fuelling demand for properties for sale in Pattaya.
With all these positive indicators highlighting the desirability of Pattaya, the property market in Pattaya, Thailand is set for another booming year.