The current Pattaya condominium development market is very healthy according to a recent market report by Colliers International Thailand.
The market saw its greatest supply of units last year since 1997, with around 4,700 being added, while a further 3,400 were launched. Purchases remain healthy throughout all the sectors, so the new supply is being well absorbed. “There are no concerns regarding a bubble in Pattaya as many are talking about in Bangkok at the moment,” said Colliers’ Associate Director of Research, Antony Picon. “Take up was high at around 70 per cent in Jomtien which reflected the popularity of the lower end products on the market there.”
On the back of Nova Group’s success with development, The Cliff, which sold around 70 per cent of its 427 units in just over 12 months, a number of developers have started to construct high-rise condominiums, especially in the Pratumnak area of Cosy Beach. “Several high rise condominiums are either currently under construction or in the relatively early stages of sales and marketing” said Colliers’ Senior Sales Manager, Mark Bowling.
The Legend, Nova Group’s latest development is similarly priced to The Cliff and will be neighboured by five other proposed high rises, set to increase supply in the area by several thousand units by 2013.
Althought the Baht continues to be strong, foreign buyers, especially the emerging and robust Russian market continues to purchase, along with investors from established markets such as the USA and the UK. Bowling said, “There is plenty of availability in this market segment as we see designers and architects have given much thought to innovatively maximizing limited floor space more efficiently thus reducing sales prices without sacrificing location, facilities and overall quality”.