Pattaya Condominium Market slows down
Pattaya has been developing its status in real estate industry for many years and maintaining its standard in high level. Due to many uncertainties, the developers are forced to slow their launches of new projects. Thus, the Pattaya condominium market slows down to a maximum.
According to the property services firm Knight Frank Thailand, the Pattaya condominium market slows down to less than half of their previous development launch in the first half of 2016.
The company director for residential project marketing, Potjaman Vorakitpokathorn mentioned that only 182 condominiums were launched in the Pratumnak area, bringing the total supply of condominium units to 60,696 in the first half of 2016.
The take-up rate of the phase raised to 66%, or 40,361 units of all accessible units, throughout the primary six months of 2016, from 62% in 2015.
The director of Research and consultancy, Risinee Sarikaputra said that Chinese people were essential emerging buyers of Pattaya condominiums market. Although, in recent years the Chinese buyers have replaced the Russian buyers. The Pattaya condominium market has been slowing down due to various uncertainties. She also mentioned that Pattaya condominium market has not yet recovered from these uncertainties and affecting the Pattaya condominium market.
According to the director Risinee Sarikaputra, Chinese investors started to buy condominiums in Pattaya for investment purpose. Also, when they bought, the condominiums were fully furnished and the price was less than 5 million baht.
To deal with these down period, Ms. Potjaman said that developer tried to clear their remaining inventory through many offerings. Offerings as guaranteed rental return between 5% and 7% through the first 3 years at the completion of a building. But the offer did not make any impact in condominium market slow down procedure.
In phrases of promoting prices, the charges of sea view condominiums in Pattaya accelerated 2% inside the first half of 2016. IT was from 117,466 baht in line with the square meter in 2015 to 119,795 baht per sqm. Partial sea view and non-sea view unit expenses remained stable at 67,900 and 66,925 baht in step with sqm, respectively.