Pattaya Property News
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Property prices in Pattaya have remained stable as the resort sees a huge number of new units being launched, according to a new report.
Russian interest in Pattaya condos remains high, while Indians are expected to be the next big thing as their interest in the local market grows.
An extremely detailed and informative report by Colliers International, says that by the end of 2011, there was a supply of approximately 46,100 units in Pattaya. More than 7,700 units are scheduled for completion in 2012, which is an increase of 47 per cent in the total supply. A similar number is expected next year, too.
Jomtien is expected to grow over the next two years and become the main player in the Pattaya housing market. This is because of the large number of projects being launched in Jomtien and due to the huge interest from Russians in buying there.
During the last six months, 22 new projects were launched in the Pattaya area with approximately 10,000 units. Most of them were put on the market in the last two months of 2011. New projects launched in the Jomtien area contain more than 7,000 units, which made the average take-up rate in the area increase slightly by more than 2%.
No new projects were launched in the Pattaya area but the construction of the current developments in this area has shown good progress which has led to greater confidence resulting in improved sales.
A large number of Thai buyers are also now entering the Pattaya property market. They appear keen on purchasing a holiday home for occasional recreational use and possibly to protect themselves against future flooding problems in Bangkok. The Thai market is particularly brand conscious and follows well-known names such as LPN, Raimon Land and Major Developments.
The Russian market continued to be strong during the second half of the year and it appears to be more resilient in the face of global economic problems than other markets. Europeans, especially British and American buyers have not shown such demand as in previous years, however buyers from Australia have also been notable throughout 2011 due to the strong AUD.
There has been a notable increase in enquiries from Indian visitors. Many enquiries are generally for lower priced units, which is is exactly the same trend that the Russian market followed several years ago. Colliers expects Indian buyers to be a major force in the coming years: about 20 Indian hotel chains are looking at setting up in Thailand to cope with close to one million predicted Indian visitors coming to Thailand in 2012.
CBRE clean up at Property Awards
The 2011 Thanachart Bank Thailand Property Awards were held at the Grand Hyatt Erawan Hotel in Bangkok. The awards ceremony was attended by more than 600 CEOs, managing directors, developers and senior management figures.
With 31 categories, the awards are a benchmark for quality.
“Over 1,300 nominations were received this year, and from those over 250 entries” said Terry Blackburn, CEO of Ensign Media, organisers of the event.
The 2011 Thanachart Bank Thailand Property Awards were held at the Grand Hyatt Erawan Hotel in Bangkok. The awards ceremony was attended by more than 600 CEOs, managing directors, developers and senior management figures.
With 31 categories, the awards are a benchmark for quality.
“Over 1,300 nominations were received this year, and from those over 250 entries” said Terry Blackburn, CEO of Ensign Media, organisers of the event.
As a special contribution to the flood recovery effort, the Thanachart Bank Thailand Property Awards, in collaboration with Habitat for Humanity, conducted a fundraiser and raised 400,000B for the construction of two new houses for flood victims in Lopburi.
And, in case you were wondering, here are the main winners. Best Residential Agent (Resort), Best Property Consultancy and Best Commercial Agent was CB Richard Ellis (Thailand). Best property website was www.cbre.co.th.
Best Residential Architectural Design went to Habita Architects for Soneva Kiri by Six Senses Resorts and Spas, Best Landscape Architectural Design was awarded to P LANDSCAPE for Phulay Bay A Ritz Carlton Reserve and the Best Condo Development (Eastern Seaboard) went to The Tropical Dream Condominium.
Soneva Kiri by Six Senses Resorts and Spas won the Best Villa Development in the Eastern Seaboard and Best Developer was Minor International PLC.
Soneva Kiri by Six Senses Resorts and Spas won the Best Villa Development in the Eastern Seaboard and Best Developer was Minor International PLC.
Cat that the cream – and the condo
The widow of an Italian property mogul died aged 94 and left all of her real estate and financial assets to her pet cat.
Four-year-old Tommaso is now the proud owner of a 10 million euro fortune and an empire of Rome flats and houses.
The widow of an Italian property mogul died aged 94 and left all of her real estate and financial assets to her pet cat.
Four-year-old Tommaso is now the proud owner of a 10 million euro fortune and an empire of Rome flats and houses.
The cat is not the only one getting into Italian property, as the country’s fragile economy is making it a popular place to invest.
The last quarter of 2011 was the busiest for four years with a surprising amount of enquiries and sales. Buyers are coming from Russia, Canada, America, Norway and Switzerland.
Italy’s new Prime Minister Marion Monti has outlined plans to cut Italy's deficit - the second largest in Europe - by reintroducing a property tax.
Homes priced between 350,000 to 500,000 euros are the most popular, as the buy-to-let potential that saved Portugal's plummeting property market gives new hope to Italy.
The last quarter of 2011 was the busiest for four years with a surprising amount of enquiries and sales. Buyers are coming from Russia, Canada, America, Norway and Switzerland.
Italy’s new Prime Minister Marion Monti has outlined plans to cut Italy's deficit - the second largest in Europe - by reintroducing a property tax.
Homes priced between 350,000 to 500,000 euros are the most popular, as the buy-to-let potential that saved Portugal's plummeting property market gives new hope to Italy.
Global crisis = investment opportunity?
Given that most of the property markets are in meltdown right now, it may seem like a good time to invest.
But do you go for a villa in Greece, an apartment in Italy or a mansion in Ireland? A firm called IPS has been doing the hard work for you, and worked out the pros and cons of investing in some of the world’s most precarious economies. And here are their thoughts.
Given that most of the property markets are in meltdown right now, it may seem like a good time to invest.
But do you go for a villa in Greece, an apartment in Italy or a mansion in Ireland? A firm called IPS has been doing the hard work for you, and worked out the pros and cons of investing in some of the world’s most precarious economies. And here are their thoughts.
Ireland – Property prices dropped by 8.5 per cent in the first half of 2011, which means they are 50 per cent below their 2007 peak. Rental yields are not high though and distressed sale auctions are now regular events, meaning there are some genuine bargains around. On the other hand, there’s a good chance property prices will continue tumble, so Ireland isn’t a get-rich-quick option.
United States – Home of the sub-prime mortgage crisis, you may imagine it would be the ideal place to put your money. Overall, there are indications that the USA has reached as low as it can go and the only option now is for prices to rise (unless you live in Florida).
You would need an experienced head to choose the right place to invest to guarantee a return though.
You would need an experienced head to choose the right place to invest to guarantee a return though.
Hungary - Moody's, the global analytics company, have lived up to its name by downgrading Hungary's rating to Junk status. Bad news if you own Hungarian property. The decision comes on top of rising interest rates (the base rate now stands at 6.5 per cent). Good news, however, if you are looking for distressed property, as there’s plenty of that around. It’s still a very shaky economy to invest in, though.
Greece – The Blackburn Rovers of the EU, Greece could be about to go bankrupt and leave the Eurozone. Investing in property here is obviously a high risk gamble, but perfect if you know what you are doing. If Greece does go back to the Drachma though, you’ll be in trouble, so it’s best avoided.
Bulgaria - Property prices are in freefall in the capital Sofia, the ski resorts and on the coast.
Many overseas investors are trapped in a market where tenants are hard to find.
There are also issues surrounding ownership of properties, with some investors left sitting outside the gates of properties they once owned.
Many overseas investors are trapped in a market where tenants are hard to find.
There are also issues surrounding ownership of properties, with some investors left sitting outside the gates of properties they once owned.
Cyprus – It may be popular with British expats, but it’s also a nightmare waiting to
happen. Plummeting property prices, a lack of help, corruption, oversupply and poor quality developments all add up to one risky investment option.
Spain – Oversupply and an economy on the brink of a bailout has not helped the Spanish property market. You can now snap up a pad for 60 per cent less than the market value with 100 per cent finance. If banks are happy to hand out this kind of help they must think things are going to get better soon. Coastal areas look to be the best places to buy.
Portugal - The government is looking to woo overseas investors to invest in prime coastal resorts. There is also reasonable demand, which means you could make a good return on your money.
Thailand – Assuming you can get round those pesky rules that don’t let foreigners own land, Thailand remains a good bet. Pattaya has plenty of development and equally strong demand from a new range of customers. Major developers offer good deals on off-plan choices.
Sansiri steps into Phuket scene
Real estate developer Sansiri is entering the Phuket property market.
Sansiri will develop 556 studio units spread across three eight-floor buildings on a 70 rai site in Kathu. The project will cost 560 million baht, with studios going from 999,000 baht to 1.4 million baht. It will also have a communal swimming pool, fitness room and green area.
There were plans eight years ago for Sansiri to begin work in Phuket but instead it focused attention on Bangkok.
Real estate developer Sansiri is entering the Phuket property market.
Sansiri will develop 556 studio units spread across three eight-floor buildings on a 70 rai site in Kathu. The project will cost 560 million baht, with studios going from 999,000 baht to 1.4 million baht. It will also have a communal swimming pool, fitness room and green area.
There were plans eight years ago for Sansiri to begin work in Phuket but instead it focused attention on Bangkok.
Hope for UK house prices
National house price growth in the UK could reach 3 per cent this year.
The current regional north south divide is expected to deepen and unemployment or concerns about job losses is set to be a major factor.
It is also expected that new housing supply will remain historically low, rents will continue their upward path, increasing by approximately 5% annually, and the mortgage market will remain limited as a result of the Eurozone turmoil.
‘The property market in 2012 is likely to continue in a similar vein as it has both this year and last, with relatively flat house prices buoyed overall by a strong performance in key locations, particularly London and upmarket commuter hotspots in the south east,’ said Stuart Law, chief executive of Assetz.
National house price growth in the UK could reach 3 per cent this year.
The current regional north south divide is expected to deepen and unemployment or concerns about job losses is set to be a major factor.
It is also expected that new housing supply will remain historically low, rents will continue their upward path, increasing by approximately 5% annually, and the mortgage market will remain limited as a result of the Eurozone turmoil.
‘The property market in 2012 is likely to continue in a similar vein as it has both this year and last, with relatively flat house prices buoyed overall by a strong performance in key locations, particularly London and upmarket commuter hotspots in the south east,’ said Stuart Law, chief executive of Assetz.
Sales in Singapore continue to roar
Despite a possible economic slowdown in the US and Europe, the private residential market in Singapore remains robust with strong home sales.
Real estate service provider Savills in Singapore said the economic forecast for 2011 had been downgraded from five to seven per cent to between five and six per cent, yet the island nation still saw strong house sales.
Executive condominiums grew in popularity after the government lifted the monthly income ceiling for new EC purchases. More primary home sales activity was observed in the northeastern region.
High-end and super-luxury home prices slipped two per cent and 0.4 per cent quarter-on-quarter in the third quarter respectively, while mid-tier home prices dipped marginally and mass-market home prices rose.
The average price for non-landed high-end private homes dipped from US$1,816 per sq ft to US$1,782 per sq ft.
House prices may continue to increase by one to two per cent, while high-end and mid-tier homes may see a price dip of two to four per cent.
Despite a possible economic slowdown in the US and Europe, the private residential market in Singapore remains robust with strong home sales.
Real estate service provider Savills in Singapore said the economic forecast for 2011 had been downgraded from five to seven per cent to between five and six per cent, yet the island nation still saw strong house sales.
Executive condominiums grew in popularity after the government lifted the monthly income ceiling for new EC purchases. More primary home sales activity was observed in the northeastern region.
High-end and super-luxury home prices slipped two per cent and 0.4 per cent quarter-on-quarter in the third quarter respectively, while mid-tier home prices dipped marginally and mass-market home prices rose.
The average price for non-landed high-end private homes dipped from US$1,816 per sq ft to US$1,782 per sq ft.
House prices may continue to increase by one to two per cent, while high-end and mid-tier homes may see a price dip of two to four per cent.
Flooding: property winners and losers
The flooding situation in Thailand will have hit all parts of the property sector, but will vary in degree and extent, according to eading real estate consultant CBRE Thailand.
While in Pattaya, hotel occupation is now booming, industrial areas have been severely hit by the waters.
The flooding situation in Thailand will have hit all parts of the property sector, but will vary in degree and extent, according to eading real estate consultant CBRE Thailand.
While in Pattaya, hotel occupation is now booming, industrial areas have been severely hit by the waters.
In the short-term, business may slow down as people will be busy solving their own problems rather than buying and selling homes.
Overall, the flooding will result in changes in demand patterns in the residential sector in terms of preferred locations and product. In terms of location, Bangkok’s Lumpini, Silom, Sathorn and early Sukhumvit area will be the preferred areas. Demand for high rise condominiums is likely to rise as people look for second-homes in the city center.
Purchasers considering buying residential properties will pay more attention to the product, design features and flood protection measures of individual developments. Housing developers will also need to ensure flood prevention measures and features are incorporated when launching new developments.
Overall, the flooding will result in changes in demand patterns in the residential sector in terms of preferred locations and product. In terms of location, Bangkok’s Lumpini, Silom, Sathorn and early Sukhumvit area will be the preferred areas. Demand for high rise condominiums is likely to rise as people look for second-homes in the city center.
Purchasers considering buying residential properties will pay more attention to the product, design features and flood protection measures of individual developments. Housing developers will also need to ensure flood prevention measures and features are incorporated when launching new developments.
Second-home markets in Pattaya, Chonburi, Hua-Hin, Cha-am and nearby provinces will
benefit. Bangkok residents with disposable income will be inclined to purchase holiday homes out of Bangkok as many residents are now evacuating to Pattaya and Hua-Hin.
benefit. Bangkok residents with disposable income will be inclined to purchase holiday homes out of Bangkok as many residents are now evacuating to Pattaya and Hua-Hin.
The thousands of Bangkok residents evacuating the city also helped hotel markets, where CBRE saw a pick-up in occupancy for hotels and serviced apartments in Pattaya and Hua-Hin.
Bangkok, on the contrary, is facing a drop in occupancy with cancellations from overseas tour groups and with travel warnings for Thailand. However, given the resilience of Thailand’s tourism industry, CBRE expects arrivals to quickly rebound.
Office and retail sectors will experience minimal short-term impact. The office sector is
experiencing a short-term slow down as businesses are delaying decisions, while the retail business is experiencing a slow down or closure in some areas which are directly affected by the flooding. In the long-term, retailers may re-think their distribution strategy and consider a wider geographical dispersion of their distribution centres in order to minimize the impact from any future crisis.
experiencing a short-term slow down as businesses are delaying decisions, while the retail business is experiencing a slow down or closure in some areas which are directly affected by the flooding. In the long-term, retailers may re-think their distribution strategy and consider a wider geographical dispersion of their distribution centres in order to minimize the impact from any future crisis.
The worst-hit area will be the industrial sector. In the short-term the impact will be severe with widespread disruption in the manufacturing and distribution chain. The recovery process will be strongly underpinned by the government’s effectiveness in implementing supporting measures, as well as the individual industrial estate operators’ measures to bring factories back into operation. Going forward, whilst existing operations will re-open, it is critical for the government to re-build confidence and take effective measures to prevent similar disasters from occurring again in the future, if not, Thailand is at risk of losing its credibility and FDI.
Overall, the government’s recovery program will be essential to all sectors of the property market and will have a direct impact on the overall economic outlook and Thailand’s direction for the coming year, said CBRE.
Atlantis comes to Pattaya
Pattaya’s largest resort condominium project – the Atlantis Resort - has been launched.
Pattaya’s largest resort condominium project – the Atlantis Resort - has been launched.
Kicking off with a party at the Centara Grand Ballroom at Wong Amat, Pattaya, city mayor Ittipon Khunpluem cut the ribbon to reveal a giant model of the project.
He praised developer Blue Sky’s commitment to Pattaya, and praised the concept.
The project aims to raise the standard for units in the 1.3 to 4 million baht range. LH Bank, the banking arm of Land & House Developments, presented Mohan Chawala and the Blue Sky Directors with a special certificate stating they were happy to finance the Atlantis project.
Paul Strachan from PMTV hosted the event, which introduced long-established Bangkok based developers Blue Sky to Pattaya real estate agents, showcasing Blue Sky’s landmark 1000-unit Atlantis Condo Resort on Jomtien Second Road.
Blue Sky will have an on-site sales office and one and two bedroom show units.
Marketing manager Charlie Warner of Silvermover said: “We estimate that over 600 people came to the party. Blue Sky were very pleased that so many people made the effort to come this evening, and we were all delighted to have the opportunity to tell everyone about the background and pedigree of Blue Sky as developers and about the Atlantis project itself. Several more units were sold on the night, making a pre launch total of almost 200 units!”
Blue Sky director Mohan Chawla donated a cheque for 100,000 baht to Mayor Itipon for the food victims’ relief fund.
For more Property News, go Pattaya Property News 2.
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