Savvy buyers are moving away from properties with a view of Pattaya?s waterfronts
It has been revealed by property consultancy agency, Knight Frank, that there were about 34,060 condominium units in Pattaya located in about 112 projects, a supply which has accumulated since 2007. The majority of condominium units in Pattaya are non-seaview, representing about 43 percent of the total amount of condos, or about 14,733 units, whereas the amount of seaview and partly seaview condominiums represented 32 percent and 25 percent of the total amount respectively.
The company?s research has shown that the highest demand for Pattaya condominiums is for non-seaview projects, with about 7,995 units sold as of the first half of 2012, representing about 54.3 percent of potential sales. The demand for seaview condominiums in Pattaya saw a sale of 5,110 units, around 47.8 percent of the total available, whereas the partly seaview projects were the lowest in demand, with only 4,072 units sold, or 47.2 percent of those available.
Miss Risinee Sarikaputra, the associate director of Research & Valuation at Knight Frank Thailand said that non-seaview condominium projects that are located in close proximity to the beach, attracted condo-buyers who buy the units for second homes or vacation homes, since the projects can offer attractive properties at a price up to two times lower than that of a project next door which provides a seaview.
Miss Risinee added that smart investors are paying attention to off-beach, non-seaview condominium projects due to selling prices which are cheap and will be able to gain more capital appreciation. Secondly, in buying to let, these units are easily rented since the majority of leases work in various industrial estates in the area and they can avoid the traffic in Pattaya city. Thirdly, facilities and amenities are spreading to many parts of the city, such as along Sukhumvit Road from South Pattaya to Na Jomtien.
Knight Frank?s research has shown that the selling price of non-seaview condominium projects which are located off-beach have an average price of THB43,741 (US$1396) per square metre since the cost of land was cheap. Meanwhile, the non-seaview condominiums which are located in close proximity to the beach sold at an average of THB48,486 (US$1547) per square metre, whilst city condominiums had the highest selling prices, with the average cost being THB61,630 (US$1968) per square metre.
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