Thailand’s Eastern Seaboard has changed dramatically over the past two years. This was, of course, out of necessity. Losing international tourists meant the region needed to focus on creating sustainable support that would allow it to survive the loss of what had been its primary economic driver.
Nowhere is this more evident than Pattaya. It has gone from being the seedy town Bangkokians chuckled at to a family-friendly destination where they wish to own a second home. The city’s transformation has been impressive.
So, what does all this mean for Pattaya condo investment in 2022? Let’s answer some key questions about the market and checkout two projects on the opposite ends of the price spectrum.
Read More: 4 things to know about Thailand property investment in 2022
A brief guide to Pattaya condo investment in 2022
What’s different about Pattaya?
A walk around Pattaya at the moment is a real eyeopener. The waters are blue and the streets are clean. It really does feel different. The city made a concerted effort to carry out projects designed to attract visitors from Bangkok, but all arrivals can appreciate the changes.
The landscape redevelopment of Pattaya Beach created a far more vibrant area. Meanwhile, the Jomtien Beach restoration project has completely transformed that part of the city. But there is more to it than that. Pattaya has finally embraced being a family-friendly destination after countless starts and stops.
How has infrastructure improved the region?
A lot has been made of U-Tapao International Airport which was serving a number of overseas routes prior to the outbreak of COVID-19. These will eventually resume while work on the highspeed rail line connecting it with Suvarnabhumi and Don Mueang airports in Bangkok continues as well. These are all obviously important.
But the M7 Bangkok-Pattaya motorway has been an absolute gamechanger. It has significantly reduced travel time between the Thai capital and resort city while also improving road links elsewhere along the Eastern Seaboard.
The impact of the improved roads cannot be understated, and it is a big reason why domestic buyers are purchasing holiday homes in Pattaya. It is now a legitimate 90-minute drive which is appealing when combined with the more pleasant lifestyle found here.
Is now a good time to buy?
It must be noted that the best real estate deals are long gone. And the second wave of discounts has dissipated. Bargains can still be found here and there, but prices have levelled out for the most part.
However, it is a good time to buy in terms of the choices available. Options remain plentiful now as tourists are in the early stages of returning and local buyers have already locked up the properties they wanted. By the end of 2022, the situation could be noticeably different as more in-person shoppers have claimed the unit they want.
So, while condo prices may not shift much this year, the pool of quality units on the market will shrink which means now is, in fact, a good time to buy.
Related: Exports surge led to stronger Eastern Seaboard residential demand last year
What is the investment outlook?
Pattaya condo investment in 2022 isn’t a quick flip proposition. Speculators need not apply. This has become a market driven by end users. Now that doesn’t indicate that returns aren’t possible. With tourism resuming, demand for rooms will pick up. Those owning a unit in a rental program could see a return on investment as soon as this year, although that is an optimistic timeline.
As far as capital appreciation is concerned, the key is investing in the right areas. According to data from Colliers International Thailand, Wong Amat Beach has the second highest property sales rate in Pattaya. However, there is no beachfront land for future projects which implies opportunities to own a residence here will most likely be limited moving forward.
But these shouldn’t be your primary reasons to invest in Pattaya as it will take some time for the situation to stabilize. Buying a unit this year is more about securing the holiday home you want today and then possibly benefiting from returns in the coming years.
Looking at two Pattaya condominiums
A look at Pattaya condo investment in 2022 isn’t complete without checking out two notable projects currently on the market. On one end of the spectrum, there is AROM Wongamat, a luxury condominium unlike anything else in the city. And then there is Grand Solaire, a massive development with more than 2,000 units. Here is what each one offers.
AROM Wongamat
AROM Wongamat sits on top of what has been called the last piece of land on Wong Amat Beach. The project has been crafted to match that exclusivity. For starters, all residences boast expansive sea views. Nothing is obstructed or partial here. And if you want to do more than look, the project also offers direct beach access.
As you would expect from an upscale development, it boasts a long list of impressive amenities, including rooftop facilities offering gorgeous panoramic views. A range of concierge services is available for residents as well.
Providing a quality lifestyle was something the developers behind AROM Wongamat worked diligently to craft. The condominium embodies the change in residential demand currently taking place in Pattaya.
Click here to learn more about AROM Wongamat
Grand Solaire
The sheer size and scale of Grand Solaire is stunning. The project extends 67 storeys creating what the developer claims is the highest point of elevation in Pattaya City. Inside will be 2,326 residences along with a seemingly endless array of amenities that rivals most luxury resorts.
What is truly interesting about Grand Solaire is the fact it covers all segments of the market. Entry-level, 29 square meter units start at less than THB2.5 million while the rooftop duplex penthouse has everything from a pool to a private cinema and is the largest condo in Pattaya.
Prices may vary from affordable to superluxury at Grand Solaire, but the developer was dedicated to providing a touch of elegance throughout the project. Each residence features marble-styled tiling as well as black marble and glass kitchens to create an upscale look.
Click here for more details on Grand Solaire
Final thoughts on Pattaya condo investment in 2022
These two projects both promise a luxury experience, although each one goes about it in an entirely different way. This is a reflection on the Pattaya property market as a whole. Quality matters since buyers are end users who will be using their units for more than a few days each year.
Anyone considering Pattaya condo investment in 2022 should understand that this isn’t a buyer’s or seller’s market. It is an end user’s market. And those who want to stay in the city will be impressed with not only how far it has come but also the residential options on offer.