Anyone keeping an eye on the Pattaya condo market at the moment knows there are certainly some deals to be had. Many older buildings such as the View Talay’s and the dozens of ‘resort-style’ projects with a small studio and one-bedroom units are seeing prices dip to levels previously unheard of. Whilst the sky falling seems an easy sentiment to attach to in the condo market at the moment, it’s something that was to be expected. Many condo owners are stuck in their home countries and unable to even travel back to Thailand. Many more are seeing their condo investments sitting empty with no tenants, again due to the lack of travel into Thailand. And the ones who are lucky enough to be renting to new tenants are seeing their returns dwindle in light of the heavy competition and lowered rental amounts. I have no doubt the condo market will crawl back. It’s merely a matter of time, and while several months or a year can feel a lifetime to some, in the grand scheme of property investment it must be seen as lull, and the ones taking advantage of the great deals going around at present will definitely reap the rewards in the future.
Having said the above, there are always exceptions to the rule. Higher-end projects such as the Riviera projects, The Palm, Zire, Northpoint, Arom, Andromeda, and Albar Peninusla have all been seeing transactions with both Thai and non-Thai buyers with prices holding very well. There is always a market for good quality, location, etc., and there are always people around with money who are buying not only on price but quality and lifestyle as well.
While the condo market continues to dwindle (also partially due to oversupply pre-Covid), the housing market continues to be surprisingly buoyant – and while there are some panic sales based on the same criteria as the above condo market analysis, there seems to be a big turn towards land & house for area buyers.
One exciting new project I’ve visited a couple of times now is The Prospect just off Sukhumvit 89, not far from the Central Park and Paradise Villa projects. It’s a grand-scale project set on over 50 rai and they are certainly aiming for the upper end of the market prices starting at 17.9m (or 22.9m turnkey) up to 50m THB. It’s great to see projects like this launching and actually achieving real sales as well. The developer has certainly taken their time with the architectural and décor design and there are certainly many features to impress. Again, it’s nice to see something so different and ambitious enter the market here and I wish them the best of luck…I’m sure it will be a huge success.
Another great estate I’ve made mention of before is The Plantation Estates situated in the Mabprachan area. Terry, of course, did a fantastic job with the Vineyard projects and I personally think he’s outdone himself with The Plantation. I’m very pleased to hear that sales have recently been brisk and there are some very impressive houses about to be built – as if the showroom weren’t impressive enough – Plantation will certainly house some very prestigious estate homes, again raising the standard of area housing.
I’ve also heard of some good sales in established projects such as Baan Pattaya 5, Santa Maria, and the Baan Balina projects, as well as new, more modern, mid-range houses like D-Space. I’ve also made mention in the past few months of the brisk sales in Siam Royal View, where over half a billion Baht’s worth of sales took place over just a few short months.
I’d be remiss not to give a shout-out to my own new project in Jomtien, Serenity Jomtien Villas. We’ve been busy preparing the land, filling the lake, tearing down a large existing structure, and preparing for underground utilities. Interest has been great, and our showhouse will start this month. With 26 modern pool villas, all with ample space (the smallest house has 232sqm of living area), we’re very confident this will raise the bar for villa living in Jomtien. Again, as with the above projects, the interest shown gives me great confidence in the future housing market here. Quality, location, and style still prevail even when times are a bit tough.
There are, of course, many housing projects in the Pattaya/Jomtien area, and the above are just a small example that hopefully shed some light on what I’m seeing in the market at the moment. I know times seem tough, and as a condo owner my confidence would probably be a little battered at the moment, but I’m confident that the market will find its footing again. In the meantime, I think we’ll continue to see houses take more of a center-stage for foreseeable future.
By Stu Sutton
Stu Sutton is managing director of Jomtien Property and has worked exclusively in the Pattaya/Jomtien real estate market for 16 years. Please feel free to contact him with any queries, compliments, or good jokes at 086 108 6575, [email protected] or visit Jomtien Property’s website at www.jomtien-property.com