A recent report from property services firm Knight Frank Thailand suggests that arising locations from Jomtien to Na Jomtien are readied to become major condo development plots, driven by several factors that provide the area a number of advantages over other locations in Pattaya.
These aspects include improving ground transportation connection via a second roadway that runs parallel to Jomtien Coastline Road for about 400 meters, and numerous new destinations such as the Jomtien market; 2 water parks – Ramayana, the most significant water park in Southeast Asia and Cartoon Network Amazone, which are both due to open soon; and the Grand Kingdom shopping center by provided developer Nusasiri, drawing households with kids and shoppers to the area.
Less than one kilometer south of Pratumnak Hill, the area at the northern end of Jomtien is significantly busier than the southern end, even more officially referred to as Na Jomtien, which is, for the moment a minimum of, more serene and tranquil, with less traffic traveling through.
Data from Knight Frank Thailand show that the cumulative condo supply of Pattaya, Jomtien, and Bang Saray in the first half of 2013 was tape-recorded at 40,939 devices, an increase of 32.9 % over the completion of the second half of 2012. The brand-new condo supply increased healthily in the first half of 2013, with roughly 10,153 devices of 20 condo projects getting in the marketplace. The last Twelve months also saw many listed designers, such as SC Property PLC., Sansiri PLC., and Supalai PLC, getting in and establishing condominium projects in the Pattaya property market.
The Jomtien property market demonstrated robust and continuous growth throughout 2013, due largely to the abundance of remaining land plots, with around 4,247 devices launched during the first half of the year, or around 42 % of complete new launches. Since the new Jomtien Second Road extension was finally linked to the major roadway into Pattaya, the Jomtien location has now become more attractive for massive condo resort developments.
The North Pattaya/Wongamart location accomplished the second-most popular slot in the city, with an overall number of brand-new launches at around 3,114 devices, or about 30 % of the complete brand-new launches in Pattaya. North Pattaya/Wongamart is considered a serene location favored by Thai condominium purchasers and it is also rather a new area for condominium development for both regional and Bangkok-based designers.
The total variety of new launches in south Pattaya was 1,800 units or 18 % of the overall brand-new launches. The south Pattaya area is thought to be a busy locale due to its many shopping centers, dining establishments, and home entertainment spots. It is, therefore, more crowded and not as appealing for residential development as other locations. The overall variety of new launches in Pratumnak accounted for just 992 devices or 10 % of the overall new launches.
The report by Knight Frank Thailand showed that the demand for Pattaya condominium devices at the end of the first half of 2013 totaled 21,614 devices. During this duration, the take-up rate increased from simply 50.3 % at the end of 2012 to 51.7 % during mid-2013.
There were about 5,682 units sold during the first half of 2013, with, not remarkably, demand being the greatest in the budget plan condominium segment where the asking price was in the array of THB 1 million to THB 2 million per unit for compact systems of around 25 to 30 square meters in size. Common purchasers of these systems were Thais working in the Eastern Seaboard location, Bangkokians preferring a second beach house, and Russians looking for an escape from the extreme winter season in their house nation.
The selling prices of condos in Pattaya vary according to area and views. There are some high-rise projects located further from the beach that still boasts sea views. The highest selling prices were in north Pattaya, where numerous of the condo projects found near the coastline and offering sea views cost over THB 130,000 per square meter. Various other jobs in north Pattaya, with no sea views, sold in the range of THB 55,108 to THB 71,250 per square meter.
However, due to the shortage of beachfront land now offered in north Pattaya/Wongamat, a lot of sea view jobs being launched during the first half of 2013 were found in the Jomtien and Pratumnak areas. The selling price of brand-new introduced sea view condominiums in Jomtien was in the variety of THB 91,372 to THB 140,000 per square meter while the typical market price in Pratumnak enhanced from THB 77,610 per square meter in 2012 to THB 89,010 per square meter in the first half of 2013.
The Knight Frank report concluded by saying it anticipated to see the brand-new need for Pattaya condos from regional Thai purchasers, particularly for jobs found in north Pattaya/Wongamart, due largely to the many restaurants, retail outlets, and shopping malls that are already in place. The more tranquil condominium tasks located in Jomtien are preferred for visitors from Russia and Scandinavia who are trying to find economical condominium devices in this prospering holiday location as a 2nd or villa.
Author: Mr. KC Cuijpers
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