Thais keep Pattaya miracle going

Aliwassa Pathnadabutr, managing director of CB Richard Ellis (Thailand) Co Ltd, agreed that investment in Pattaya had grown with the advent of the new international airport.

Pattaya properties are also cheaper than those in Bangkok and Phuket, another resort destination where a residential unit can demand a price of more than Bt38.3 million.

Aliwaessa remarked that Pattaya's boom cycle has started and that while Phuket is oriented to foreign buyers, there are a lot of Thai buyers who are interested in buying a property in Pattaya. The units in the preferred price range are limited. Thai buyers won't pay more than Bt15 million for a resort home. On average they pay only Bt10 million, he said.

One agent remarked that three years ago a 10-rai plot near the beach went for Bt4 million a rai, but now it is Bt8 million-Bt12 million a rai. Plots in the inner area are now about Bt800,000 a rai, up from Bt300,000 a rai three years ago.

The agent added that the mayor should also look at the infrastructure, especially water supply and security, as the city continued to grow.

“Infrastructure has to be improved and entertainment venues revived as people demanded more retail space and facilities for families,” he concluded, adding he was certain that, despite political uncertainties, Pattaya would enjoy a lengthy boom period if it got everything right.