CBRE opens Pattaya office

Pattaya is Thailand's most accessible resort destination and is also a regional centre for the Eastern Seaboard. The opening of Suvarnabhumi Airport has made Pattaya more accessible.

"Pattaya has well developed infrastructure, good hospitals, and a range of retail outlets and entertainment. This lifestyle package makes Pattaya attractive," according to Aliwassa Pathnadabutr, Managing Director of CB Richard Ellis Thailand.

"We believe that Thailand has a significant competitive advantage in the leisure sector which includes retirement and second homes, which is why we have opened offices in Thailand's major resorts. CB Richard Ellis has focussed the expansion of their business on servicing the hotel and resort, and luxury residential property markets and the Pattaya office will be the fourth CB Richard Ellis office in Thailand."

According to the CB Richard Ellis Research & Consulting Services teams, the total condominium stock in Pattaya including Condotels was about 24,800 units at the end of 2006 and is expected to reach 27,800 units by the end of the year. Less than 10% of the total condominium stock is the luxury supply.