Pattaya condo sales surge 120%

Last year the Pattaya condominium market exploded 120 per cent to 2,491 units, according to real-estate consultancy Knight Frank Thailand.

Frank Khan, head of the residential department, said yesterday that the demand for Pattaya condos came mainly from Thais in some projects. North Pattaya, particularly the Wongamat area, is popular because of its easy access to many stores, high-end restaurants and bars, and a shopping mall.

City condos in South Pattaya are favoured by foreigners.

The ideal property for Thais as a second home is a one- or two-bedroom unit with 55 square metres. Investors buying units to let prefer smaller, one-bedroom units of 39sqm, Khan said.

Among foreign buyers, Russians are showing potential. However, they like the Pratumnak Hill and Jomtien Second Road areas, where projects lack a sea view but are cheap, such as 28sqm studios selling for Bt900,000.

The spotlight will be on Jomtien Second Road after the completion of road improvements that will make the area much more attractive to the low-end condo market, he said.

Laguna Beach Resort, in the Jomtien Second Road area, is another project that attracts plenty of Russian buyers.

Other possible buyers are from Europe, for instance Britain, Ireland, Sweden and Norway.