Pattaya and Hua Hin are becoming the hottest destinations for property investors, as developers are now seeing overwhelming demand for their projects there.
Sansiri, one of Thailand’s largest property developers, recently launched Baan Saan Kram in Hua Hin, with a market value of THB1.5 billion (US$49 million).
LPN Development also launched the Lumpini Park Beach Jomtien condo development at Pattaya’s Jomtien Beach, with units being offered from THB1.49 million (US$ 48,501).
Opas Sripayak, Managing Director of LPN Development, said Lumpini Park Beach Jomtien is the company’s second condo development in Pattaya.
“Demand to buy residences in Pattaya at prices lower than THB2 million has strong growth — especially domestic demand from people who work in Pattaya,” he said.
Sansiri’s Senior Executive Vice-President, Uthai Uthaisangsuk, also said that the demand from both local and foreign buyers for residential developments in Hua Hin has continued to grow. Although Sansiri only recently launched Baan San Kram, the company has already sold more than half the project.
Meanwhile, according to the 10th edition of Condominium Focus Thailand, presales of condo projects in Pattaya and Bangkok rose to THB22.6 billion (US$735.5 million) in Q2 this year, double the THB11.3 billion (US$367.8 million) recorded in the first quarter.
It said that Pattaya’s condo market has experienced an increase over the past year, particularly in the THB3-million-and-below price level, as more property developers are turning towards smaller condos that cater to buyers seeking weekend homes.
“Thai buyers still account for the majority of our sales in the Pattaya market. And now that Europe faces financial and currency issues, buyers from South Korea, China and Taiwan are quickly turning into our second-largest group of customers,” it said.
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