Pattaya Property Show reflects current trends in real estate

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The economic landscape of Thailand and especially Pattaya has changed markedly in the last twelve months, and none more so than in the property market sector with many factors, including unfavorable exchange rates, declining oil prices and customers being slightly more cautious regarding investments all having a bearing on the overall slowdown.  This in turn has led to many real estate developers cutting back on their marketing budgets until such time as they see the situation improve.

These current economic indicators were mirrored at the recent Pattaya Property Show, which was held on the first floor of Central Pattaya Beach from the 6-10 of May.  This was the third such show organized by Exact Trading and although smaller than the two previous editions, the new location did provide increased footfall from expats, Thai, and international tourists.

The third Pattaya Property Show took place at the Central Pattaya Beach shopping mall from the 6-10 of May.The third Pattaya Property Show took place at the Central Pattaya Beach shopping mall from the 6-10 of May.

The exhibitors too had changed from previous shows, with more of an emphasis on the sale of houses and villas as opposed to condominiums, and going by the sales support material being handed out it was clear that developers identified their main potential customers as being Thai nationals.

Primrose Hill Pattaya was showcasing its 290sqm 3-bedroom modern style houses set on the outskirts of Pattaya near to Nong Nuch Tropical Gardens.

Uraiwan Grand Villa, situated in east Pattaya near soi Nern Plabwan, was offering semi-detached and detached 3-bed houses ranging in size from 137sqm – 460sqm.

Bang Saray was also featured in the Property Show by the Suetrung Grand Ville project with detached 2-storey houses starting from 5 million baht, and Grand Garden Home, with 3 bedroom detached villas at pre-sales prices that include a 400,000 baht discount, so entry level is just under the 4.5 million mark.

The Maple Pattaya was promoting detached homes in Huay Yai from 2.9 million baht and also in the same area is Riverside, which represents a project consisting of only 5 luxury houses.

On soi 25 Chaiyapornwitee will be another new project at Baansirin Pattaya, with detached homes in 4 different styles.  Or for those interested in condominiums, Natureza Art on Chaiyapornwitee offers 1 bedroom units from 1.39 million baht.

A potential customer receives information about one of the latest real estate projects in Pattaya.A potential customer receives information about one of the latest real estate projects in Pattaya.

The Dusit Group was promoting 2 projects in Jomtien; The Dusit Grand Park and Dusit Grand Condo View, with starting prices at 1.4 and 2.5 million baht respectively.

The Fragrant Group was also in attendance and showcased its recently launched Sixth Element project in na-Jomtien, with a large range of options for buyers including studios and duplex units.

For those wanting to buy into a project that is well under way, The Universal Group was promoting the Seven Seas condominium, which will be ready to move into next year.  And another familiar name present at the show was Global Top Group, promoting its Olympus City Garden project.

With the low season now upon us, and with seemingly a surplus of condos & houses on the market, it may make for the argument that developers should be doing even more to promote their projects or, in an ideal world, to reduce prices for customers.  On that latter point we can but hope, however, with signs that international currencies are slowly regaining their strength against the Thai baht maybe some good news is just around the corner.  So with that positive thought in mind, let’s hope that the light visible at the end of the tunnel signifies a tangible upturn in the real estate market rather than a train heading straight for us.