American GI’s taking R&R from the war in Vietnam in the 1960s were the first ones to sow the seeds of the Pattaya boom: the city is still growing today.
The market for properties for sale in Pattaya is a mixture of holiday homes and Thai people who have gravitated here for work. The condominium market is particularly important to the sprawling metropolis that Pattaya has become since its heyday in the 1960's as a sleepy fishing village.
Within the city, prices for property for sale in Pattaya vary considerably. The areas of South and Central Pattaya enjoy the convenience of a central location but also have the disadvantage of being somewhat crowded and having the seedier elements Pattaya closer to the front door. Here, average prices per square metre for apartments/condominiums are in the region of 30,000 THB (€714/£604/$962). In the leafier districts of Pratumnak at the southern end of the bay, however, that price goes up to about 54,000 THB (€1,285/£1,100/$1,730).
It’s at the lower end of the condominium range, however, that the concentration on price inflation has been for the last year or two, with the area for such concentration of effort being in the better-value northern side, particularly along Sukhumvit Road. The current trend is also away from studio apartments and towards the slightly-larger one-bedroom units.
Much of this frenetic activity at that lower end of the scale can be explained by the sharp increase in the level of interest from foreign investors in the area. The tourism product of Pattaya has become ever more sophisticated. There are, for example, more than 100 golf courses within an hour’s drive of the city.
The market for properties for sale in Pattaya is a fast-evolving one and currently has in the region of 55,000 units for sale. In terms of numbers of units on the market, this would put Pattaya on a par with much larger Asian metropolises such as Jakarta.