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Property
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articles relating to the property market in Thailand and
Bangkok for the 'Your Money' section of the Bangkok Post.
He is a co-director of Condo Bangkok. |
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| Pattaya has a rosy future |
Pattaya has a rosy future
This article has been included within our articles section
Several experts pointed to the continuing boom in property related purchases. Nigel Cornick, chief executive officer at Raimon Land, cited surveys to show that last year 16.6 billion baht were spent on Thai condo purchases, of which almost half were in the Pattaya area. Pattaya remains the premier destination for property interest, particularly high-end and luxury units, he noted. Over 80% of condos are being bought by Thais or by foreigners already living in Thailand. He added that, as of January 2007, there were 315 building projects started along the eastern seaboard and 110 in Pattaya and Banglamung alone, explaining that 56% of sold units were now condominiums, a big change from five years ago. The boom in high end, luxury condominium construction had not abated. Other speakers referred to the industrial hinterland of the eastern seaboard, particularly the petroleum refineries and automobile factories, which meant that the whole region was now far from being just a tourist retreat. Land prices in districts such as Mabprachan and, in particular Bang Saray which is popular for new estates, were still accelerating on a year on year basis. This was good news for investors of all kinds and reflected continuing confidence in the area. On the other hand, it was pointed out that mortgages had declined in the last year and that Thai interest rates were still too high to attract would-be buyers of moderate means. Sky rocketing oil prices in 2006 and a hike in the cost of construction materials had also been a disincentive, several speakers believed. Some kinds of units were becoming much less popular, for example shophouses with several upper floors which were not really needed in this day and age. Once the seminar was opened to public discussion, farangs in the audience felt strongly that the Thai government needed to apply itself to legal clarification. The crackdown on nominee companies many of which were set up years ago, the revisions to the alien business law and the 30% withholding tax on some foreign currency transactions were all subjects which had created confusion and had made some farang buyers put off a decision to buy or lease. This was particularly a sensitive issue in Pattaya because of the large foreigner resident population. The seminar was extended for half an hour after one delegate complained that too little time had been devoted to grass roots concerns. He was cheered by the audience when he said he was a foreign investor in Thailand who sometimes felt he was being treated badly because of restrictive governmental policies. Other speakers wanted lobby pressure to allow foreigners to buy one rai of land for domestic housing, to extend full leases for up to 90 years and to simplify the bureaucratic work permit regulations issued by the department of employment.
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