Buying With Confidence In Pattaya's Property Market
Submitted by: Real Estate Hub Thailand
With the global recession, investors have become noticeably skittish when it comes to investing in real estate particularly in foreign countries where it can be difficult to ascertain whether or not the investment will pay off.
(OPENPRESS) As the economy has picked up, markets have steadied and tourism from China has grown, those seeking to invest in property in Pattaya Beach, Thailand--whether for a second home or as an investment--are better suited than ever to purchase a bargain.
When the economy crashed several years ago many contractors were forced to stop construction on planned developments. However, they could not afford to divest themselves of the properties. With the improved economy, development has continued and the area now has seen more than 32,000 condominiums finished.
Tourists are flocking to Pattaya with its bustling nightlife and overall affordable low cost of living. In 2014, there were 4.5 million visitors to Thailand just from China. In 2016, more than 27% of all tourist are now coming from China.
Because of the glut of completed condos, prices are at a rock-bottom low with many developers willing to sell at significantly lower prices than originally planned. Supply will inevitably catch up with demand as the economy strengthens both in China and abroad. Experts recommend buying now to take advantage of low prices.
Real estate investments will currently yield 7% annually in a vacation market that anticipates an uptick in activity by the growing Chinese economy. As with most overseas real estate properties meant for vacation rental or long-term ex-patriat tenants, investors may have to wait a few years to see an return on their investment.