Thailand’s economy has proven extremely resistant against the global economic downturn, with an annual GDP growth almost unheard of today amongst the traditionally richer Western countries. Building on both its domestic and international market success over recent years, The Kingdom has committed to spending approximately US$72 billion on infrastructure projects over the next five years, to ensure Thailand remains competitive in the global marketplace.
Prime Minister Yingluck Shinawatra confirmed the spending programme earlier this year, highlighting the need to support the domestic market with a range of initiatives including the development of a system of rail networks in the North – the largest of which is a 750km line connecting Chaing Mai to Bangkok.
“The Thai condo market is booming at the moment”
As the country continues to invest heavily internally, international investors are increasingly looking to the condominium market in the popular coastal resorts of Pattaya and Jomtien, either as a second home for their retirement or as an investment vehicle for their pension fund.
Patima Jeerapaet, Managing Director of Colliers International explains that the introduction of a wider range of entertainment facilities, retail outlets and eating establishments in the Pattaya area has led to the increase in its popularity, amongst both international visitors and Thai nationals alike.
Indeed, in their Pattaya City Condominium Market Report earlier this year, Colliers estimate that approximately 5,900 units will be completed in the latter six months of 2012, particularly in the Jomtien region, as the introduction of the new Jomtien Second Road, which has opened the region up to larger scale developments which are more appealing to the lower end of the market.
Specialist property investment companies such as Knight Knox International have long acknowledged the potential of these West Coast areas and have a wide range of developments available to investors from established Thai developers.
“The Thai condo market is booming at the moment”, comments Lee Chettoe, Sales Manager at Knight Knox International. “The increase in demand for property, particularly in the Jomtien Beach and Pattaya regions, has led to us taking on an additional six new projects this year alone, all of which have been extremely well received by our investors”.
Chettoe further comments “Over the past 12 months we have also noticed that investors are broadening their horizons and starting to look more further afield than the traditionally popular regions in Pattaya, towards the more tranquil area of Bang Saray; either looking to retire or for a peaceful holiday destination, while only a short drive away from the main Pattaya resorts”.
Having built up strong working relationships on-the-ground, Knight Knox International is ideally placed to offer exclusive deals to investors in some of the hottest developments on the market.
Specialists at selling property in Thailand for many years, Knight Knox International also has a wide range of developments available in the popular tourist locations of Koh Samui, Phuket, Krabi, Pattaya and Hua Hin. Studios, beach-front condominiums and designer lakeside apartments are available in a range of locations, with prices starting from as little as £15,000 for foreign ownership.
For further details on the wide range of Thai property available through Knight Knox International, browse through the Thailand Section on our website or contact a Property Consultant directly on +44 (0)161 772 1370.