Pattaya is a leading city in the country, often referred to as Thailand's Miami, and is recognized globally as an Excitement Tourism Destination, a city of vibrant lights and beaches. Its convenient location, not far from Bangkok and Suvarnabhumi International Airport, has allowed 'Pattaya' to grow alongside Bangkok continuously.

            This year, Pattaya's prominence will not only be as a popular tourist destination in the eyes of the world but also as a city poised for international tourism and investment. This development strategy is driven by three major pillars: the government, the business sector, and the community. In this article, TerraBKK will reinforce the reasons why it is highly credible that Pattaya can truly become a metropolis for international tourism and investment.

Pattaya: Thailand's Miami

            Pattaya serves as a hub for tourism and expatriates, making it a city with international-standard infrastructure and public utilities, particularly international schools and hospitals. These are crucial elements that confirm Pattaya as a city for both Thai and expatriate residents with high incomes. Notable institutions include Regent's International School Pattaya, Rugby International School, Eastern Seaboard International School, Chonburi International School, Thara Development International School, Multree Phakdee International School, Pattaya City Hospital, Bangkok Pattaya Hospital, Pattaya Memorial Hospital, and Pattaya International Hospital, among others. Additionally, it boasts natural tourist attractions and serves as a regional job center.

            Through serious collaboration under the strategy to elevate Pattaya as a leading global tourism and investment city, it is becoming a center for regional economic, social, political, administrative, environmental, and natural resource development, along with infrastructure. This transformation into another World-class Business hub in the country is becoming a realistic vision with the introduction of various projects.

  • East Economic Corridor Development Plan: EEC

Chonburi province, one of the strategic areas for development under the EEC plan, has been designated for development in the direction of Modern of East, focusing on tourism combined with medical services and future industries with high growth potential. It aims to attract industries that will drive the country's economy, the New-Growth Engine, particularly in the digital sector, establishing a Digital Park Thailand or EECd over an area of more than 500 rai in Si Racha, expected to generate up to 100,000 digital personnel annually.

  • International Gateway Development Plan: Ports and Airports

The latest progress in elevating Chonburi to a global city includes the development of U-Tapao Airport into the country's third commercial airport. This project involves the development of U-Tapao Airport over an area of more than 6,500 rai, including a third passenger terminal, a business and ground transportation center, an aircraft maintenance center, a free trade zone, a logistics and air cargo business center, and a flight training center, with an investment value of over 290 billion baht. The joint venture contract was signed at Government House in June 2020. This new step enhances Chonburi's potential as a center for tourism, logistics, and aviation, positioning it as the Eastern Aviation Metropolis of Asia by 2024.

  • High-Speed Rail Connecting 3 Airports

Another anticipated project for the nation is the high-speed rail connecting Don Mueang, Suvarnabhumi, and U-Tapao airports, which will reduce travel time between Bangkok and Pattaya from approximately 1.5 to 2 hours to just 45 minutes. This may even take less time than navigating traffic congestion in Bangkok. In addition to the arrival of an efficient mass transit system, there are plans for land development around the high-speed rail stations (TOD), further enhancing Chonburi's urban landscape. This includes zoning for office buildings, business centers, trade, investment, tourism, and comprehensive services, as well as MICE industry centers and urban residential areas, all equipped with job opportunities, public transport systems, amenities, and recreational spaces, improving the quality of life in Chonburi.

  • Pattaya Monorail Light Rail System

This public transport system aims to propel Pattaya into a true international tourism and investment metropolis, with an investment value of over 20 billion baht. The project has passed the planning study phase with a budget of 70 million baht, outlining three routes for the light rail:

  • Green Line: 8 km from Pattaya Railway Station to Bali Hai Pier, project value 12 billion baht (mid-term plan phase 1, 2023-2027)
  • Purple Line: 11 km from Palama Roundabout to Nong Prue (mid-term plan phase 2, 2028-2032)
  • Red Line (Loop Line): 2 km around Pattaya city connecting to the high-speed rail station, project value 8 billion baht (long-term plan 2033-2037)
  • Pattaya Beachfront Development Plan

To fully transition into a Miami-like tourism city, there are plans for the Pattaya beachfront and Jomtien beach landscape, including improvements to the scenery and underground power lines, starting with the first pilot project on North Pattaya Road.

Reinforcing Pattaya's Status as an International Tourism and Investment Metropolis through Tourist Numbers and Expat Demand

            Chonburi is another city attracting quality expatriates to live and work. According to the Department of Employment, by the end of 2019, there were 9,277 foreign workers in Chonburi under Section 59 in positions such as department managers, educators, and executives. Additionally, there were 2,880 expatriates under Section 62 for investment promotion in managerial, technical, and executive roles, ranking just behind Phuket and Bangkok.

            With Chonburi being a vibrant tourism city attracting over 18 million visitors annually, generating revenue of 264 billion baht, the top five nationalities visiting Chonburi are China, Russia, Korea, India, and Germany, respectively.

            Diving into tourism data from the Domestic Tourism Statistics 2018, Ministry of Tourism and Sports, it was found that foreign tourists in Chonburi spend an average of 5,450 baht per person per day, with an average stay of 3-4 days. Furthermore, there are approximately 66,500 accommodation units in Chonburi, with an average occupancy rate of 79.56%, hosting about 9.19 million foreign tourists annually.

 

Character and Amenities of Each Zone

            Although Pattaya is known as an Excitement Tourism Destination, the popular tourist areas in Pattaya reveal a clear diversity and uniqueness in each zone. Whether it’s the vibrant nightlife zone, the urban amenities zone, or the truly relaxing seaside zone, Pattaya maintains beautiful beaches and nature, with consistent environmental management to meet the diverse needs and lifestyles of tourists. Thus, it is no surprise that Pattaya has the potential to become a true international tourism and investment metropolis.

  • Wong Amat – This tourist area breaks the traditional image of a vibrant nightlife destination, featuring five-star hotels and high-end condominiums, making Wong Amat a quiet, private area that truly embodies a relaxing tourism city, with high-end lifestyle venues catering to affluent tourists.
  • Central Pattaya - Central Pattaya is the true urban zone, being the only area in Pattaya that serves as the center for amenities and activities, such as Terminal Pattaya, Central Festival Pattaya, Index, and King Power. It is also filled with restaurants catering to tourists of all levels.
  • Pratumnak – Although Pratumnak does not have as many tourist attractions, entertainment venues, hotels, and condominiums as other locations, it is known for its peaceful and relaxing environment, with stunning viewpoints overlooking both mountains and the sea.
  • Jomtien – Jomtien is a popular tourist area in Pattaya, known for its famous restaurants and 3-4 star hotels, ideal for families seeking a relaxed vacation without focusing too much on nightlife.
  • Na Jomtien - This area is known for its tranquility, featuring 4-5 star hotels with private beaches, popular among couples and families seeking peace and relaxation.

5 Reasons to Buy/Invest in Pattaya Condos

  1. Close Proximity to Bangkok

The primary reason many choose to buy/invest in Pattaya condos is the location, which is only about a 2-hour drive from Bangkok. With convenient travel options, including the motorway or shuttle vans, Pattaya is a favored getaway for Bangkok residents during short holidays. It’s not surprising that many who frequently visit may consider purchasing a condo as a vacation home. Additionally, due to its proximity to Bangkok, Pattaya is a popular choice for investors looking to buy condos for rental to tourists, as it is easy to manage and not far from the capital.

  1. Rental Yields Comparable to Bangkok

When considering investment, rental yield is crucial. Data from Terra Research shows that rental prices in Pattaya are comparable to those in Bangkok. Whether buying for resale or rental, long-term property investments can yield a capital gain of 5-10% per year. For rental properties, the rental yield is approximately 5.5-7.5% per year, which is higher than some locations in Bangkok.

  1. Pattaya: A Holiday City for Everyone

It is undeniable that when mentioning Pattaya, many think of a tourist destination with a lower cost of living compared to other tourist cities. The prices for food and accommodation are all within an affordable range, making it a city that can be visited every weekend. One of Pattaya's charms is its perfect blend of people from all segments, and recently, Pattaya tourism has started targeting high-end hotel guests, particularly the Special Occasion segment, which makes up about 20% of the market, who seek exciting travel experiences, such as redeeming miles for superior services or enjoying special dining experiences to enhance their trips.

  1. Diverse Tourist Attractions

Another key highlight is the diversity of tourist attractions in Pattaya. In addition to its beautiful beaches, Pattaya offers a variety of attractions catering to all lifestyles, whether it’s nature tourism or activity-focused tourism, with beautiful check-in spots perfect for social media.

  1. High Transfer Rates for Condos in Chonburi-Pattaya

Having discussed the reasons to invest in Pattaya condos, TerraBKK concludes with the statistics showing that the transfer rates for condominiums in Chonburi-Pattaya are the highest among tourist provinces, surpassing Chiang Mai, Phuket, and Prachuap Khiri Khan. This illustrates the potential of the condominium market in Chonburi. Data from the Real Estate Center indicates that in 2019, Chonburi had condominium transfers valued at over 29.092 billion baht, accounting for approximately 12,725 units (90% of transfers in Chonburi occurred in Pattaya), making it second only to Bangkok.

Another interesting figure is that not only are the transfer rates for Thai nationals high, but the rates for foreign nationals are equally noteworthy. Data from the Real Estate Center shows that in 2019, Chonburi had the highest condominium transfer rates from foreign buyers compared to other tourist provinces, valued at over 12.202 billion baht for 4,740 units, with the largest proportion of buyers being from China at 43%, followed by Russia, the UK, France, and Japan.

Updated Pattaya Condo Prices

            The prices of Pattaya condos vary by zone, with an average price of about 90,000-150,000 baht per square meter. Terra Research has updated the prices of condos still available for sale in each zone as follows:

Wong Amat is the zone with the highest condo prices, filled with luxury condominiums and five-star hotels. It is a quiet area suitable for relaxation, with condo prices around 150,000-200,000 baht per square meter and rental prices exceeding 600 baht per square meter per month, averaging around 500-650 baht per square meter per month.

Central Pattaya is known for its vibrant nightlife, filled with shopping and entertainment venues such as Central Festival Pattaya, Index, and King Power. This area is bustling with tourists, and currently, only a few projects are still available for sale, with average condo prices around 100,000-120,000 baht per square meter and rental prices around 480-550 baht per square meter per month.

Pratumnak is known for having the most beautiful and highest viewpoints in Pattaya, offering a unique perspective of the city. This area is also quiet, with fewer entertainment venues, and condo prices range from 90,000-140,000 baht per square meter, with rental prices around 400-450 baht per square meter per month.

Jomtien is famous for its renowned restaurants and tranquil atmosphere, with a beach stretching over 6 kilometers, making it ideal for relaxation. Condo prices in this area are around 120,000-130,000 baht per square meter, with rental prices around 380-450 baht per square meter per month.

Na Jomtien is located at the far end of Pattaya, with fewer tourist attractions. However, it is popular for water sports due to its favorable waves. Condo prices in this area are around 100,000-130,000 baht per square meter, with rental prices around 420-500 baht per square meter per month.

It is evident that the prices of Pattaya condos vary according to the character of each zone. Each year, there are not many new projects launched. Recently, the AROM Wongamat project was announced, located on Wong Amat Beach, targeting the Super Luxury customer segment, with prices starting at 6.2 million baht. For anyone looking for a vacation condo near Bangkok, Pattaya condos are an interesting option based on the five reasons mentioned, as they can also be rented out if not occupied full-time. Pattaya is thus one of the tourist cities with significant potential in both location and investment.