Ocean Property has revealed a growing trend in the market for second homes or vacation properties in Pattaya, aligning with the new lifestyle of the 'New Normal.' This trend is expected to continue to grow in the real estate market, as evidenced by the sales surge of 'Ocean Portofino Jomtien-Pattaya,' which has seen impressive sales during the recent COVID-19 period, with special offers starting at just 7.5 million baht.

            Mr. Napong Priphanphojanasut, Managing Director of Ocean Property Co., Ltd. — a comprehensive quality real estate development company — stated that the trend for second homes or vacation properties has been steadily increasing, particularly since the major flooding in 2011, combined with rising air pollution, PM2.5 dust issues, and the recent COVID-19 pandemic. This has led people to recognize the need for a backup location to retreat to during uncertain times, making the demand for second homes or vacation properties in leading leisure destinations like Pattaya remain a top choice for Bangkok residents and both Thai and foreign investors. A second home is now seen as a viable option not only for weekend getaways but also as an investment opportunity, as well as a safer retreat amid global changes.

            “Today, it’s not just businesses that need contingency plans; everyday consumers must also prepare for various situations. Owning a second home is one way to adapt to the changes in our current world and will likely become a growing trend in the real estate market as we face increasing risks,” he added.

             There is also noticeable demand for second homes from foreign buyers, particularly from Chinese nationals seeking properties in safe countries with good healthcare systems. The effective handling of the COVID-19 situation has highlighted Thailand's strengths to the world.

             This is evident from the sales figures over the past 4-5 months for Ocean Property, which reported sales of the 'Ocean Portofino Jomtien-Pattaya' project reaching 120 million baht. Additionally, the customer base has expanded beyond wealthy businesspeople to include younger entrepreneurs and an increasing number of Chinese buyers interested in the project.

             Pattaya has been a standout location over the past three years (2016-2018) with high sales rates. The primary target market includes Thai and foreign businesspeople and celebrities looking for vacation homes for relaxation and investment. Factors contributing to Pattaya's popularity include its status as a top tourist destination, infrastructure expansion, improved transportation, and ongoing investments in various infrastructure projects, including the Eastern Economic Corridor (EEC) that the government has been actively promoting, along with several mega-projects from the private sector. These developments are crucial in revitalizing the condominium market in Pattaya, making it attractive for both Thai and foreign customers seeking vacation homes or second residences.

             According to research and communication data from Colliers International Thailand, only one new condominium project with 319 units was launched in Pattaya during the first half of 2020, as the overall condominium market still has a considerable supply of previously completed units available, compounded by the COVID-19 outbreak.

The popular areas for buyers of vacation condos in Pattaya include Wongamat, known for its tranquility and beautiful beaches, resulting in the highest sales rates with fewer than 600 units remaining for sale. Following that is the central Pattaya area, which meets the needs for both living and investment returns. Another notable area is Na Jomtien, which retains its peaceful atmosphere compared to central Pattaya, surrounded by famous restaurants and water parks, along with the upcoming high-speed rail line, making Na Jomtien an attractive location for both residential buyers and investors.

             In terms of the size of condominiums for sale in Pattaya, units smaller than 50 square meters make up approximately 84.2% of the market, with around 66.3% sold. However, units larger than 100 square meters constitute only 1% of the available supply, as developers primarily focus on smaller units. In Jomtien, most units are larger, leading to only about 610 units of condominiums over 100 square meters remaining on the market, which have the highest sales rates due to their suitability for actual living in vacation condominiums.

Currently, Ocean Property has launched the 'Ocean Portofino Jomtien-Pattaya' project, a high-rise condominium designed to cater to buyers looking for a second home for families or investment opportunities for long-term value. The project is located in Na Jomtien, an area expected to grow in the future as Pattaya pushes for a high-end market. The infrastructure developments have made transportation more convenient, with the new expressway bypass (Motorway No. 7) extension from Pattaya to Map Ta Phut, with an entrance located right in front of the project, now open for service.

             The 'Ocean Portofino Jomtien-Pattaya' project features a modern high-rise condominium with 37 floors and 268 units on over 120 rai of land, emphasizing privacy and maximum comfort with oversized units. The building boasts a luxurious and elegant V-shape design, offering a 180-degree view of the sea and the largest world-class yacht marina in Southeast Asia, making it one of Pattaya's most significant landmarks, enhancing the luxury marinafront living experience for families.

             The luxurious holiday home comes in two styles: a 1-bedroom unit of 80 sq.m. starting at 7.5 million baht, and a special new 2-bedroom model of 130 sq.m. fully furnished and ready to move in for just 14.9 million baht, along with various amenities to meet all family needs, such as a swimming pool, fitness center, steam room, spacious lobby, ample parking, security systems, and key card access, along with 24-hour security personnel and CCTV.

Additionally, the common area and surroundings of the project feature over 100 rai of green space styled as a tropical garden, providing a peaceful and natural atmosphere that all residents can enjoy, making it an ideal retreat for families.

            “Considering the various changing factors and the uncertain global situation, the trend of owning a second home will become the New Normal or a new standard for adapting to the current era, where everyone faces increasing risks. I believe this will continue to grow in the real estate market moving forward,” Mr. Napong stated.

For more news and activities from Ocean Property Co., Ltd., visit their website at www.oceanproperty.co.th 
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