The Bangkok and Pattaya Real Estate Market
After revolving in a stable sales performance in 2007, in spite of political circumstances and declining global economic conditions, Pattaya is likely to see the launch of a lot of distinguished residential developments in 2008, together with up to eight new condominium projects such as Major Development’s Reflection, Raimon Land’s The Lofts Southshore and other projects. These projects are most probably support the high-end development tendency that has been seen in Pattaya in the last five years.
Raimon's Northpoint has proven to be triumphant and has accomplished few of the highest prices per sqm in the area. The Spinnaker, part of the White Sand Beach project, has also gained good sales.
Although investors are persistent to be interested in the Thai property market, the intensity of transaction activity continues to be low due to a deficiency of eager vendors. Buildings and land plots are obtainable; though, most owners are seeking finest prices for both income-producing assets and land plots. Besides, there is a shortage of fresh and good quality properties in the market with most owners wanting not to sell, there is still a good requirement in resort destinations like Phuket, Pattaya and Koh Samui.
The Bank of Thailand (BOT) relaxed capital controls in fourth quarter of 2007 for ventures in property funds to let off overseas investors from both the unremunerated reserve requirement (URR) and fully-hedged requirement for recently issued units in obtainable property funds by accessible unit holders although not for fresh investors in obtainable or fresh property funds..
In first quarter of 2008, requirement of residential property continued to be stable as luxury projects in excellent locations with exclusive selling points sustained to execute strongly. The number of recently launched city center condominium projects and Bangkok Metropolitan Region (BMR) housing projects reduced as developers prefer to be careful, given long-lasting hikes in construction costs and the election of a new government whose strategies were as until now unknown.
The residential leasing sector also observed constant demand. The average possession rate of emigrant apartments in the city center area remained in the 87-93% range observed since 2000, suggesting a stable market. Serviced apartment occupancy decreased because of the sharp elevation in supply in 2007.
Raimon's Northpoint has proven to be triumphant and has accomplished few of the highest prices per sqm in the area. The Spinnaker, part of the White Sand Beach project, has also gained good sales.
Although investors are persistent to be interested in the Thai property market, the intensity of transaction activity continues to be low due to a deficiency of eager vendors. Buildings and land plots are obtainable; though, most owners are seeking finest prices for both income-producing assets and land plots. Besides, there is a shortage of fresh and good quality properties in the market with most owners wanting not to sell, there is still a good requirement in resort destinations like Phuket, Pattaya and Koh Samui.
The Bank of Thailand (BOT) relaxed capital controls in fourth quarter of 2007 for ventures in property funds to let off overseas investors from both the unremunerated reserve requirement (URR) and fully-hedged requirement for recently issued units in obtainable property funds by accessible unit holders although not for fresh investors in obtainable or fresh property funds..
In first quarter of 2008, requirement of residential property continued to be stable as luxury projects in excellent locations with exclusive selling points sustained to execute strongly. The number of recently launched city center condominium projects and Bangkok Metropolitan Region (BMR) housing projects reduced as developers prefer to be careful, given long-lasting hikes in construction costs and the election of a new government whose strategies were as until now unknown.
The residential leasing sector also observed constant demand. The average possession rate of emigrant apartments in the city center area remained in the 87-93% range observed since 2000, suggesting a stable market. Serviced apartment occupancy decreased because of the sharp elevation in supply in 2007.
Labels: condominium, property, residential development
Posted by Moveandstay
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