Pattaya Daily News

27 March 2014 :: 07:03:30 am 83462

Pattaya Beach Front Land Selling for 300 Million THB

Pattaya city general secretary revealed that beachfront land in the heart of the city has risen to staggering 300 million THB per ria, an increase of 200% in the last five years. The main investors are Chinese and Russians.
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PATTAYA – March 26, 2014 [Pattaya Daily News]; Mr.Pakorn Sukhonthachart, General Secretary of Pattaya City, Chonburi revealed that the last 5 years the city is not only the world’s -famous marine tourist attraction ,but has also developed into the most popular investment are in Asia. As a result land prices have steadily rose from investors flocking to Thailand.

“The purchase price – of land in 2013 was almost 300 million baht per rai on the seafront and on beach road around 200 million baht per rai which is mainly being bought by hotels. In the last 5 years the price of land in the city has soared in value to around 200-300 % and just seems to be going up.

Mr Pakorn said the city land prices are rising at an alarming rate which is a problem for retail investors who can’t afford the asking prices because most of the land is owned by greedy Land Lords. Now there are many businesses interested in investing in the city who have billions to invest. In the next five years the city will have branch offices of large companies which will add the ever increasing traffic congestion, which now they are trying to plan and resolve the problem in the future.

Mrs.Sopin Teppajak, company managing director of Diana Group, said that a big capital group from China a real estate developer who had invested in homes in Hong Kong, created a stir on the land prices in Hong Kong, had begun to invest in the city with condominium projects. Most of the investors are from Russia and China.

She also added that traffic congestion is a big concern and in the future there will be a lot more people coming here to live adding to the problem.”

Reporter : Yanwarrut   Photo : Internet   Category : Business News

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