Pattaya Daily News

08 July 2014 :: 10:07:46 am 89477

Pattaya Land Rises To 100 Million Baht Per Rai

The land at Wongamat has increased to 100 million baht per Rai and has doubled in the last seven yearsl. The price of the land is now causing developers a lot of concern and some have suspended any new development to observe the market.
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Mr Simon De Ville- business development deputy director of Raimon Land Co. revealed that the land price survey indicated that the land near the sea at Wongamat, Pattaya was valued at 100 million baht per Rai which had doubled in value within the last 7 years, while Pratamnak land prices have increased to 50 million baht per Rai.

 

The significant increase of land prices is due for the demand for apartments and rooms. Raimon Land have suspended any further investment in Pattaya for a while to monitor the situation” said Mr.Simon De Ville.

 

Recently Raimon Land has 2 projects on sale which are Zire Wongamat where there about 480 units at around 10-15 million baht and they had sold out 90% and Unix South Pattaya where there are 700 units at around 2-5.8 million baht and they had sold around 60%.

 

As a result of political unrest, Pattaya condominium sales have dropped. However it’s expected that it will recover. Near sea condominium sales are 40-60%, while Wongamat condominium sales are 70-80%.

 

Unsurprisingly there are a lot of condominiums in Pattaya which 80% of them are priced around 1-5 million baht. In addition some condominiums had sold off plan (before construction) Therefore buyers need to careful before purchasing and really should go and see the property before handing over any money.

 

Mr Sanchai Khuaekchai-regional residence deputy director of Colliers International of Thailand- revealed that in first 5 months of 2013 there had been 7,403 units constructed and 61 % had already been sold.

Category : Property

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