Is Pattaya Thailand's Next Real Estate Boom?

Summary

The video script discusses the thriving real estate market in Chonburi Province, Thailand, which saw a significant increase in property transactions, especially during the pandemic. It highlights the Eastern Economic Corridor's growth, attracting luxury developments and foreign investment. The script also covers the government's incentives for high-net-worth individuals, including a 10-year visa program, and presents various luxury and affordable condo projects in the area, showcasing the evolving market dynamics and investment opportunities.

Takeaways

• 🏙️ Chonburi province was the second most active in Thailand for real estate transactions in 2023, only behind Bangkok.
• 🔑 The total number of property units sold in Chonburi was 34.5 thousand, with a total transaction value of 91.4 billion baht, marking a 9.2% increase year-over-year.
• 📈 The Eastern Economic Corridor (EEC), including Chonburi, saw a modest dip in property sales during COVID-19 but rebounded back to pre-COVID levels in 2022.
• 🏠 The property market in the EEC is predominantly driven by housing, with condos also contributing significantly to the market.
• 💰 The average price of properties in the EEC region has been steadily increasing, indicating a growing market value.
• 🌐 In 2023, Chonburi surpassed Bangkok for the first time in terms of the number of condos purchased by foreign buyers, with a 41% market share.
• 📊 Rental yields in Chonburi can range from 3.24% to 10.04%, with an average of 6.25%, according to a survey by global property guide.
• 🏖️ Chonburi is the second most popular tourist destination in Thailand, after Phuket, and is developing towards the luxury segment.
• 🏗️ Major developers are investing heavily in luxury hospitality and real estate projects in Chonburi, with a total investment value of 54 billion baht.
• 🚄 The Eastern Economic Corridor is a focus for next-generation industries and is receiving significant government investment in infrastructure, including a high-speed rail and expanded airports.
• 📜 Thailand offers long-term resident visas for high-net-worth property buyers, with benefits including a 10-year renewable visa, tax exemption on overseas income, and reduced reporting requirements.

Q & A

In which province was the total real estate transaction value second only to Bangkok in 2023?

The total real estate transaction value in Chonburi Province was second only to Bangkok in 2023.

How many property units were sold in Chonburi Province in terms of total transactions in 2023?

In Chonburi Province, a total of 34.5 thousand property units were sold in 2023.

What was the total transaction value in millions of Baht for houses and condos in Chonburi Province in 2023?

The total transaction value in Chonburi Province in 2023 was 91.44 billion Baht, with 54.1 billion Baht for houses and 37.2 billion Baht for condos.

What is the Eastern Economic Corridor (EEC) and which provinces does it encompass?

The Eastern Economic Corridor (EEC) is a region in Thailand that encompasses the provinces of Chonburi, Rayong, and Chachoengsao. It is known for its focus on next-generation industries and major infrastructure projects.

How did the number of units sold in the EEC region during the COVID-19 pandemic compare to pre-pandemic levels?

The number of units sold in the EEC region dipped only modestly during the COVID-19 pandemic, likely due to Thai buyers scooping up properties at discounted rates.

What was the year-over-year increase in total transaction value in Chonburi Province in 2023?

The total transaction value in Chonburi Province in 2023 marked a 9.2% year-over-year increase.

In what year did Chonburi surpass Bangkok in terms of the number of condos purchased by foreign buyers?

Chonburi surpassed Bangkok in terms of the number of condos purchased by foreign buyers for the first time in 2023.

What is the average rental yield in Chonburi according to the survey conducted by global property guu.vn?

The average rental yield in Chonburi ranges between 3.24% and 10.04%, with a city average of 6.25%.

What are some of the major hospitality and real estate projects in the Chonburi area?

Some major hospitality and real estate projects in the Chonburi area include those by Asset World Corporation, Land and Houses, and MQDC, with a total investment value of 54 billion Baht.

What are some of the incentives offered by the Thai government for high budget property buyers?

The Thai government offers incentives such as a 10-year renewable visa, multi-entry permit, exemption from the 90-day reporting requirement, and tax exemption for overseas income for high budget property buyers.

What is the Copa Cabana Coral Reef project and when is it scheduled to complete?

The Copa Cabana Coral Reef is a luxury condo project located in Dom Tien, south of Pattaya. It is scheduled to complete in 2027.