Is Pattaya Thailand's Next Real Estate Boom?
Summary
TLDRThe 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.
Outlines
🏙️ Real Estate Boom in Chonburi Province
In 2023, Chonburi province emerged as a significant real estate market in Thailand, second only to Bangkok in terms of total transactions and transaction value. The data from the Real Estate Information Center of Thailand reveals that Chonburi sold 20.5 thousand houses and 13.9 thousand condos, totaling 34.5 thousand property units. The total transaction value reached 91.4 billion baht, marking a 9.2% increase year-over-year. Despite a modest dip during the COVID-19 pandemic, the Eastern Economic Corridor (EEC) region, which includes Chonburi, saw a rebound in 2022. The market was primarily driven by housing, with condos also contributing significantly. The average property price in the EEC region has been steadily increasing, indicating a growing market value. Foreign buyers, particularly in Chonburi, surpassed Bangkok in 2023 for the number of condos purchased, highlighting the area's appeal to international investors.
🌐 Chonburi's Tourism and Economic Development
Chonburi is the second most popular tourist destination in Thailand, after Bangkok, and the fourth for domestic tourists. The province is witnessing a shift towards luxury tourism, with major developers focusing on high-end hospitality and real estate projects. The total investment value in known projects is estimated at 54 billion baht, with major players like Asset World Corporation and Land and Houses contributing significantly. The Eastern Economic Corridor (EEC), which includes Chonburi, is being developed as a hub for next-generation industries such as automobiles, biotech, robotics, aviation, and medical tourism. The Thai government is investing heavily in infrastructure, including a high-speed rail linking three airports, and expanding the U-Tapao International Airport and Laem Chabang port. Additionally, Thailand offers long-term resident visas with benefits like tax exemptions for overseas income and reduced reporting requirements, attracting high-net-worth individuals to invest in property.
🏖️ Luxury Beachfront Condos in Chonburi
The video script highlights the emergence of luxury beachfront condos in the Chonburi area, showcasing a new standard for luxury living. Projects like Copacabana Coral Reef, set to complete in 2027, are indicative of the upscale developments in the region. Located in Dom Tien, a neighborhood south of Pattaya, these condos offer a range of amenities and services. The script also mentions other luxury condos in Pattaya, emphasizing the high quality and exceptional living experiences they provide. The video encourages viewers to subscribe to the channel for more insights into the luxury real estate market in Thailand.
🏘️ Affordable Beachfront Condos in Dom Tien
The script introduces Copacabana, a condo project in Dom Tien, offering a more affordable luxury option. With units ranging from one to three bedrooms and prices starting from 89,000 baht to 143,000 baht per square meter, these condos cater to a broader audience. The project features amenities like a green garden area, a wave pool, a multiport area with a bicycle lane and running track, a man-made beach area, and a co-working space on the 49th floor. Units offer views of the sea or the garden, and some even have private swimming pools. The detailed layout examples provided in the script showcase the spacious and well-designed living spaces, making Copacabana an attractive option for those seeking a beachfront lifestyle.
📈 Real Estate Opportunities in Thailand
The final paragraph summarizes the video's focus on real estate opportunities in Thailand, particularly in Chonburi. The speaker invites viewers to visit their website for personalized property recommendations based on their requirements and goals, whether for living or investment. The video concludes by wishing viewers success in their real estate journey, emphasizing the availability of a variety of properties across different budgets and cities in Thailand.
Mindmap
Keywords
💡Chonburi Province
💡Real Estate Transactions
💡Eastern Economic Corridor (EEC)
💡Property Inventory
💡Year-Over-Year Increase
💡Luxury Real Estate
💡Hospitality and Real Estate Projects
💡Long-Term Resident Visa
💡Domestic Buyers
💡Tourism and Hospitality
💡Infrastructure Projects
Highlights
In 2023, Chury Province was second only to Bangkok in terms of total real estate transactions and total transaction value.
The table provided by the Real Estate Information Center of Thailand shows the top 10 provinces in Thailand in terms of total unit sold and total transaction value.
Chury Province sold 20.5 thousand houses and 13.9 thousand condos, totaling 34.5 thousand property units sold.
The total transaction value in Chury Province was 91.4 billion Bots, marking a 9.2% year-over-year increase.
The number of units sold in the Eastern Economic Corridor (EEC) region dipped only modestly during COVID-19, likely due to Thai buyers scooping up properties.
Real estate agents in Patia were busy selling properties to local buyers during COVID-19, taking advantage of steep discounts.
The market in Chury Province is predominantly housing-driven, but the total transaction value has continued to grow from 2017 to 2023.
In 2023, Chb surpassed Bangkok for the first time in terms of the number of condos purchased, achieving a total market share of 41%.
A survey conducted by Global Property Guide shows rental yields between 3.24% and 10.04% in Chury Province.
Chury is the second most popular tourist destination outside of Bangkok, second only to Phuket.
Major hospitality and real estate development projects in Chury are aimed at luxury clients.
The Eastern Economic Corridor (EEC) is home to leading next-generation industries in the Asian region.
The government is investing heavily in the EEC region through various incentives and subsidies to attract investment.
Major infrastructure projects in the EEC include a high-speed rail linking three airports, scheduled to be operational in 2025.
Thailand is offering long-term resident visas to high budget property buyers with benefits such as a 10-year renewable visa and tax exemption for overseas income.
Requirements for the long-term resident visa include proof of assets, income, and investment in property or government bonds.
New luxury beachfront condos in the Chury area are showcasing the caliber of condos coming to the region.
Copacabana Coral Reef, scheduled to complete in 2027, is located in Dom Tien, a neighborhood south of Chury.
Dom Tien is seen as a fresh start for a beach town in the Gulf of Thailand, free from the baggage of Chury.
The Copacabana Coral Reef condo offers units ranging from 32 to 164 square meters with prices from 89,000 Bots to 143,000 Bots per square meter.
The condo features amenities such as a green garden area, wave pool, man-made beach area, and facilities on the 49th and 50th floors.
Transcripts
in 2023 chury province which is where
paa is was second only to Bangkok in
terms of total real estate transactions
and total transaction value this table
here provided by the real estate
information center of Thailand shows the
top 10 provinces in Thailand in terms of
total unit sold and total transaction
value shb Province you see is number two
and if you look at the column of units
sold it sold 20.5 th000 houses 13.9
th000 condos with a total of
34.5 th000 property units sold in terms
of value of total transactions in
millions of Bot shury Province sold a
total of 54.1 billion Bots for houses
37.2 billion bot in condos with a total
of
91.4 4 billion bought in transaction
value and that marks a
9.2% year-over-year increase now the
number of units sold in the eec region
eec stands for the Eastern economic
Corridor and that encompasses the
provinces of shb Rong and Chach Chung sa
it dipped only modestly during Co and
this was likely because of Tai buyers
scooping up properties that were on fire
sales at the time I can attest to this
anecdotally my associates and friends
that are real estate agents in Patia
during Co time believe it or not they
were busy selling properties to local
buyers cuz developers were had built all
these this property they had all this
inventory that they had meant to sell to
the entire world but then the lockdown
happened and so they had to give very
steep discounts to offload these
inventories and lo and behold they sold
it primarily to domestic tie buyers that
just had to take advantage of this once
in a lifetime perhaps sort of fire sale
and that resulted in a healthy amount of
transaction volume obviously not as good
as previously in 18 and
2019 but it was still okay and it
rebounded right back to preco levels in
2022 as you can see in the chart on the
left side here blue is number of houses
sold and red is the number of condos
sold and you'll see that the market is
predominantly housing driven but while
the number of units sold seem stable
from 2017 to
2023 total transaction value has
continued to grow if you look at the
left this chart looks pretty even if you
look at the right you'll see a steady
incline upwards
and this shows that the average price of
a property in the eec region has grown
each property on average has fetched a
higher price on the market as you can
see here on the top in the yellow line
they've summarized the year-over-year
growth and you can see that it has
continued to Trend upwards this slide
we're going to look at foreign buyers of
condos only in 2023 chb surpassed
Bangkok for the first time in terms of
the number of condos purchased achieving
a total market share of
41% taking over Bangkok which had a
market share in 2023 of
38% that was a steep growth from the low
in 2020 where ton B had a market share
of
24.9% in Bangkok a market share of
57.1% and a survey conducted by global
property
guu.vn
earn rental yields between
3.24% not so good up to
10.04% pretty good with a city average
of
6.25% not too shabby now I want to
caveat that I did not personally verify
this information myself nor do I endorse
this as investment advice definitely if
you're looking to invest in property in
the paa area then you can consult with
my real estate team in Patia uh about
the expected rental return of the
property you're looking to purchase and
you can go to my website jet gunther.
comom tell us your requirements your
budget your goals whether to buy to live
in and enjoy for yourself or as an
investment to rent out to others and we
can advise you on what opportunities to
expect there however I will also mention
that this site here Global property
guide.com is cited by various major
Publications you can see here in the
bottom they are saying that they are a
reputable source of information so this
is just the guideline for you to see the
expected rental yields in the paa area
and that's because shur is the second
most popular tourist destination outside
of Bangkok second only to puket and for
thae domestic tourists Rong is the
fourth popular Province Rong is right
next to churri while churri is the fifth
most popular tourist destination among
local Thai tourists meanwhile almost all
of the new hospitality and real estate
development projects in paa by Major
developers are aimed at luxury clients
so historically tourism coming to paa
has always viewed the city as being this
cheap budget red light destination let's
not fool ourselves but this Market is
actually developing towards the luxury
segment as you can see with all the
major hospitality and real estate
developments coming to this region as
well as the various major high value
Industries in this area as I'll go
through in this slide here this is a
list of known hospitality and real
estate projects in the paa area I stress
that this is only the known projects we
are not counting projects that we have
no idea about a lot of major developers
they don't want to reveal their cards
and show their competitors what they're
doing so pretty much all of them are
luxury projects total investment value
from all these companies 54 billion bot
that's $ 1.4 billion US this includes
major companies such as asset World
corporations land and houses land and
houses is one of the major real estate
developers in Thailand mqdc is the real
estate branch of CP CP is the largest
conglomerate in all of Thailand you have
Central group joining the phy as well
Central group owns most of the major
malls that you see across Thailand and
they are investing heavily in paa and
they're investing in the luxury segment
in terms of the greater economy the
provinces of ch Rong and Chacha are also
known as the Eastern economic Corridor
or the eec which is home to Leading Next
Generation Industries in the Asian
region such as nextg automobiles biotech
robotics Aviation biochemicals medical
tourism and much much more the
government is investing heavily in this
region through various incentives and
subsidies to attract investment into
this region they're investing a lot in
the major infrastructure projects here
attracting High earning highly skilled
Talent they want to turn this area into
a hot bed for Next Generation industry
for Manufacturing Services and research
in Thailand the region is investing in
major infrastructure projects such as a
high-speed rail linking three airports
the one in uapa airport nearby
connecting that with Don mu and swap
airport in Bangkok making the commute
time between these airports to be less
than 1 hour and this project is
scheduled to be operational in 2025 I
mentioned UT thew international airport
nearby Patia they're going to expand it
to be able to accommodate up to 60
million passengers per year you have Lam
chabang port in the third phase of
development they're going to increase
capacity for Commerce in and out of this
port and that is scheduled to complete
in 2025 you also have mop industrial
port for the third phase and it's going
to increase capacity up to 31 million
tons of gas and liquid cargo shipment
per year and that is scheduled for
completion in 2024 this year not only
that for those who didn't know that
Thailand is also offering long-term
resident visas to high budget property
buyers and it includes very juicy
benefits such as a 10-year renewable
visa for people that qualify and this
Visa will be a multi-entry permit that
means you can go in and out of the
country as you please without having to
reapply for a permit to enter the
country or having your Visa
automatically cancelled upon leaving the
country and having to reapply and facing
a chance of rejection for people that
currently hold visas in Thailand we know
that one of their pet peeves and bins of
existence is the need to report their
whereabouts to the government online or
at the immigration every 90 days it's
called a 90-day report for holders of
this long-term resident Visa that 90day
uh reporting requirement will be waved
and you only need to do a reporting
every year and this is a huge one guys
tax exemption for overseas income we
heard the announc M earlier last year by
the government saying that certain
sources of income abroad will be taxable
in Thailand that's caused a you know
what storm among the expad community and
under this Visa people that hold this
they will be exempt from overseas income
and that's huge for a lot of people
looking to settle in Thailand so let's
look at the requirements for people
under 50 years old this is just an
overview I need
I need to do a separate video going in
depth on all the requirements which I'm
probably not going to do because this is
a real estate Channel but anyway you
need to prove that you own at least 1
million in assets and you need to prove
that you have earned at least
$80,000 per year in the past 2 years and
you also need to invest at least fif
500,000 in either government bonds or
direct investment in a Thai company or
purchase property
$500,000 is around $8.3 million bots so
that's equivalent to buying a pretty
luxurious property in Thailand I mean
this Visa let's I mean let's face it
it's aimed towards uh higher net worth
individuals so that is the requirement I
don't make the rules here you're also
required to purchase health insurance
with a coverage of at least
$50,000 per year or you can maintain at
least $100,000 in a bank account to
prove that you have the ability to pay
for emergency medical expenses now this
is for people under 50 years old if you
are over 50 years which and you're enter
which means you're entering into
retirement age you only needs a minimum
unearned or passive income of $80,000
per year at the time of application this
does not include actively earned income
they say that unearned or passive income
includes things like pension rental
income capital gain dividend and
interest payments now in the case that
uned or passive income is lower than
$80,000 but not lower than
$40,000 you're required to make an
additional investment of
$250,000 down from 500,000 if you were
under 50 years old and this needs to be
invested in either Thai government bonds
direct invest in companies or in Thai
property and $250k us is approximately
9.2 million bots so that sounds a bit
more manageable for a lot more people
you still have the same health insurance
requirement of $50,000 coverage per year
or deposit 100K us in a bank account
there's other visas as well but I just
made an example of a certain Visa uh
that you can qualify for by investing in
proper property so recently I released
two videos talking about the hottest
luxury beachfront condos in the paa area
this is new condos coming to an air to
the Patia area that really up the game
here that have not been seen before
previously in this area these are very
luxurious uh condos with great amenities
great Services build quality and
exceptional living experiences this
showcases the C caliber of condos that
is coming to paa and gives you a glimpse
of what to expect in terms of the
standard for luxury in the Patia area
and you can subscribe to my channel jet
gunther. comom to discover the best of
real estate in Thailand now now yes
luxury condos equals luxury prices you
definitely get what you pay for so these
condos are in the luxury segment but in
this video I'm going to introduce
something more in the affordable
category
but if you want luxury check out those
condos there now this one here is Copa
gabana coral reef and that's scheduled
to complete in
2027 and it's located in Dom Tien domen
is just south of Paia it's a very upand
cominging
neighborhood me and my friends kind of
joke that Dom Tien is kind of like a
doover of Patia like let's have a fresh
start and just start a beach town in the
Gulf of Thailand that doesn't have the
baggage of like red light and
prostitution and crime like paa and that
is pretty much domen just south of paa
long stretch of very beautiful beach
they extended it the the sand is very
nice the beaches are very clean and kopa
Cabana is on Doman second road so that's
just off the main Beach Doman beachfront
Road here and yeah so if you're looking
for a condo that is right on the
beachfront well check out the condo that
I covered in previous video that is
beachfront Ultra Luxury Jen is just
south of paa this is paa Beach Road
right here this corner is pratamnak and
this is wongamat area and if you zoom
out to the Gulf of
Thailand Bangkok here so it's about a
2hour drive to Dom Tian total units in
this condo are I think approximately
1,800 1900 something like that and their
one-bedrooms that they offer range from
32 to 51 square m they also have one
bedrooms with a private swimming pool
just for you in your unit overlooking
the Dom Tian beach front and that comes
at 71 1 12 sare met they also have two
bedrooms from 63 to 70 and5 square
meters and three bedrooms from 164
square meters and above and the prices
at the moment right now off plan ranges
from 89,000 bot to 143,000 bot per
square meter that's approximately
24,000 to$ 3.8 th000 us per square meter
and this price varies depending
obviously on factors like the floor
whether it's a low floor High floor
layout the size whether the layout is a
desirable layout where is it located in
the floor plan and the view that you see
Etc so it's simple Supply Demand on
desirable units this is a master plan
that shows ground floor facilities and
Sky facilities you see joh Tian second
Road you come in on the ground floor you
have a green garden area with a wave
pool there's also a
multiport area with a bicycle lane and a
running track in the back here there's
another man-made Beach area with lots of
Greenery on the sixth floor you have a
kids pool and your first swimming pool
here and on the 49th Floor Terrace you
have a wonderful green walking area with
a co-working space and a mini theater
and on the 50th floor you have a 45 M
lap swimming pool with sauna steam room
sunbeds and various cool facilities and
parking area is to the back and now
we're going to have a look at some
examples of layouts so this is a 38.6
met one bedroom this type is type 6.1 so
there's various various types of one
bedrooms and this is just one of them
and this one is going to be located if
you look at this map here right here
highlight in red on the direct Sea View
section of the building and in the back
side as well where you face that Garden
so this Garden here that's what you'll
be facing 38.6 you come in from the
entrance to the right is your corner
Pantry with a dining area to the left is
your bathroom that you can access from
the entrance and from your bedroom you
see that the bedroom and the living area
are of equal size and you have a balcony
of 4 and 1/2 square m pretty nice space
nice Square next is a 70 1/2 squ met
two-bedroom unit and this will be
located on the SE view side of the condo
you have these three uh locate possible
locations here you walk in from the
entrance you have a larger pantry and a
dedicated dining area the bathroom here
also has two entrances from the entrance
and into the second bedroom and the
second bedroom opens into your 8.9 squ
met balcony that you can also access
from your larger living room area and
you have a master bedroom with a view of
the sea and its own bathroom as well and
this is a 77.8 sare meter one bedroom
with a private pool and that's located
on the very end of the SE view side of
the building coming in from the entrance
you are met with the pantry and dining
area and then you can go to the bathroom
and you're one bedroom that you can open
to your balcony and then you can come
back into the living area now this would
be pretty cool if you can actually open
this pier and just jump into the pool
from your living room if if not you can
come to your 9.1 s met outdoor pool deck
that you can walk into your pool that I
think is what's the size here
7.76 m in
length and this is an example of a
combined unit between the private pool
one-bedroom and one of the one-bedrooms
and you have this 110 s met unit and
this will be located in the middle of
the C View section of the building you
have two entrances one from the indoor
here and one directly into the pool deck
and that's because uh you have two
entrances because remember this is a
combined unit so this room here pretty
much resembles a one bedroom earlier as
you can see this one nice Square very
symmetrical with the bedroom and living
area approximately the same size with a
large generous balcony and a bathroom
that you can access from the bedroom and
the entrance this really nice pool deck
here opens into uh your master bedroom
with a living area and a walking closet
and its own bathroom and it has two
balconies as well combined unit super
super nice so I hope you enjoyed this
video If you're looking for property in
Thailand you can go to my website jet
gun.com tell us your requirements we
service a variety of budgets and a
variety of cities and we suggest
properties to you according to your
needs and Pur goals whether to live in
or to invest thank you so much for
watching and I wish you all the best in
your real estate Journey
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