The Best Areas in Pattaya For Buying Real Estate?
Pattaya is divided into seven different areas, each having their own distinct advantages and disadvantages for investors and holiday home buyers. The information below should help you to decide upon the best area for your own unique requirements:
The northernmost part of Pattaya, known as Naklua or Wongamat, is considered by most to be the most exclusive part of the city due to the fact that there is sea to both the north and west of the area. Another major advantage is that it is possible to build right up to the beach in this area, as opposed to most of Pattaya where the beach is on the opposite side of a beach road. Property here right on the beach is more expensive than anywhere else in Pattaya. With very few beachfront land plots remaining, capital appreciation of frontline properties here should exceed everywhere else in the city.
Disadvantages of the area, apart from the high starting prices, is that much of the centre of this region is still undeveloped and there are currently few shops, restaurants, bars and other entertainment options within walking distance of the projects on the coast.
Central Pattaya is the oldest part of the city and so is the most developed, with very few plots remaining left to be built upon. The main advantage of the area is that most of Pattaya’s attractions, such as Walking Street and Central Festival Mall, are within easy walking distance. Due to this fact, it is the most popular area with both short-term tenants coming on holiday in Pattaya and also many of the ex-pats working in the city. Therefore rental yields are the best in the city and it is very easy to find tenants. Capital appreciation is also high due to the scarcity of building plots to build many additional modern developments.
Downsides of the area is that it is crowded and noisy compared to other areas and the quality of the beach here is relatively poor. Those looking for a relaxing holiday home are therefore advised to look at other parts of the city.
Pratumnak Hill is considered by most to be the second most exclusive part of Pattaya due to the fact that it is a quiet and green part of the city, but its highly central location means that it takes just a few minutes to get to any of the city’s main attractions. Another advantage is the fact that there are stunning sea views across to Koh Larn Island from the high-rise towers here. Due to these advantages, the area is popular with up-market tenants and so rental returns are also good here.
After firstline beachfront property, apartments with sea views are the next most exclusive option which will see the best capital appreciation. There are, however, still plenty of building plots available on the hill, which means that the appreciation is not likely to be quite as rapid as Wongamat beachfront.
Jomtien is the newest and fastest-growing part of Pattaya. Jomtien Beach is superior to that of Central Pattaya and the area has a good choice of dining and entertainment options along Jomtien Beach Road, although currently no major shopping centres. Jomtien is the most affordable part of the city and so is a good choice for buyers with only a limited budget to invest. The many fully-featured resorts here also make this an excellent choice for holiday home buyers, especially those with children.
Because Jomtien is the newest part of Pattaya City, there are still plenty of land plots to be developed and there are many projects here currently under construction, with over 6,000 apartments scheduled for completion within the next two years. This means that capital appreciation is likely to be lower in Jomtien than any other part of the city and that finding rental tenants may also be more difficult than the other areas.
There has been very little development in this area to date other than the coastal strip. The main advantage of Na Jomtien is the unspoiled sandy beaches in this area, plus the fact that it is possible for developments to be built right up to the beach. Another major attraction of the area is the Ocean Marina Yacht Club – one of the best marinas in all South East Asia. As a result, the area is popular with wealthy Thais. Therefore first-line developments right on the beach are likely to see good capital appreciation over time.
The disadvantage of Na Jomtien is that there is very little in the area in terms of facilities currently other than the beaches. This situation has recently started to change with the opening in early 2013 of the Mimosa Shopping Village and the Cartoon Network Amazone waterpark on the border with Bang Saray. While the longer distances to the centre of Pattaya make the area less attractive for rental tenants, the quality of the beaches and upmarket nature of the area means that capital appreciation of the best projects in this area is likely to be excellent.
Bang Saray is very different from Pattaya in that it is still a small village without the facilities and traffic of the other areas. The beaches here are totally unspoiled and mostly empty while the entire area is covered in greenery. For those wishing to experience a quieter and more traditional Thai lifestyle, it is an excellent choice. Prices in Bang Saray are substantially cheaper than in Pattaya, yet capital appreciation is likely to be good as the area becomes increasingly more popular, especially after the opening of the huge Cartoon Network Amazone waterpark on the fringes of the village at the end of 2013. It is therefore an ideal choice for anyone looking for an affordable holiday home who enjoys a quiet environment.
The disadvantage of Bang Saray is that it is a 30-minute journey from the centre of Pattaya, which is simply too far for the needs of most buyers and tenants. As a result, demand from both buyers and tenants here is less than in more centrally located areas.
The area to the east of the Sukhumvit Road is the location for many villa developments, most of which offer exceptionally good value for money – a three-bedroom villa here costs less than a two-bedroom apartment in most other parts of the city.
The disadvantages of buying villas as opposed to apartments is that they can only be purchased by forming a Thai company, as it is not possible for foreigners to own land in Thailand. In addition, the remote locations of most of the villa developments means that owners and tenants will need their own transport to get into the city centre. This reduces the number of tenants interested in renting villas.
In summary, villas offer excellent value for anyone looking at owning a residence for themselves to use for extended periods of time, but apartments are a better option for those looking at maximizing both capital appreciation and rental revenues.