Infrastructure developments fuelling Thai property boom
Investment in infrastructure is causing a boom in demand for Thai property, according to Knight Knox International. The country is now seen as an attractive place for investment, particularly in Pattaya and Bangkok, following the announcement of an ambitious US$72 billion (£47.5 approximately) programme to be rolled out over the coming four years.
At the heart of the infrastructure improvements will be a new rail network connecting Thailand's major northern provinces, including Chiang Mai and Bangkok. This will make travel around the country much easier for locals, businesses and travellers. The Association of Southeast Asian Nations' move to eliminate tariffs and open new Free Trade Areas is also making the country more attractive for investors on both small and large scales.
However, some of the most enticing opportunities are to be found in the tourism sector. Over 22 million holidaymakers visited Thailand in 2012, according to figures from the Ministry of Tourism and Sports. Pattaya and Bangkok continue to be some of the most popular destinations and are both ripe for investment.
Pattaya is a beachfront city, known for its luxury hotels. Knight Knox explained that the condominium market is particularly thriving and in the second half of last year over 7,000 new units were launched, with take-up rates as high as 69 per cent. Conversely, Bangkok is a bustling city, with palaces, temples and street markets. It will be at the heart of the new rail system, with five mass transit extension lines planned for the area. Developers are already making the most of this, creating condominiums across new networks at an impressive pace.
The blue line has witnessed some 12,300 new units spring up around it over the last three years. In 2012, these properties were priced 12 per cent higher than the year previously, because of rising demand for such locations. Lee Chettoe, sales manager at Knight Knox International, commented: "The country's new infrastructure project has helped transform the condo market in cities like Bangkok and Pattaya, and this increase in demand for property has led us to take on the luxury development Chaophraya Condos in Bangkok as well as many other projects throughout the whole of Pattaya."
"Over the past 12 months we have also found that investors are broadening their horizons and starting to look more further afield than the traditionally popular regions in Pattaya, towards the more tranquil area of Bang Saray," he added.
At the heart of the infrastructure improvements will be a new rail network connecting Thailand's major northern provinces, including Chiang Mai and Bangkok. This will make travel around the country much easier for locals, businesses and travellers. The Association of Southeast Asian Nations' move to eliminate tariffs and open new Free Trade Areas is also making the country more attractive for investors on both small and large scales.
However, some of the most enticing opportunities are to be found in the tourism sector. Over 22 million holidaymakers visited Thailand in 2012, according to figures from the Ministry of Tourism and Sports. Pattaya and Bangkok continue to be some of the most popular destinations and are both ripe for investment.
Pattaya is a beachfront city, known for its luxury hotels. Knight Knox explained that the condominium market is particularly thriving and in the second half of last year over 7,000 new units were launched, with take-up rates as high as 69 per cent. Conversely, Bangkok is a bustling city, with palaces, temples and street markets. It will be at the heart of the new rail system, with five mass transit extension lines planned for the area. Developers are already making the most of this, creating condominiums across new networks at an impressive pace.
The blue line has witnessed some 12,300 new units spring up around it over the last three years. In 2012, these properties were priced 12 per cent higher than the year previously, because of rising demand for such locations. Lee Chettoe, sales manager at Knight Knox International, commented: "The country's new infrastructure project has helped transform the condo market in cities like Bangkok and Pattaya, and this increase in demand for property has led us to take on the luxury development Chaophraya Condos in Bangkok as well as many other projects throughout the whole of Pattaya."
"Over the past 12 months we have also found that investors are broadening their horizons and starting to look more further afield than the traditionally popular regions in Pattaya, towards the more tranquil area of Bang Saray," he added.
PUBLISHED : 02ND APRIL 2013
