Future potential of Pattaya touted by leading consultancy

CBRE Thailand predicts Pattaya property market turnaround
CBRE Thailand thinks Pattaya still has potential which can be realized once COVID-19 has passed

A leading property consultancy believes Pattaya will recover from the COVID-19 downturn. According to CBRE Thailand, the resort town has seen an uptick in domestic tourism since the country reopened and is primed for a robust recovery once international guests return. One reason for the optimism is the fact infrastructure work has continued on several key projects which should help elevate the Eastern Seaboard.

“In terms of residential and resort home markets, Pattaya is one of the top choices for residents who look for a second home with sea view in resort destinations. In addition to existing amenities such as international schools and hospitals, the city’s decent potential for future growth as the area benefits from infrastructure developments like U-Tapao Airport, the motorway, high-speed train project connecting three airports, as well as EEC development schemes from the government,” CBRE Research stated.

Additionally, the local government has approved several projects designed to improve Pattaya. These include the monorail project that will make travel through the city easier and a large-scale beach restoration in Jomtien. While these will take years to complete, each will make the area more appealing to both domestic and international tourists.

Local tourism picks up

While Pattaya has long been dependent on international tourists, CBRE Research found local demand has been strong since the government-backed travel stimulus plan went into effect. The Eastern Seaboard surpassed Hua Hin/Cha-Am in terms of visitor numbers since the launch of the program.

“Based on the number of check-ins reported by Fiscal Policy Office, Ministry of Finance approximately 15 days after the campaign was launched, Chonburi province was the most popular destination due to two well-known beaches, Bangsaen and Pattaya, with up to 14,000 hotel room check-ins,” the research noted. “In the past years, the number of visitors in Chonburi was correlated strongly with Pattaya’s, with more than 80 percent of Chonburi’s visitors also going to Pattaya.”

This is good news in the short term, but the city still needs international tourists to reach its full potential. However, that may not happen until later this year or 2021.