For now, the quiet seaside town of Rayong is probably known as much, perhaps not always fairly, for pollution as it is for property. However, its flourishing real estate market is starting to grab investors’ attention.Over the last three years, returns have certainly been impressive. In older buildings, prices for some condo units originally acquired in non-performing asset sales have already doubled.
On Mae Ram Phueng Beach, a 36 sq m studio unit at the towering V.I.P. Condominium that was marketed in 2005 for 500,000 baht now carries a 900,000 baht price tag. After refurbishment, a 70 sq m one-bedroom unit has shot up from one million to 2.5 million baht.
Prices of property in Thailand even in the middle of the last economic downturn was not affected by much. Property in Bangkok around the monorail system saw the largest increase in property. Pattaya is currently looking at a monorail system for the resort town however many have objected to is. Firstly much like Bangkok the property prices in and around the are where the monorail will run will increase in price. There is also the objection to noise and it being an eyesore in the are. Much protests are still being seen about the monorail system.
Speak to our property lawyers in Pattaya about property prices and where the monorail system is being proposed for. This might make for one of the biggest property prices increases seen in Pattaya as it moves to the high-end of the property market in Chonburi.