Ocean Property Reveal COVID-19 Driven  Investment Demand for Holiday Home-Asset Work-from-home driving interest in second homes and holiday homes in Pattaya Anticipate Pattaya property market to grow through 2021 and beyond

02 Sep 21

The Pattaya market retains its appeal with buyers and even though purchase decisions have been delayed, it's clear there is still strong interest for those with purchasing power for holiday homes and second homes. If the COVID-19 situation eases within this year, Pattaya market is expected to recover gradually and return to normal conditions from 2022 onwards.

Despite the current challenges, sales in Pattaya continue to grow. According to H1/2021 data reported by Colliers Thailand, average sales in a Pattaya condominium sit at 69.20%, an increase of approximately 1.20% on H2/2020. Sales are driven in part by recent limited supply and Pattaya's ongoing development of its infrastructure and appeal.

People have adapted to working from home during the pandemic, and supported by modern and reliable communication technology they are no longer limiting themselves to live in one particular place. They are increasingly shifting to work from anywhere and with this vacation homes or holiday homes are becoming a popular choice for people who are looking for a second home which they can use for both leisure and work purposes, as well as for generating returns in the future.

Consumer behaviour changing as Work From Home trend expected to continue Mr. Napong Paripontpochanapisuti, Managing Director of leading Thai real estate developer Ocean Property Co. Ltd., shared that since the end of 2020, people have spent more time working from home and consumer behaviour has changed significantly during this time.

“COVID-19 has driven people to look for a more flexible lifestyle and increased space for leisure. Social distancing and recent travel restrictions has resulted in a new market direction; holiday homes in Pattaya are becoming a more popular option and are appealing to more people. During the most recent wave of the pandemic, we have seen an increase in buyer interest in “Ocean Portofino Jomtien-Pattaya” and also an increase in domestic sales. Domestic buyers see that Pattaya still retains its tourism potential and appeal, and that it's a destination ideal for second homes. Pattaya offers a lifestyle that can suit everyone, including families, and is conveniently accessible at less than two hours from Bangkok and nearby provinces.

“Considering this new normal, developers are needing to adapt to changes in consumer taste. Potential buyers are looking for second homes where they can stay for longer periods. They need to have space for relaxation as well as comfortable areas for working.”

Large units answer the needs for family second homes
Apart from the current limited supply, size of a condominium unit is also having a major impact on purchasing decisions. According to Colliers Thailand, condominiums that are more than 100sqm in size only account for 1% of the current available supply in Pattaya – a total of 610 units. This is due in large part to new developments focussing on smaller-sized units.

“Many of the high-end buyers that are ready to buy are still looking for large luxury sea view condominiums and one that can support their work needs also. Small-sized units are not meeting the needs for these second home buyers, as many are now considering the use of space for all family members,” shared Mr. Napong.

At “Ocean Portofino Jomtien-Pattaya”, over-size 1 or 2 bedroom units range in size from 80-133 sqm, and have a starting price of 6.9 million baht. These units are targetted to those looking to acquire a second family home. Ocean Portofino Jomtien-Pattaya's strategic location opposite the exit to the newly developed Pattaya-Maptaphut Expanded Motorway No.7, means the area has potential to develop further making these condominiums ideal long-term investments.

Two real demand viewpoints
Two Thai families saw the potential of owning a second home in a tourist destination like Pattaya and purchased at “Ocean Portofino Jomtien-Pattaya”.

Mr. Wuttivech Pibulpanichkarn shared why he and his family decided to buy a second home in Pattaya during the pandemic. “My family and I decided to buy a condominium at “Ocean Portofino Jomtien-Pattaya” at the end of last year. We took a broad overview of Pattaya as a destination and realized that no matter how many times we travel to Pattaya, the city always evolves – it is changing all the time like it is alive.

“The project itself makes us feel relaxed and safe. Being so close to the motorway means it takes us only a few hours from Bangkok to get there and we now travel to Pattaya almost every weekend. The condominium and its surrounds offer a number of suitable lifestyle activities for us, and of course there is the marina. From the very first day, our children have loved the atmosphere and they are very fond of sailing.

“The sea view and activities that can involve all the family, as well as the condominium facilities, were important factors for us deciding to buy here. We consider this condominium more as a family getaway than an investment to make money from. However, it is inevitable that the value of “Ocean Portofino Jomtien-Pattaya” will keep increasing and our asset will grow in value - this is something we are happy to pass on to our children in the future.”

Noting that there are not many units left at “Ocean Portofino Jomtien-Pattaya”, and that it is a truly unique development with adjoining marina, Mr. Wirat Techamongklapiwat bought his first unit in 2019 and recently bought a second one. “I decided to buy here because I consider it to be a long-term asset that can be passed on to my children. I bought one previously and have recently added another unit. Apart from having a marina and good infrastructure, I also have friends here as well so this gives me reason to come and stay here often.”

“Ocean Portofino Jomtien-Pattaya” is a modern 37-storey high rise condominium. Located on a 120-rai of land, it consists of 268 units. It is designed to offer the utmost privacy and comfort as well as 180° views of the sea and marina. Residents can enjoy panoramic views across the Gulf of Thailand and experience the marina lifestyle at the largest marina in Southeast Asia. Combined, these make it an ideal holiday home in Pattaya suitable for the whole family.

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