Pattaya is an emerging city. In 15 or 20 years, it may rival Bangkok. In 30 or 40 years, it may be linked to Bangkok, no recognisable boarders between the two. Pattaya may become Bangkok’s premier beach side suburb, and have a Bangkok postcode. All of the vacant land between Bangkok and Pattaya will one day be filled with houses, condos, malls, attractions, shopping centres, you name it, in time they will build it. Look back 50 years, and what was Pattaya. Look back to 2006, and the only prospective developer was Rony Fineman, a man with a vision and a dream. Rony was one of the few that could turn a dream into reality, and look at Pattaya now. No one in the sixties would have believed you if you had of told them that Pattaya would one day be what it is now. But it is now a thriving and growing metropolis. You walk the streets, and you can feel it heaving and breathing and coming to life. Pattaya in the future will become what is known as a world city. Not tomorrow, not next year, but in years to come. For those that believe it will always be known as a sleazy little outpost full of beer bars and bar girls, their vision is very limited. Maybe those still touting that are too old to have vision, or to naive to see it. We have a city developing before our very eyes. A world city, a destination, an economic powerhouse in South East Asia. Where else is developing as quickly in the region. Nowhere!
I took note of a remark made by Nigel Cornick on your Facebook page where he states ” There are no where near enough real buyers to absorb the supply in Pattaya the fireworks are about to start” He is a very astute man. A very successful man. Also a man with great vision, but I believe that in this instance, his words are twisted. He is one of the men that knows full well the potential and the probable growth that Pattaya will see. He may be referring to the shoebox one million baht condo’s that are popping up everywhere, but he also knows that in time, these developments will cease to appear so close to the shoreline. In 20 or 30 years time, many of those developments will be almost uninhabitable due to the poor build quality that has broadly been used. The land will be worth a fortune, and they will be sold, bulldozed, and redeveloped. All great city’s are established around shorelines. Pattaya is blessed by the ocean that surrounds it. Nigel is well aware of this, and one has to ask, why involve yourself with top end developments, shopping malls, and who know what will be next, if the demand is not there. Investors don’t buy for a profit today, they buy for a profit in the future. The large housing developments, and million baht condo’s will soon be relegated to what is known as the darkside. And in the next ten years, the darkside will also become impossible to get into.
In 20 years time, try buying a condo in Pattaya beach, Jomtien beachfront, Wongamat, Na Jomtien, Bang Saray. What will you pay? The market may be congested at the moment, and things may look like we are over built, too much supply, not enough demand, but fast forward. What will one pay to be within 2 or 3 kilometres of the Pattaya Bay area? How much will developments in these area’s be worth? Once the land is gone, it is gone. The only way forward then is renovating older buildings, or buying the land at land value, tearing down old unsightly developments, and starting again. But that will come at an exorbitant price. The land will become that expensive, that it will only be equitable to build high end, high dollar value developments, and when that time comes, they will be sold out quickly. Fire sales, gluts, congestion, oversupply, demand…..talk to me in 20 years time. Let the naysayers spruik their beliefs in Pattaya’s dim future, but let those with foresight and vision prosper. Pattaya is not oversupplied, as all great city’s build for the future, not for the present, and I very much believe in the old adage of build it and they will come when talking about Pattaya. They may not arrive today, but yes, they will come. Investing in Pattaya today is investing in your future. If I’m wrong, I’ll buy you all a beer on the 45th floor of the Sky Bar that will probably be built on Soi 6 any day now…..Now that’s a bet.
Published 20 November 2014