Pattaya has enjoyed significant growth in the last ten years and has managed to reinvent itself and appeal to varying markets on a number of occasions. Pattaya certainly still has a vibrant nightlife that appeals to certain groups but families can quite easily come to the city to experience a truly multi-cultural environment with plenty of exciting things to do without feeling threatened. The question is, how long can the growth continue?
It is obviously impossible to give a definitive answer on this but Pattaya has everything in place for long term growth. The infrastructure is constantly being improved within the city along with improved road links to the capital Bangkok, expansion of the local airport at U-Tapao as well an expected highspeed rail link on the horizon. All of these factors make Pattaya an easier destination to get to which, by its very nature, will put the city in the perfect position to continue growing.
Obviously, many areas of Pattaya are already developed but the city is constantly spreading to the south as well out in the area known as East Pattaya. Once again, the infrastructure is being improve in these places meaning that visitors and locals will no longer need to come into central Pattaya to do their shopping or visit the excellent restaurants – unless of course they want to.
As more visitors come, the more attractions start to spring up and we have seen the two new waterparks open locally in the last twelve months. Many of the latest attractions seemed to be aimed more at the family market with visitors from China currently making up a large proportion of the guests visiting and staying in the city. It goes without saying that to attract these visitors, you must offer what they want in a similar manner to previous attempts to attract Russian visitors – something that was very successful.
Of course, the city is always looking for new opportunities and I recent months we have heard plenty of rumours about plans to relax the gambling laws in Thailand. There have been plenty of suggestions that Pattaya could quite easily become another Las Vegas or Macau such is the attraction of the city and the fact that it is well versed in taking care of guests wanting ‘entertainment’ holidays. If this were to happen it would be very reasonable to expect that Pattaya’s growth would be increasingly dramatic.
It is perhaps for this reason that local developers are looking at the types of accommodation that is required. There has been a shift away in recent years from long-term rentals to more short-term lets which can prove extremely profitable for developers and investors alike. Investors are now looking on with great interest and see Pattaya as a place in which they can make some very serious returns for minimal amount of risk – especially if they get on the bandwagon now before the real surge starts.
Experienced developers such as the New Nordic Group have seen this as a great opportunity for themselves. They are offering some superb deals to investors such as a 10% p.a. rental guarantee for periods of anything from five to twenty years. This is great for the developer as they sell their properties and great for investors who gain a magnificent return at a relatively low risk.
It is schemes like this that will undoubtedly see Pattaya continue to grow as visitors are being offered the accommodation that they want at reasonable prices, developers can build and make sizeable profits and investors get to generate returns far in excess of those offered by bank.
The future for Pattaya certainly appears bright.