Pattaya first came to prominence round the time of the Vietnam War when the city was an ideal place for US troops to take some much-needed R&R. Back then the city was regarded more as a sleepy fishing village but the influx of troops soon aroused the interest of the locals who saw the opportunity to earn more money. Slowly bars started to crop up along with hotels and the scene for Pattaya’s somewhat dubious reputation was starting to develop.
This was the first we saw of Pattaya’s ability to evolve and indeed the city has never looked back and continues to change and evolve to this day, providing the paying guests with what they crave and demand. Over the decades Pattaya gained something of a reputation for sleaze and the sex industry with bars and hotels catering for these types of visitor. Needless to say, initially this was a good revenue but was no good for the long-term prospects of the city and indeed attracted all the waifs and strays from around the world.
Over the last decade or so we have seen greater changes with greater emphasis being placed being placed on families and “quality tourists”. The vibrant nightlife still exists and is a key part of Pattaya but more family orientated attractions have started to spring up. This has worked surprisingly well with the two groups seemingly living in harmony with one another and really benefiting the reputation and image of the city.
Nowadays, when you walk around the city you will see singles, couples and families all mixing together. The bars, clubs and restaurants are still busy but so too are the waterparks, shows and shopping centres. The city has managed to break away from the image of sleaze and reinvented itself as the perfect place for families to come and enjoy the fine weather, local hospitality and of course the local attractions.
As more and more people visit, the city becomes more attractive to investors who see Pattaya as a great opportunity for earning some pretty lucrative returns. Investment properties, certainly those catering for short term rentals are in high demand so therefore local developers are looking at the options available to them. As has always been the case with Pattaya, the city and is residents are doing all they can to provide the visiting public with what they want and need.
One local developer, the New Nordic Group who are based in the Pratamnak area of the city perhaps saw this opportunity coming before many of the others. Around a decade ago they engineered a rental guarantee scheme whereby they built condominiums for investment purposes. Investors bought the units and rented them back direct to the developer who, in turn then rented them out to tourists. The developer paid the investor a guaranteed rate of 10% p.a. for periods of between five and twenty years.
New Nordic have made handsome returns selling their units and investors have enjoy pretty much risk free returns way above those offered by the banks. The changing image of Pattaya certainly seems to have benefited everyone and it is sure to continue with the city having bright and prosperous future.