More and more people are becoming aware of the potential in Pattaya and it’s a great time for those thinking of investing here.
That’s the view of Gareth de Silva, the head of Benchmark Properties who I spoke to in his Thepprasit Road offices, writes Dave Buckley.
DB: What are your thoughts about the current market?
GdS: Certainly it’s a good time for investors. The old adage that ‘a property is only worth whatever someone is prepared to pay for it’ seems to be sinking in more and more with owners who wish to sell.
DB: Could you expand on that?
GdS: At Benchmark we have helped investors to hunt down some really good bargains lately. In some cases we have been able to negotiate reductions of as much as
30-40 per cent compared to the asking price.

Greater realism
I am sensing a greater realism among sellers now on prices. Investors are not looking to buy their ‘dream home or condo’, they are seeking a return on their money.
There are sellers who realise that if they continue to try to get top dollar it isn’t going to happen. They are showing a greater understanding of this and adjusting their prices accordingly to attract investors.
Recently one seller who I never thought would come down in price decided to reduce his expectations and we got the sale.
Buyers are very happy if they can get a property at the right price and sellers receiove the money and can move on.
DB: Any other trends you are noticing?
GdS: Yes, I see quite a few people selling big apartments in older buildings and using the money to buy two or three units in one or more of the newer projects. Some are choosing to live in one and rent the other one or two out. That is becoming more common.
DB: You have talked mainly about sales. What’s happening on the letting front?
GdS: There’s been a slow down in corporate rentals recently but that is being more than compensated for by the increase in short-term rentals.
DB: Is this a reaction to the flooding in Bangkok?
GdS: No, I don’t feel that is the case. We noticed this development before these problems hit Bangkok.

Business potential
Also people from the capital seem to have become more and more aware of the business potential here in Pattaya over recent months. Nothing especially to do with the flooding though maybe that will now serve to convince people that they should act.
DB: What about all these new projects hitting the market?
GdS: For sure there is more competition in the marketplace. I think that projects such as Matrix’s Sunset Boulevard and The Vision and Vistas’ The Peak Towers will offer decent rental income to investors. That said, there are many, many top developments out there – that’s part of the reason why it’s a good time to be an investor in Pattaya! Ω