When Pattaya’s Condominium Market Skyrocketed!
Remember when Pattaya’s property market skyrocketed? By 2006, the prices for land and condo properties already doubled, and it would triple and quadruple during the next years. Those were the events that resulted in an excess supply of condo units and stalled development sites.
A great number of developers were not able to stop on time, and they found themselves having many unsold units with a limited number of buyers in sight. Eventually, this big supply of Pattaya condo for sale will be sold, and Pattaya will be set on its next property rise. There are a number of high rise condo towers set to pop along Na Jomtien beachfront in the next several years.
The greatest developments in the Eastern Seaboard
Looking back at the Pattaya market from 10 years ago, some of the biggest developments in 2006 involved the developments and projects near Jomtiem beach and south of the Bangsarey beach, involving the Silver Lake Winery Group and their Winery and Chateau Resort concept.
In the Na Jomtien area was the Sails Condominium and the Ocean Marina Yacht Club’s Portofino. The Wongamat Beach area, located in North Pattaya, was also vibrant with several resorts and 3 to 5 star condominiums.
In Central Pattaya, there were boutique condominiums, reflecting demand for Pattaya’s inner city living apartments. The notable Nova Group designed and built 8 low rise boutique condominiums in the Pattaya area. Every one of the condominiums were selling well. After Nova Group was the Hyde Park Court, Nova Central and Nova Plaza Hotel. Nova Group’s Rony Fineman even mentioned that he was not able to find sufficient workers to keep up pace with the demands.
Michael Suttie’s Pattaya Properties Group was also an incredible developer. In five years, they turned to a development empire. Their View Talay Villas started it, and then the View Talay Residences. Their great move after was their Majestic Residence.
The Pattaya Properties Group just started their success that time, and it was their designs and also planning that eventually made the real estate boom in Pattaya. The Pattaya property development scene may again boom with great designs and incredible construction… one more time!