JOMTIEN BEACH IS PART OF THAILAND’S FASTEST GROWING RESORT MARKET
While Phuket remains the most mature resort property market in Thailand with the widest range and highest prices, Pattaya is the most popular tourist destination in Thailand, attracting almost 4 million visitors in 2010. Tourism is a main factor in the growth of resort real estate, and Pattaya has long attracted a mix of foreign and Thai interest.
New, Improved Image
Pattaya gains 90% of its revenue from tourism, accounting for 50 billion baht annually (USD 1.63 billion). While tourism is a key driver for the RSH market, the combination of increasing numbers of visitors and recent infrastructure improvements have made Pattaya one of the fastest evolving resort markets in Thailand; possibly Asia over the past few years. The character of Pattaya and Jomtien has changed markedly, with the focus shifting towards lifestyle, family and sports. The Tourism Authority of Thailand (TAT) has launched a major initiative to favourably position Pattaya and Jomtien, both locally and internationally.
Accessibility
Only an hour’s drive away, Suvarnabhumi International Airport, opened in 2006 has provided far better accessibility to Pattaya. With its two runways the airport is currently able to receive forty-five million visitors a year, however an expansion to four runways has been planned for 2015, which could allow visitor numbers to climb to one hundred million visitors per year. Road networks have been significantly upgraded and the journey between Bangkok and Pattaya can now be made in only ninety minutes. Plans are also in place for a high speed rail to link Bangkok with the airport, and then onwards to Pattaya and Jomtien – with the Bangkok-to-airport section already complete in 2010.
Industry and Commerce
Neighbouring areas outside of Pattaya are Thailand’s main focus for industrial development and trade, and contain many large industrial parks (e.g. Amata and Hemaraj). This industry utilises the main port of Thailand – the Laem Chabang deep sea port, currently operating at 55% of its capacity. Hence there are opportunities for an industrial expansion in this area, which could lead to a value increase in property.
Education and Healthcare
To complement this development, several educational facilities have been founded and there are currently three international schools: two English and one Japanese school. There are also three renowned international standard hospitals in the area; Phyathai Hospital, Bangkok Hospital and Samitivej Hospital.
Designated Areas for Sustainable Tourism Administration (DASTA)
One of the most exciting initiatives underway to reposition Pattaya as a tourism destination is a plan designed by the public organisation DASTA to upgrade facilities and infrastructure in the city, which was approved in April 2011 by the Pattaya City Council. The plan is designed to introduce balanced development in terms of economic, social, and environmental aspects, as a way of increasing opportunities for eco-tourism as well as cultural and natural preservation.
Key items of the master plan include the rehabilitation, cleaning and extension of beaches – particularly Pattaya Beach and Jomtien Beach. The plan will also focus on connecting areas, with wider pavements and bicycle lanes intended to link Jomtien Beach to Pattaya City.
All the plans are being managed by DASTA and aim to be completed by 2019. A total budget of 15 billion baht (USD 490 million) has been allocated to the developments with costs being spread across transport and accessibility, public utilities, promoting development projects and community and environmental projects.
