Just a year ago, Pattaya truly felt like the #1 destination for Russian travelers and the city was booming as it catered to their needs. While Chinese were certainly in influx throughout most of Thailand, Pattaya still felt a little more Russian dominated.
What a difference a year makes! In January, Thailand’s tourism figures registered a negative growth of 45.97% for Russian visitors. Russia’s current economic and political turmoil was certainly taking its toll.
The decline of Russian tourism has certainly not created a doom and gloom situation for Pattaya Tourism and the overall Pattaya condo and real estate business. We have been adjusting quickly to meet the needs of our newest visitors and real estate buyers. In fact, tourism in Thailand overall has recovered quickly and the market has more than replaced the drop from Russian visitors. January 2015 saw 16% foreign visitor growth in Thailand, and then 20%+ respectively in February and March.
The Department of Tourism Director-General Second Lieutenant Anuphab Kesornsuwan has informed us that Thailand has become the number one destination for Chinese travellers in the first 2 months of this year and that number would likely continue to grow as more and more Chinese individuals start to make their way to Thailand, even though the figure of those coming with tour operators is on a decline. With the Chinese market relying less on tour operators, and enjoying Thailand on an individual basis, it gives them the time and ability to explore real estate and development opportunities in Pattaya, for which we have already seen a buyer shift to Chinese purchases in Pattaya condo’s and homes.
How do these new demographics affect the Real Estate Industry?
Pattaya Real Estate has the advantage of demand coming from a true variety of sources, as it is a major metropolitan area just two hours from Bangkok, 1.5 hours from the International Airport, just a short jaunt from the important Eastern Seaboard Industrial Estates and Thailand’s busiest port. While as much as 60% of foreign investment in previous years was coming from Russian buyers, its main customers continue to be Thais buying second homes, which comprises as much as 55% of the total real estate purchases. Our future of foreign buyers looks to be mainly comprised of the aforementioned Chinese, British, Kazakh, Australian, German, Dutch, Indian, American and others.
Pattaya looks to be ready for the great Chinese boom and Powerhouse Developments has ensured the needs are all International buyers, including the Chinese, can be met by equipping ourselves the finest multilingual property and investment specialists. We can cater to your needs and your cultural preferences with our experienced international team. Contact us today to learn more about the incredible Pattaya condo and home real estate market and the investment potential.