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The property market in Pattaya appears to be hotting up, with condominiums and apartments attracting both foreign and local investors. According to property consultants CB Richard Ellis, part of the attraction of this resort is its location as it is the nearest beach resort to Bangkok, at just over an hour's drive away. It also has very good amenities including good restaurants, shopping five-star hotels and residential properties, golf courses and of course some extremely nice beaches.
Its popularity is likely to be boosted by the fact that a number of celebrities are choosing to buy homes here, and former world champion snooker player, Jimmy White recently bought an apartment in a luxury beachfront development, The Palm Wongamat Beach. Apparently his reasons for choosing to buy property here are the excellent location, sea views and good pricing. This particular development is 70% sold in spite of pre-sales beginning just six months ago. Foreign buyers accounted for 65% of sales, while Thai investors accounted for 35%.
The resort is also proving particularly popular with Russians, who are looking to buy luxury holiday homes, but there are also significant numbers of Thai nationals who have bought property for their own use or as an investment, and some are choosing to purchase several properties in one development.
Some buyers are choosing to purchase apartments rather than condominiums due to the fact that most apartment buildings have a building's manager on hand to resolve any issues in individual units. Condominium buildings managers only have responsibility for management and maintenance of common areas, and are not responsible for maintenance of individual units, which could make condominiums much less attractive to investors looking for a hassle free purchase.
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