Post Covid-19 Optimism for Real Estate Market
Covid-19 has changed the landscape of nearly every aspect of our lives. The real estate sector is no exception. The current limitations on international travel and uncertain economic times might make you think that the real estate market will be facing tough times for the rest of 2020 and into next year. However, there are some very positive moves being made by the Thai government that will significantly change the landscape of the Eastern Seaboard and in particular Pattaya.
Just last week, the government signed a 290 billion baht contract to upgrade U-Tapao International Airport and Eastern Airport City. The Eastern Economic Corridor (EEC) includes the provinces of Rayong, Chacheognsao and Chon Buri. It is just one of several significant infrastructure developments designed to strengthen the EEC. There is also a project approved last year to build a high-speed rail network connecting U-Tapo with both Suvarnabhumi and Don Mueang airports in Bangkok.
Other projects include a recently opened section of motorway connecting Pattaya to Map Ta Phut facilitate travel between Bangkok and provinces in the EEC. There are also plans underway to build an 11 stop 9-kilometre monorail system through the heart of Pattaya. This should ease congestion as it runs along the main route for commuters in Pattaya as well as serving tourists and shoppers.
These ambitious grassroots projects will serve to boost the economy of the EEC. Significant incentives have been put in place to encourage the private sector to support further economic development amongst the farming and tourism industries.
The Thai government is bolstering local economies with these major infrastructure projects. They are looking towards a favourable time when the virus is under control, and we return to a sense of normalcy. Many analysts predict 2020 is going to be a growth year for the real estate market in Pattaya. Interest rates are still quite low, and investors will certainly look optimistically at the market for an excellent ROI. With these significant developments in the Pattaya and the EEC, the market is there for further investment. Make sure you choose the right real estate agent who understands the impact of these projects on Pattaya.
East Coast Real Estate has been in Pattaya for over 18 years. They have three offices for your convenience in Central Pattaya, Jomtien and the newly opened office in East Pattaya. Their experienced, knowledgeable staff come with the highest recommendations from their clients. Whatever looking for an investment, a home to buy or a place to rent, East Coast Real Estate can help. They have an extensive range of properties and the customer service to help you whatever your needs.