Bangkok is undergoing a real estate explosion even as we speak with all the foreign investors it is attracting with its luxury properties mushrooming over the landscape of the city, slowly and steadily. This promising gradient is a very positive takeaway for the real estate industry in Thailand and can surely pave the way for other locations in Thailand to follow suit. With premium luxury upscale developed property rates in Bangkok ranging anywhere between 6500 USD to 10,000 USD per square unit, the occupancy rate for last year for 120,000 developed projects was 80%. Although Thai law is very strict and has absolutely no provision for facilitating foreigners to own land in Thailand but there is an exempt on foreign nationals owning developed properties. However, these factors don’t seem to be deterrents for the plethora of foreigners literally queuing up to invest in property in prime locations such as beachfront villas or super luxury condominium houses. As a result, the property values in Bangkok have an assured appreciation of at least 10% every passing year and new properties developed have increasing prices that are almost hitting the sky. The government of Thailand impressed by the rising interest and investment from foreign shores in Bangkok properties has given the approvals to lay similar plans of modernization and real estate development in Pattaya with a view to replicate the same success and develop other locations in Thailand as prospective and lucrative locations for attracting foreign investment. With the same intention, Pattaya and the Eastern Economic Corridor (EEC) have been granted with the approval to develop 168 infrastructure projects from 2018 to 2022 and beyond. The Pattaya Economic Corridor has been segregated into three phases for convenience and simplicity.
Phase 1 of the EEC incorporates and accounts for Urgent Projects to facilitate the connectivity to the residential and commercial real estate projects such as:
High Speed Intercity Railway Network
Multi Lane Traffic Lane Modern Motorway System
Upgraded Modern Port Facility Connectivity
Connecting Roads To All Major Highways and Interstate Connecting Roads
Commercial Pier Systems & Ferry Facilities Connecting Them
The above listed amenities are expected to be finished over a span of two years and will be ready for use and implementation before the real estate projects are ready for possession. Projects are expected to be completed in a short-term. These projects have an accumulated budget of 9.2 Billion USD.
Phase 2 of the EEC projects is slated to commence in 2019 with a proposed completion date by 2021. Phase 2 incorporates Intermediate Projects.
The proposed cost of the intermediate projects is quoted to be around 13 Billion USD.
The last investment phase of the EEC will be the long-term projects which shall subsequently begin in 2022 and stretch on indefinitely.
The worth of the long-term projects is estimated of 252.88 Billion THB (7.9 Billion USD).
The combined cost of investment in developing the Eastern Economic Corridor (EEC) for residential occupancy and luxury standard of living is almost to the tune of 31 Billion USD funded by the Thai state treasury and the Royal Thai army partially. It is highly recommended for those foreign nationals who are interested in purchasing luxury property in Thailand that they consult our real estate agency for our expert’s opinion and assistance in enabling their possession for ownership seamlessly. With Bangkok fast reaching saturation and property prices soaring to the heavens, your dream home in Thailand or a beachfront villa can be realized in Pattaya. Visit our website Thailand Doctor Property today or write to us to begin the processing today itself and jump ahead of the queue.