News
Pattaya’s Property Market Set for Exponential Growth Amid Rising Demand
Surge in Condominium Developments in Pattaya and EEC
Experts predict significant growth in the property market in Pattaya and the Eastern Economic Corridor (EEC), driven by increasing demand for beachside condominiums and the relocation of Chinese production bases. Phattarachai Taweewong, director of research and communication at Colliers Thailand, announced that 20 new condominium projects worth 43.28 billion baht have been launched in Chonburi province.
Condominium Projects Concentrated in Key Areas
Out of these projects, 13 are located in Jomtien Beach, offering a total of 7,897 units, while seven projects with 2,540 units are situated outside Pattaya. Most of these developments are spearheaded by prominent Bangkok-based property developers such as Origin Property, Riviera Group, Sansiri, and AssetWise. This influx has pushed the condominium supply in Pattaya to a five-year high, indicating a robust market poised for further expansion.
Historical Sales Data and Market Trends
Phattarachai revealed that from 2011 to 2024, a total of 116,075 condominium units have been made available for sale. Notably, 39.66% of these units are located in Jomtien Beach, followed by Phra Tamnak Mountain (18.82%) and central Pattaya (18.70%). Currently, 36,471 units, or 76.29%, have been sold, leaving only 11,329 units on the market.
Luxury Condominiums Attracting Buyers
Luxury condominiums remain highly sought after in Pattaya, particularly in areas like Wong Amat and Jomtien, where available supply is limited. Phattarachai anticipates continued growth in the condominium market next year with new projects planned for central Pattaya, Jomtien, Na Jomtien, and Wong Amat.
Positive Sentiment from EEC Development
Sombat Chanyuttakorn, managing director of LPN Development, highlighted that numerous property projects have emerged in the EEC over the past five years. The buyer demographic includes both investors and employees from industrial estates earning between 20,000-50,000 baht monthly.
Impact of Chinese Entrepreneurs on Rental Markets
The relocation of Chinese entrepreneurs to Amata City Chonburi Industrial Estate has positively influenced the property market. Chanyuttakorn noted that rental rates for apartments and serviced apartments have surged by 80-90%, indicating strong demand for accommodation in the area.
Bright Future for Pattaya’s Real Estate Market
The combination of ongoing infrastructure development under the EEC initiative and rising foreign investment positions Pattaya’s real estate market for substantial growth. As demand continues to rise for condominiums near the beach and other desirable locations, investors are likely to find lucrative opportunities in this vibrant market. With strategic developments planned for 2025 and beyond, Pattaya is set to become a key player in Thailand’s property landscape.
News
Earthquake Strikes Pai with 13 Tremors in One Day
Earthquake Hits Pai: A Series of 13 Tremors
Overview of the Earthquake Activity in Pai
On January 20, 2025, the town of Pai experienced a significant seismic event, registering 13 distinct tremors throughout the day. This unusual activity has raised concerns among residents and local authorities regarding potential aftershocks and safety measures.
Impact on the Local Community
The series of earthquakes has caused anxiety among residents, prompting many to seek information on safety protocols. Local emergency services are on high alert, ready to assist anyone affected by the quakes. Authorities are advising residents to stay prepared for further seismic activity.
Seismological Insights into the Tremors
According to seismologists, the tremors in Pai are part of a larger tectonic activity in the region. Experts emphasize that while such events can be alarming, they are not uncommon in areas prone to earthquakes. Understanding the geological factors at play is crucial for community preparedness.
Preparedness and Safety Measures
In light of these tremors, local officials are urging residents to review their emergency plans. Key recommendations include:
- Creating an emergency kit with essential supplies.
- Identifying safe spots within homes to take cover during tremors.
- Staying informed through local news and official channels.
A Call for Vigilance
As Pai continues to feel the effects of these earthquakes, community vigilance is paramount. Residents are encouraged to remain alert and proactive in their safety measures while local authorities monitor the situation closely.
News
Thailand’s MFA Champions Digital Trade Initiative in ASEAN
Thailand’s MFA Champions Digital Trade Initiative in ASEAN
Introduction to the ASEAN Digital Economy Framework Agreement
The Ministry of Foreign Affairs (MFA) of Thailand is spearheading a significant initiative aimed at enhancing digital trade within the Association of Southeast Asian Nations (ASEAN). This effort is focused on establishing a comprehensive framework that promotes trade and transactions across the region, as articulated by Eksiri Pintaruchi, the MFA’s permanent secretary. The initiative was discussed during an ASEAN Ministerial Meeting retreat held in Langkawi, Malaysia, under the chairmanship of Malaysia.
Significance of the ASEAN Digital Economy Framework Agreement
The proposed ASEAN Digital Economy Framework Agreement (Defa) is poised to be a groundbreaking regional agreement, setting the stage for managing guidelines pertinent to the digital economy. According to Ms. Pintaruchi, this framework represents a crucial step in addressing the rising significance of the digital economy within ASEAN. It aims to facilitate digital trade and transactions while ensuring robust cybersecurity measures are in place.
Thailand’s Role as a Mediator and Previous Chair
Thailand’s experience as a previous chair of ASEAN positions it uniquely to lead these negotiations effectively. The country has a wealth of experience in fostering collaboration among member states, which will be instrumental in advancing the Defa initiative. The MFA emphasizes that establishing a solid framework for digital trade is essential for enhancing economic cooperation and integration among ASEAN nations.
Future Directions for Digital Trade in ASEAN
Looking ahead, the MFA plans to promote further initiatives that align with the goals of Defa, focusing on expanding digital trade capabilities throughout the region. This includes addressing various aspects of the digital economy, from regulatory frameworks to cybersecurity protocols, ensuring that all member states can benefit from enhanced digital connectivity and trade efficiencies.
A New Era for Digital Trade in ASEAN
The MFA’s initiative on digital trade signifies a pivotal moment for ASEAN as it seeks to establish itself as a leader in the global digital economy. By implementing the ASEAN Digital Economy Framework Agreement, member states can expect increased trade opportunities and improved economic resilience in an increasingly digital world.
News
Strengthening Regional Security: Insights from the RTA Briefing
RTA Briefing Enhances Regional Security Cooperation
Key Role of Military Collaboration
The recent briefing by the Royal Thai Army (RTA) has significantly contributed to enhancing military cooperation in the region, thereby strengthening overall security. Lt Gen Kamchai emphasized that such briefings are vital for fostering collaboration among military forces, which in turn bolsters regional stability and security efforts.
Importance of Joint Exercises
Joint exercises, like those conducted by the RTA, play a crucial role in improving operational readiness and interoperability among regional forces. These collaborative efforts not only enhance tactical skills but also build trust and understanding between participating nations, which is essential for effective responses to security challenges.
Future Prospects for Regional Security
Continued Commitment to Cooperation
The RTA’s commitment to ongoing military cooperation is expected to yield positive outcomes for regional security. By engaging in regular briefings and joint exercises, member states can better prepare for potential threats and crises, ensuring a more secure environment for all.
Focus on Comprehensive Security Strategies
As the geopolitical landscape evolves, the RTA briefing highlighted the need for comprehensive security strategies that encompass various aspects of defense and cooperation. This approach is crucial for addressing both traditional and non-traditional security threats facing the region today. By prioritizing military collaboration and joint training initiatives, the RTA aims to create a robust framework that supports long-term peace and stability in the region.
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