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Pattaya Business Seminar Calls For Foreign Quota Increase In Thai Condominiums

Walaiklao Kumwong Francom Asia
Pattaya Business Seminar Calls For Foreign Quota Increase In Thai Condominiums - Thailand - Pattaya - Business - Real Estate - Raimon Land - law - condo

Panellists called for an increase in the amount of condominiums foreigners can buy in developments in Pattaya during a recent half-day seminar, “Approaches to Bolster the Tourism and Real Estate Sectors in Pattaya”, organised by luxury property developer, Raimon Land, and the Pattaya city administration.

The seminar, held on Friday, 27 March, acknowledged the double-barrel effect that the global financial crisis and Thailand’s political and social instability is having on Pattaya’s economy, and encouraged businesses to adjust their strategies to successfully weather the storm.

Pattaya City Mayor Ittipol Khunpleum opened the forum, stating that his first priority is the tourism sector, and his administration has been urging businesses to stay up to date on the policies designed to boost tourism in Pattaya and help the residents of the city.

“Pattaya is a well known tourism destination not only in the region but throughout the world. The challenge for us now is to entice tourists to stay for longer and visit us more frequently,” Mayor Ittipol said.

“To do this we need to keep working hard to develop the city and its infrastructure to make them feel comfortable and welcome so they feel like they want to extend their stay with us.”

Given the clear link between tourism and property investment in Pattaya, the natural consequence of attracting visitors to stay longer is for them to live in the city – with the retirement market presenting a key opportunity.

Panellists, including executives from Raimon Land PLC., Knight Frank Chartered (Thailand) Co., Ltd., Central Pattana PLC. and the Pattaya Business and Tourism Association, suggested that increasing the foreign quota at condominium developments would stimulate the property market and the economy, and create the structure to attract investment from the home retirement market.

They said increasing the quota could attract an additional THB6 billion in sales across ten current projects, while pointing to the strong international demand that still exists, as seen in the jump in foreign enquiries into projects in Thailand, many of which have filled their 49% foreign quota.

Raimon Land Director of Sales and Marketing, Henri Young, said: “In 1999, the government put a special policy in place that opened up the foreign quota for a limited time to encourage investment. Perhaps the current administration could consider doing the same in response to current market conditions.”

Photo caption:

Participating in the seminar are (from left) Pattaya Business and Tourism Association President, Jamroon Vitsavachaipan; Pattaya City Mayor, Ittipol Khunpleum; Tourism Authority of Thailand Chairman, Weerasak Kowsurat; Knight Frank Chartered (Thailand) Director of Residential Department, Frank Khan; Raimon Land Director of Sales and Marketing, Henri Young; and Chulalongkorn University Head of Research Division for Elderly-Friendly Housing Environment, Department of Housing Faculty of Architecture, Assoc Prof Trirat Jaruthat.


Walaiklao Kumwong
Raimon Land Public Relations
C/O Francom Asia
Tel: 02 233 4338 or 39
Fax: 02 236 8030
E-mail: pr@francomasia.com

Kwanrudee Maneewongwatthana
Senior Vice President Communications
Raimon Land PLC
Tel : +66 (0) 2651-9601 to 4
Fax : +66 (0) 2651-9614
E-mail : kwan@raimonland.com

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