Growth of the manufacturing industry is increasing the appetite for property in Sri Racha.
Bangkok is often perceived to be at the epicentre of business in Thailand. With many expatriates flocking to the capital for work. However over recent years all eyes have been thrust upon Sri Racha. This town situated in the Chonburi province just north of Pattaya has been promoted further thanks to Eastern Economic Corridor (EEC). Building on the existing Eastern Seaboard, the EEC will continue to build on the region’s reputation as a hub for the manufacturing industry. Injecting investment into a wide range of industries including food, agriculture, electronics, logistics and medical services.
Developer’s have been keen to cease the opportunities created due to this growth in business. An increasing number of companies are based here with many employees requiring accommodation. The Japanese community are one prevalent demographic making up the majority of expatriates within the manufacturing industry. There are 36,000 Japanese nationals living in Thailand. Fifty percent live in Bangkok, mainly in the Thong Lo and Ekkamai area within Sukhumvit. The remainder residing in Sri Racha.
Sri Racha has become popular for a number of reasons. Firstly it ensures a short commuting time to work. Secondly it is located close to Bangkok, but also to Pattaya as well. Developers have responded to this increased demand by increasing supply. Focusing in on serviced apartments, the preferred choice of accommodation for the Japanese, the number of new units that have come to the market have increased dramatically.
Despite much of the attention being focused on the serviced apartment sector thanks to the convenience they provide, the hotel trade is also fairing well. However both must be located nearby to workplaces as many expatriates do not have their own cars. Only time will tell if the private residential market will benefit too, but since the Japanese are keen to take advantage of the ease of serviced living due to their short stays in Thailand, this is one sector that is expected to continue to perform well.