Although Thailand is a relatively free place to live for most expats who descend from Western nations, one of the things that surprises us the most is that gambling is illegal. This is especially true if you are from Britain where there are casinos and bookmaking shops at every turn. There are lots of rumors flying around at the moment that Thailand will legalese certain forms of gambling, which would be a great revenue stream for the kingdom, but would it attract more investors to the Pattaya condo for sale market?
Investing in the Pattaya Condo For Sale Market
If the rumors going about regarding legalizing gambling in Thailand are true, now really is a great time to invest in the Pattaya condo for sale market. Major tourism areas such as Pattaya, Bangkok and Pattaya would definitely benefit from the construction of a few casinos. Not only would it attract local Thais to the regions, but also lots of other Asian visitors from surrounding nations, especially the likes of China and Singapore.
Pattaya has always moved with the times, so it would be a natural progression that our city would be one of the first places to integrate a casino or two.
The rapid increase of visitors to Pattaya would definitely affect the city’s real estate market, who would have to adapt to the increase in numbers. This would solidify the holiday condo rental market and would make Pattaya a perfect place to invest for those looking to make back money through rental returns.
Hotels would also benefit from such a move, which would solve the problems of the low occupancy rates we have seen over the past 18 months. A lack of supply of hotel rooms will also hike up the price, which is yet another good thing for businesses in Pattaya. It could create more jobs in the city, both long and short-term, and positively give the economy a real shot in the arm.
There will be some people who believe that legalizing gambling is a bad thing in general for Thailand, and although I wouldn’t argue with that on an individual level, people should be able to make their own choices, and if it were legal to gamble, those with problems could be dealt with in a proper and sensible manner, and the market could be wrestled back from the black market.
Gambling was legalized in Macau in the early part of the Millennium, which has dramatically boosted the city’s economy, generating the highest revenue of any city in the world for gambling in 2007.
One thing is for sure, the legalization of gambling in Thailand would benefit the Pattaya condo for sale market and boost other areas of the economy that have been struggling since the world-wide financial crash in 2008. There are many pros and cons, so I think it’s time we seriously start to think about it, and it would be a good idea to keep your ear to the floor because if restrictions are lifted, investing in the Pattaya condo real estate sector will be a must.