About EEC
The EEC initiative is designed to promote economic growth, encourage innovation, and facilitate inclusive development in the Eastern region of Thailand, specifically covering the provinces of Chonburi, Rayong, and Chachoengsao. Its main objectives are to attract industries, advance technological progress, and stimulate investments. The Eastern Special Development Zone Act has been established to provide robust legal support, ensuring the effective implementation of the EEC. Oversight for this initiative is carried out by two key entities: the Eastern Economic Corridor Policy Committee, chaired by the Prime Minister and comprised of 14 relevant ministers, and the Eastern Economic Corridor Policy Office.
The primary aim of the EEC is to modernize and enhance competitiveness in various sectors, including manufacturing, smart technology, tourism, healthcare, and agriculture. These endeavors seek to position Thailand as a global economic hub through improved infrastructure, streamlined business processes, and innovation. Key components of the EEC infrastructure encompass a high-speed train connecting three airports, the U-Tapao International Airport Development Project, Eastern Aviation City, Map Ta Phut Industrial Port Development Project Phase 3, Laem Chabang Port Development Project Phase 3, and the U-Tapao Aircraft Maintenance Center Project, as illustrated in the accompanying image.
The 7 Aspects of New Smart City Development Guidelines
The Eastern Economic Corridor (EEC) of Thailand has outlined New Smart City Development Guidelines centered around seven key "Smart" pillars:
1. Smart Environment - Prioritizing clean air, water management and green spaces for balanced urban living.
2. Smart Economy - Nurturing growth through innovation, entrepreneurship and digital industries.
3. Smart Energy - Advancing sustainability via renewable sources, energy efficiency and smart grids.
4. Smart Governance - Enhancing transparency, efficiency and citizen engagement through technology.
5. Smart Living - Elevating well-being with healthcare, housing and digital services.
6. Smart Mobility - Building efficient, eco-friendly urban transportation systems.
7. Smart Citizens - Empowering through education, digital literacy and civic involvement.
Affect on property market
How EEC may affect Property Prices in Pattaya 2023 - 2024
The EEC is reshaping the real estate scenario in Pattaya, leading to fluctuations in property prices as skilled professionals, expatriates, and investors flock to the region. This influx is visibly altering the dynamics of property prices, with the residential market's trajectory hinging on various factors. Foreigners, whether seeking a residence or making investment purchases, play a crucial role in steering market direction and fostering growth.
Looking ahead, property prices from 2024 to 2026 appear to exhibit a discernible upward trend. This can be attributed to the anticipated completion of EEC development projects, expected to elevate property valuations. The intersection of real estate and market forces signals a noteworthy transformation in the property price dynamics of Pattaya.
From 2020 to 2023, there has been a noticeable uptick in property prices, particularly in the median values of condominiums and commercial properties. This trend implies an evolving market, likely to continue evolving post the completion of EEC's upcoming projects.
For investors, this evolving landscape presents a strategic opportunity. The current valuation scenario provides an optimal moment for those interested in real estate investment, aligning with the timeless investment principle of 'buy low, sell high.' As the EEC initiatives mature and exert a more profound impact, projected increases in property prices after EEC completion underscore the potential for substantial returns.
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