What is ‘prime’ property?
How many times have you heard the word ‘prime’ when someone is talking about a property? The first thing that springs to mind is exclusivity or something special, such as a prime location – it gives the impression of being one of a kind and unique. We take a look at some of the things that could make a property ‘prime’.
Although ‘prime’ conjures up lots of connotations, location is probably the most frequently used. There are various things that give a property in a ‘prime’ location so generally in Pattaya at least, it would be somewhere close to the beach – Pratamnak and Naklua often being the favourites or in a central area with easy access to other areas of the city. Just a few hundred metres and which side of the road the property is located on can make an enormous difference to if a property would be classed as ‘prime’.
In Pattaya we can find that properties vary a great deal in price even when they are next door to each other. This is often due to the age of the building, its condition, style and perhaps even the management team running the property. When it comes to newer properties however, there will be some consistency regarding pricing in the same area with similar properties selling for similar prices. It is fair to say that the prices of newer properties will help you determine if a property is ‘prime’ or not.
• Transportation links
Many people in Pattaya don’t have their own transportation so rely on baht buses and motorbike taxis to get around. Although motorbike taxis are plentiful, they may not be everyone’s choice so proximity to a baht bus route would then grow in importance. Properties that are close to baht bus routes do have slightly inflated prices so this would again suggest that they were in a ‘prime’ location.
The term ‘amenities’ is very general and what is important to one person may have little significance to another. Amenities could include restaurants, bars and shops but to others it might be schools and hospitals. Regardless, a property located to quality ‘amenities’ will have a greater value than one a further distance away.
Of course, as we have touched upon, price plays a very important role in how a property is perceived. Those with a higher value would be viewed as being ‘prime’ but the price can distort the definition if it covers too broad an area. For instance, post the global financial crash in 2008, properties in London rose rapidly in value and the term ‘prime’ covered a huge area. Because of this, the term ‘super prime’ emerged to class properties that you previously have been viewed as ‘prime’. Therefore, using price as a guide alone can be misleading.
3. Property specifications and facilities
The specifications and facilities of the property play a massive role in how a property is viewed. For instance, there are properties located in Pratamnak that have the address and the price but their specifications and the quality of the build do not match that of others in the area. When this is the case, the property may be in a ‘prime’ location, have a premium price but to all intents and purposes it may be far from prime!
All in all, it is important to weigh up serval different aspects about a property before concluding whether it can be genuinely classed as ‘prime’.