Projected Increase in Condo Launches in Pattaya
New condominium launches in Pattaya are poised for a significant surge, with Colliers Thailand predicting a 50% rise in 2024, reaching 5,000 units. This remarkable growth will surpass the previous record of 3,302 units set last year—a record which itself marked a 123% increase compared to 2022. The planned expansion underscores Pattaya’s rising status as a real estate hotspot, driven by both local and foreign demand.
One cannot overlook the influence of Pattaya City, Wong Amat, and Jomtien, which continue to lead the market. Notably, the influx of luxury condo projects is bolstering these already robust locations, each bringing unique attractions and amenities. If the past year is any indication, the forthcoming developments are likely to further strengthen Pattaya’s real estate market presence.
Demographic Dynamics and Market Performance
The buoyant performance of the condo market in Pattaya is reflected in its take-up rates, with an impressive average of 76% for new properties. Pattaya City shined the brightest with a staggering 87% rate, leaving only 615 units unsold. This underscores strong buyer interest and a dynamic real estate environment. Adding to this positive trend is the resurgence of foreign buyers, particularly from China and Russia, who in 2023 were notably purchasing multiple units within single projects.
Local demand for new condos has also been robust, driven by a preference for properties developed by reputable companies. Such projects are not only seen as places to live but also as sound investment opportunities, contributing to both confidence and high take-up rates. Despite the considerable number of unsold units in completed projects, the average selling prices have remained stable, reflecting a balanced approach by developers in pricing their offerings.
Market Trends: Prices and Precaution
Prices in high-demand areas like Wong Amat have experienced remarkable increases, with some projects exceeding 188,000 baht per square meter. Meanwhile, Jomtien has maintained lower average prices due to its concentration of mid-level projects, highlighting the price variations based on location and project type. Notably, beachfront properties continue to command a premium price, reinforcing their status as valuable real estate assets with some units selling for over 120,000 baht per square meter.
While the optimistic projections and steady market performance are encouraging, caution is advised for developers. The anticipated surge in new condo launches could risk creating an oversupply, potentially destabilizing the market. It’s essential for developers to exercise prudence in their planning and ensure that demand is thoroughly researched and understood. Carefully managing supply will be crucial to maintaining the momentum and stability that Pattaya’s condo market currently enjoys.
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