Chonburi province leads the way in the number of condominiums sold to foreigners. Residential properties in Jomtien, Bang Saen and Pratamnak top the list.
The residential property market in Chonburi province, home to Pattaya, is expected to continue to grow throughout 2024, helped by continued foreign interest in condominiums despite an impressive number of new offerings.
Chonburi province is attracting buyers and developers from Bangkok and other parts of the kingdom due to tourism and a rapidly growing industrial sector,” explained Vichai Viratkapan, acting director general of the Real Estate Information Centre.
“Housing supply in Chonburi province has remained significantly constrained as the number of new projects launched between 2020 and 2022 is very small. However, the second and third quarters of 2023 saw an increase in the number of projects being commissioned, which boosted condominium sales during this period,” Vichai said.
Jomtien topped the list with 499 units sold and a monthly absorption rate of 2.9, followed by Bang Saen, Nong Mon and Bang Phra with 400 units sold and an absorption rate of 7.9. Pratamnak and Nihom Amata-Baipass ranked third and fourth, both with 400 units sold and an absorption rate of 3.4 and 5.3, respectively.
Chonburi province also ranked first in the number of condominiums transferred to foreigners, overtaking Bangkok. The proportions were 41.7 per cent and 37.5 per cent, respectively, compared to an average of 30.8 per cent and 48.8 per cent between 2018 and 2022.
“This momentum will continue into 2024. However, developers should be cautious when launching new projects in tourist and industrial zones due to the large number of unsold units and intense competition among developers,” Vichai said.
In the third quarter of 2023, the number of new condominiums sold in Chonburi province totalled 2,129 units, marking an increase of 52 per cent, with a total sales value of 8 billion baht. Meanwhile, sales of low-rise homes fell 26 per cent to 1,713 units worth 6.2 billion baht.
Pattaya is a resort city in southeastern Thailand, in Chonburi province
Pattaya is a resort city in southeastern Thailand’s Chonburi Province.
The number of new condominiums rose 246 per cent to 4,322 units, with a combined value of 15.1 billion baht. The number of remaining unsold units rose 3.1 per cent to 1,871 units with a value of 61.7 billion baht.
“The top three locations with the highest number of sold-out properties were in high demand from buyers and condominium developers. Accordingly, they also saw the highest number of unsold units,” Vichai said.
Jomtien has 5,239 unsold units, which will take 31 months to fully absorb, while Pratamnak and Nihom Amata Bypass have 3,579 and 2,099 unsold units, which will take 26 and 16 months to fully absorb, respectively.
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