How to Avoid Oversaturation in Pattaya’s Real Estate Market

Despite strong sales last year, developers in Pattaya should remain cautious before launching new condominiums to avoid market oversaturation. According to Colliers Thailand, the number of new projects is expected to increase by 50% and reach 5,000 units in 2024.

Phattharachai Thavivong, Director of the Research Department at Colliers, noted that this will be a record figure for Pattaya’s condominium market, surpassing last year’s record of 3,302 units, which was 123% higher than in 2022.

“This milestone represents the highest figure in the past three years, highlighting a significant recovery after the challenges caused by the pandemic,” he said.

Areas such as Pattaya City, Wong Amat, and Jomtien will continue to remain popular, while the launch of luxury projects will further enhance their importance in the market.

According to Colliers, the most popular location for new condominiums last year was Jomtien, accounting for 43% of all new supply, followed by Pratumnak (28%) and Central Pattaya (16%).

The average sales rate in this market was 76%, with Central Pattaya showing the highest level at 87%, leaving only 615 unsold units.

Jomtien ranked second with a sales rate of 79%, followed by Na Jomtien with 71%.

“Foreign buyers, especially from China and Russia, became active again in 2023, with some purchasing several units within the same project,” he noted. “Local demand also remained strong, with buyers showing great interest in projects by well-known developers, viewing them as promising investment opportunities.”

Average condominium prices in Pattaya remained relatively stable due to the large number of unsold units in completed projects, Colliers reported.

In popular areas such as Wong Amat (North Pattaya), prices have surged, with some projects offering over 188,000 baht (around $5,400 or 485,000 rubles) per square meter. Other coastal areas also saw significant price tags exceeding 135,000 baht (around $3,900 or 348,000 rubles) per square meter.

Meanwhile, Jomtien, while still attractive, showed comparatively lower average sale prices due to the abundance of mid-range projects along Jomtien Soi 2, where prices started at less than 60,000 baht (around $1,700 or 155,000 rubles) per square meter. However, beachfront developments in various locations maintained their premium status, with units priced above 120,000 baht (around $3,450 or 309,000 rubles) per square meter.

All these factors highlight the importance of a well-informed approach to real estate investment. Thai-residence.com offers expert services in this field, providing clients with access to the most promising projects and lucrative investment opportunities. Partnering with Thai-residence.com allows you to invest confidently in Pattaya real estate, avoiding the risks of market oversupply and choosing the most profitable options.