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Pattaya-Chonburi condominium market is experiencing a strong recovery, primarily driven by foreign demand and supportive government policies. Here’s a summary of the key market dynamics, demand drivers, and strategic considerations for developers and investors.
1. Demand & Buyer Profile
- Foreigners are the Main Engine: Foreign buyers continue to be the primary force in the Pattaya condo market. Data from REIC and mainstream media shows that Chonburi consistently ranks as a top destination for foreign condo ownership alongside Bangkok, and even surpassed Bangkok in transaction value during the first half of 2024.
- Shifting Buyer Demographics: While Chinese buyers remain the largest nationality overall, Pattaya has seen a significant increase in purchasing and long-term rentals from Russian and Eastern European buyers in 2023-2025. They favor 1-2 bedroom units (30-55 sqm) with resort-style amenities near the beach.
- Thai Buyers: Thais typically purchase for second homes or long-term rental investments. The government’s temporary relaxation of LTV to 100% (May 2025 – June 2026) and the reduction of transfer and mortgage fees to 0.01% for properties up to 7 million THB (April 2025 – June 2026) have significantly boosted buying interest among this group.
2. Supply & Pricing
- New Supply & Luxury Segment: The second half of 2024 saw the launch of 4 new projects, adding over 1,926 units to the market. A notable trend is that the “Luxury” segment accounts for the largest proportion of this new supply, catering to high-end demand.
- Tourism Fuels Rental Yields: Pattaya’s tourism sector has seen a strong rebound, with average hotel occupancy reaching 71% and an average daily rate of 3,498 THB in 2024. This recovery directly supports the rental market and attracts buy-to-rent investors.
- Pricing by Area: Condo prices vary significantly by location and sea view. The Wongamat area commands the highest average price at ~188,000 THB/sqm. Other key areas include Central Pattaya (~155,000 THB/sqm), Pratumnak (~135,000 THB/sqm), and Jomtien/Na Jomtien (~112,000/~87,000 THB/sqm).
3. Risks & Considerations
- Crackdown on Daily Rentals: The government is strictly enforcing the Hotel Act in 2025, cracking down on daily rentals in unlicensed condo buildings. This poses a significant risk for investors focusing on short-term rentals. It is now crucial to focus on long-term or monthly rentals or use professional management services that comply with the law.
- EEC Infrastructure Uncertainty: Large-scale infrastructure projects like the high-speed rail linking 3 airports and the U-Tapao airport development face delays and contract reviews. Investors should view the EEC as a long-term “upside” rather than a guaranteed short-term return.
4. Strategic Outlook
- For Developers: Focus on hotel-branded and serviced residences, especially in prime beachfront locations, to capture luxury demand. Offering flexible payment plans, fully-furnished units, and professional rental management packages can attract both local and foreign buyers.
- For Investors: Choose projects based on location, view, and quality of building management to ensure stable yields. Take advantage of the temporary LTV and fee reductions to optimize financing and reduce closing costs, but be sure to complete transactions before the measures expire in June 2026.
Main References
- CBRE Thailand – Pattaya Overall Figures H2 2024: New condominium supply of 1,926 units launched in the second half of 2024, with luxury segment dominating. Hotel sector recovery with average occupancy rate at ~71% and ADR at THB 3,498/night.
- Bangkok Post (Special Publication, May 2024) – Condominium average prices by key zones in Pattaya:
- Xinhua / REIC (Real Estate Information Center) & The Nation/REIC – Reports on foreign condominium purchases in Thailand, highlighting Chonburi (Pattaya) as one of the most active provinces alongside Bangkok, with significant foreign ownership weight.
- Reuters / Bank of Thailand – Announcement of temporary relaxation of Loan-to-Value (LTV) ratio to 100% for all residential property mortgages between May 2025 – June 2026 to stimulate housing demand.
- Nishimura & Asahi / HLB Thailand – Details on the reduction of transfer and mortgage registration fees to 0.01% for properties priced or mortgaged at ≤ THB 7 million, applicable only to Thai nationals, effective 22 April 2025 – 30 June 2026.
- Bangkok Post / Khaosod English – Coverage of stricter enforcement of the Hotel Act in 2025, prohibiting unlicensed short-term rentals in condominium units and warning of penalties for violations.
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