Foreign buyers driving demand for property in Pattaya and Chonburi

 

Chonburi province has surpassed Bangkok as the top destination for foreign property buyers in the first half of 2024, according to a survey by the Real Estate Information Center. 

 

This surge in foreign investment is attributed to the recovery of Thailand’s tourism and growing economic activity in the Eastern Economic Corridor (EEC).

 

The influx of foreign buyers has spurred increased demand for real estate, particularly condominiums. Major developers are responding to this demand by launching new projects, with an estimated 1,000 new units expected to hit the market in 2025.

 

The managing director of Property DNA, Surachet Kongcheep,  highlighted the impact of large-scale developments on land prices, especially in prime beachfront locations. 

 

"Some beach plots are now being advertised for as much as 1 million baht per square wah (around 4 square metres), but in general, prices range from 200,000 to 500,000 baht per square wah, depending on location and proximity to the beach," he said.

 

 

Despite a previous slowdown in the Pattaya condominium market, the city's tourism sector is now thriving. Hotel occupancy rates in the third quarter of 2024 exceeded 78%, and are projected to grow by 3-5% year on year.

 

"Over 10,000 new units have been launched annually in the past decade, but many of these projects remain unsold. To address this, developers are shifting their focus to domestic buyers and diversifying their target markets to reduce reliance on a single foreign buyer group," Kongcheep said.
 

 

 

To capitalise on the growing demand, developers like Sansiri are launching luxury condominium projects in prime locations. The "LIT Residence" project, situated on the beachfront in Pattaya, is priced at over 250,000 baht per square metre.

 

 

Kromchet Wipanpong, the CEO of AssetWise, is also tapping into the market with the Aquarus Jomtien Pattaya project, priced at 150,000 baht per square metre. The project targets high net-worth foreign buyers.

 

Chris Cherdsuriya, adviser to the CEO of Honor Group, emphasised the role of the EEC in driving demand for property in Chonburi. 

 

"The government's investment in infrastructure, including high-speed rail, airports, and ports, is attracting both domestic and foreign investment, leading to increased housing demand, especially in areas like Wong Amat Pattaya," he said.

 

Honor Group's "Once Wongamat" project, a 56-storey luxury condominium, is priced from 5.9 million baht to 100 million baht. The project targets both domestic and foreign buyers, with a 50-50 split.