Big surge in demand for condos expected in Pattaya and EEC areas
Experts predict an exponential growth in the property market in Pattaya and the Eastern Economic Corridor (EEC) due to buyers’ demand for condominiums near the beach and relocation of production bases by Chinese entrepreneurs.
Phattarachai Taweewong, director of research and communication at investment management firm Colliers Thailand, said on Wednesday that up to 20 condominium projects worth 43.28 billion baht have been launched in Chonburi province.
Of them, 13 projects with 7,897 units are located in Pattaya’s Jomtien Beach and seven projects with 2,540 units outside the resort city, he explained.
He added that most condominium projects were developed by Bangkok-based property developers, such as Origin Property, Riviera Group, Sansiri and AssetWise.
The condominium supply in Pattaya has hit a new high in five years, which would benefit the condominium market there, he said.
Phattarachai revealed that a total of 116,075 condominium units have been offered for sale from 2011 to 2024. Of them, 39.66% are located in Jomtien Beach, followed by Phra Tamnak Mountain (18.82%) and the heart of Pattaya city (18.70%), he explained.
He said 36,471 condominium units, or 76.29%, have been sold so far, leaving only 11,329 units on sale.
“Luxury condominiums in Pattaya still drew the attention of buyers,” he said, adding that customers were interested in condominium units near the beach in Wong Amat and Jomtien areas, where the supply is relatively low.
Phattarachai expects the condominium market in Pattaya to grow further next year, with new projects in the heart of the city, Jomtien, Na Jomtien and Wong Amat areas.
Sombat Chanyuttakorn, managing director of LPN Development, said many property projects were launched in the EEC over the past five years. He said property buyers in the area included investors and employees in industrial estates with a monthly salary of 20,000-50,000 baht.
He noted that the market also gained positive sentiment from Chinese entrepreneurs relocating their production base to Amata City Chonburi Industrial Estate, saying that apartment and serviced apartment rental rates had surged 80-90%.
“This shows that demand for accommodation exists in the area,” he said.
