In its September 2022 report, Thailand’s Real Estate Information Center (REIC) confirms what everyone already knows: Pattaya real estate has a large number of unsold condominium units. In the province of Chonburi, which contains Pattaya, the total number of properties expecting a buyer in June was just under 17,000, with a paper value of 78 billion baht, or just under 2 billion pounds. To give the “absorption” rate time to take effect, REIC advises a pause in the construction of new high-rise buildings. Certainly, a comeback is in the cards.
Colliers Thailand, a property consultancy, notes that early 2022 sales were substantially better than in recent years. Future events, such as the return of the Chinese, who now own half of all foreign-owned condominium properties in all major Thai cities, could dramatically change prospects for condo sales in Pattaya.
Pattaya is strategically positioned in the Eastern Economic Corridor (EEC) which is rapidly modernizing infrastructure, particularly transportation, and advancing Thailand’s economy technologically, particularly in the province of Rayong. The EEC zone is set to become the digital hub of Central Thailand. Additionally, the area is a well-known ship port of the country’s economy.
Furthermore, the EEC zone is set to be the gateway for the high speed train development connecting the whole of Southeast Asia and China. Here is a guide of 9 reasons you should visit Pattaya during Christmas of 2022
Pattaya Real Estate Condo Issues in 2022
The oversupply of studio condos, especially those 30 sqm apartments for sale in Pattaya where a cat cannot be swung around, is a significant issue with Pattaya real estate market.
Some real estate agents believe that the potential arrival of casinos could help to solve even this problem, as visitors from other countries and home gamblers look for a pied-a-terre close to the lavish gambling establishment of their choice. Others assert that the resurgence of international visitors in Pattaya will provide work prospects for Thais, who will then look for their first home.
Fix Pattaya Real Estate
The arrival of Chinese homebuyers and new when new tourism start coming from Saudi Arabia, as being the next top homebuyers in Thailand starting from 2023. Check out the new of top nations of homebuyers in Thailand 2022 and looking forward to 2023.
Secondly, is to stop the construction of high-rise condos in Pattaya and focus on low-rise condominium in the area. Boutique and low-rise residences will benefits real estate developers in the area as well as homebuyers seeking to purchase properties at a lower price. With the market still recovering from the pandemic, homebuyers are not quick to open their wallets, if they do not see a return of investments.
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Tell us in the comments below on how to fix Pattaya real estate issues on its condo market going forward.