Thanks to a vigorous variety of condos on offer and growing local demand, Pattaya is enduring its development boom, and thanks to the requirements from local buyers, the Pattaya condo market continues to have a possitive outlook regardless of global economic depression.
Formerly, the majority of the real estate buyers in Pattaya were foreigners, but their numbers have weakend since the beginning of the financial crisis in 2008, from which major Western economies are still struggling to recuperate.
Demand for Pattaya condominiums now comes mainly from local Thai buyers in many projects, especially those located in North Pattaya or Wong Amat, due to the large number of retail outlets, high-end restaurants and bars and shopping malls in the area. City condominiums located in South Pattaya are more popular with foreigners.
Currently, Jomtien is a new high-demand area, with many Russians making purchases. They generally prefer the Pratumnak Hill and Jomtien Sai 2 areas, where units with partial sea views are still cheap. For example, a 28 square metre studio can be bought for 900,000 baht. Laguna Beach Resort, located in Jomtien Sai 2 is one of the popular projects among Russian buyers.
Jomtien Sai 2 is emerging as a promising new location for condominiums because of road improvements, making the area much more attractive to the low-end condominium market.
During the first half of this year, about 5,500 condominium units in 12 projects were launched in the Pattaya area. The majority were budget condominiums with unit selling prices of between 900,000 baht to 1.8 million baht. Prices for condominiums in Pattaya tend to be determined largely by their distance from the beach.
For example, while it is possible to find condominiums in Pattaya for less than 50,000 baht per sq m, most would be located quite far from the beach, likely two kilometres or more. Examples are De Blue, Unicca and The Trust Residence.
In the 60,000 to 100,000 baht per sq m price range are condos located in the city area, for instance South Pattaya where there facilities and amenities are plentiful. These include world-class dining venues, an ever-growing range of shopping facilities and the famous nightlife of the Walking Street. Examples of developments in the area are Sixty Six Condominium, Centara Avenue Residence and Suites, Grand Caribbean and City Garden Condominium.
Projects where units are priced above 100,000 baht per sq m are sea-view condominiums located throughout the city, from North Pattaya to South Pattaya and Jomtien. It is interesting that some sea-view units in Pratamnak have sold at below 100,000 baht per sq m. This is because, while the projects do indeed have sea views, the Pratumnak area has no beach.