There are about 10,153 condominium units in 20 projects were launched in Pattaya during the first half of 2013, which boosted supply by 32.9% from the end of 2012 to 40,939 units, according to Knight Frank.
The Jomtien area gained in popularity with 4,247 units, or 42%t of new units, the real-estate consultancy said.
"Pattaya has become one of the most desirable seaside locations. It is easily accessible to major destinations in Asia, supported by the government's infrastructure investments, including the upgrade of U-tapao Airport's capacity to 5 million passengers per year, as well as the planned high-speed rail link connecting Bangkok to Pattaya, which will help drive traffic to the resort city.
"Pattaya has also become an international business hub for the impending ASEAN community, attracting investors from overseas. Also, the number of international and local tourists has been increasing steadily," the agency said.
In 2013, the condo developers include listed companies SC Asset, Sansiri, Supalai, Quality Houses and NC Housing.
After Jomtien, the North Pattaya/Wong Amart area attained the second-most-popular slot, with launches of 3,114 units or about 30% of the total. The area is considered a peaceful area favoured by Thai condo buyers. It is also a new area for both local and Bangkok-based condo developers.
Launches in South Pattaya were 1,800 units, or 18%. The area is considered to be busy thanks to its many shopping malls, restaurants and entertainment spots. It is more crowded and not as attractive for residential development. Launches in Pratumnak were only 992 units, or 10%.
Of the total units, 21,164 were taken up. The take-up rate has risen from 50.3% at the end of 2012 to 51.7% at the end of the first half of 2013.
About 5,682 units sold during the first half. Demand was high in the budget segment, where prices ranged from Bt1 million to Bt2 million per unit for compact sizes of 25-30 square metres. The buyers were Thais working in the Eastern Seaboard, Bangkok residents desiring a second seaside home and Russians wanting an escape from winter back home.
Location and views determine prices. A seaview unit in North Pattaya fetched Bt130,000 per square metre. Without a sea view, the range was Bt55,108-Bt71,250. Seaview units in Jomtien were selling for Bt91,372-Bt140,000, while the average price in Pratumnak rose from Bt77,610 last year to Bt89,010 in the first half of 2013.