This article on Pattaya property market in 2022 appears in the Dot Property Group Thailand Real Estate Year in Review. Click here to download the full report.
Unlike Bangkok, which was almost entirely dependent on domestic buyers, overseas buyers have returned to the Pattaya property market in 2022. Interest in condominiums picked up during the second half with developers launching or re-launching new projects over the final few months.
That was driven in part by the return of tourists who contributed to the second half surge. Data from the Dot Property Group found 45 percent of all inquiries for Pattaya condo units came from overseas buyers with the domestic market accounting for the remaining 55 percent.
This aligns closely with Thailand’s 51/49 foreign ownership regulations on condominiums but may also highlight another important trend to emerge over the past few years. Domestic buyers continue to be active in the Pattaya condo market which wasn’t necessarily the case prior to 2020.
Interest from both groups remains concentrated on the THB3 million and less and THB3-5 million price points. There continues to be some growth towards the luxury segments with projects here reporting strong sales. Overall, supply of condo units priced at THB10 million and above remains limited which means the amount of real demand here is still unknown.
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Pattaya housing remains stable
After receiving a bump during the early days of the pandemic, the Pattaya housing market has remained stable and still sits above pre-pandemic levels. Interestingly, more than a quarter of demand in this segment comes from overseas homebuyers which places it well above Bangkok (4 percent) but trailing Hua Hin (46 percent).
Overseas interest in Pattaya housing is more diverse than elsewhere in Thailand. Some of it is driven by overseas visitors looking for holiday villas and the like. There is also a noticeable amount coming from foreign employees working in the Eastern Economic Corridor (EEC). Should more overseas businesses begin operations here, it could cause demand to increase further.
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