Surge in Condominium Projects in Chonburi Province

Phattarachai Taweewong, director of research and communication at Colliers Thailand, highlighted a remarkable uptick in the condominium market. With 20 new projects valued at 43.28 billion baht launched in Chonburi province, the region is witnessing a significant transformation. Pattaya's Jomtien Beach is at the forefront, hosting 13 of these developments, while seven projects are situated beyond this popular resort area.

Developers Leading the Charge

Leading this surge are prominent Bangkok-based property developers such as Origin Property, Riviera Group, Sansiri, and AssetWise. Their involvement has propelled the condominium supply in Pattaya to a five-year high, promising a vibrant future for the local market.

Market Dynamics and Future Prospects

From 2011 to 2024, a total of 116,075 condominium units have been offered for sale, with Jomtien Beach accounting for 39.66% of the total. Despite 76.29% of these units already sold, the market continues to attract attention, especially for luxury condominiums near Wong Amat and Jomtien beaches. Phattarachai anticipates further growth, with new projects expected in key areas including the heart of Pattaya city, Jomtien, Na Jomtien, and Wong Amat.

EEC Area's Rising Demand

Sombat Chanyuttakorn of LPN Development notes the EEC area's burgeoning demand, driven by investors and industrial estate employees. The relocation of Chinese entrepreneurs to Amata City Chonburi Industrial Estate has further fueled the market, with rental rates for apartments and serviced apartments soaring by 80-90%. This trend underscores the growing need for accommodation in the region, signaling a robust market outlook.