After the COVID-19 crisis Chonburi real estate especially in Sriracha and also Pattaya, it started to recover both supply including demand but still relying on domestic purchasing power and also a group of investors buying including renting. Pattharachai Taweewong, research director of Colliers International Thailand, said that the overall situation of the housing market in the Chonburi area which is located in the Eastern Special Development Zone (EEC) is important in terms of the country's economy and also investment.
Even during the outbreak of COVID-19, The market continues to receive interest from both large developers in the area and also the Stock Exchange of Thailand to develop projects continuously, most of them focusing on "low-rise". During the past 10 years, projects in the Chonburi area have more than 40,160 units worth a total of 110,000 million baht, but during the COVID crisis Developers choose to "slow down" the launch of condominium projects, especially in the "Pattaya" area, focusing on the launch of housing projects. After covid unfolds real estate trends in Chonburi improved The housing market began to come back to life, especially "Sriracha-Pattaya", both in terms of demand and supply. but still mainly relying on domestic purchasing power while the low-rises in the mountainous area began to bustle again from foreign purchasing power Especially villas in the price range of 7.5-12 million baht.
A survey of the condominium market has identified Sriracha and Bangsaen Beach as key locations to support domestic buyers and attract investors. Major developers like Origin Property have contributed to the more than five new low-rise and condominium developments in Si Racha, Bang Saen, and Phan Thong, with Asset Wise developing one condominium project in Si Racha. In the first half of 2022, the market outlook improved, with entrepreneurs gradually launching new projects in the Pattaya area, including Color Development's Arom Jomtien, a super-luxury condominium on Jomtien Beach. Other developers are currently designing projects for future launch, waiting for foreign purchasing power to return to normal.
The residential market in Chonburi Province currently has 131,338 units of supply, with 68,615 condominium units making up 52% of all units available. The Pattaya area is the most popular location for condominium buyers, with approximately 68,455 units in total supply. The region's popularity is due to its business location and tourist appeal, attracting both residential buyers and investors seeking worthwhile returns.
Consider "Na Jomtien" for its many new development projects, particularly condominiums. The location is calm and peaceful, despite being surrounded by amenities such as restaurants including water parks, and also being along the high-speed train route. Homebuyers including investors are interested in this location. There are 62,182 housing units, accounting for 47% of the total supply in the market.
"Sriracha-Assumption" is an interesting location due to its proximity to workplaces, schools, hospitals, including department stores. Most buyers are local Thais, as well as those who have come to work in Chonburi. There are only 541 villas, representing 1% of the total supply in the market.
"Wong Amat" is the most sought-after location due to its tranquility and also proximity to the beach, particularly among high-end customers, resulting in a high sales rate. In the previous quarter, demand for new projects has risen among Thai customers due to attractive pricing, resulting in an increase in visits to sales offices. The housing market in the Chonburi region has experienced growth due to government investments in various infrastructures and also private mega-projects in the EEC, particularly for villas in the future. The average sales rate for residential properties in Chonburi is 73%. The villas in Pattaya are nearly sold out, only very few units left. There also have been few recent new project launches, only 136 units remain unsold from approximately 541 units.
Although there are still significant supplies of housing estates and also condominiums for sale, many new projects are entering the market. Even projects in prime locations have seen an increase in the number of available units for sale, resulting in a lower average sales rate for housing projects, including condominiums, compared to villas. There are still many unsold units on the market, causing concern for some developers, particularly in the condominium market in Pattaya. Some have chosen to delay project development or sell their projects to new buyers. Pattarachai forecasts that the overall housing market in Chonburi Province, including Pattaya, may improve once more foreign tourists return. However, entrepreneurs should be cautious about launching new projects, especially in the oversaturated condominium market and other stalled projects. Therefore, investing in vacation homes, particularly low-rise projects in mountainous areas or near the industrial estate, could be a wise choice during this time.
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