Pattaya Real Estate Market Trends in 2024

Pattaya's real estate market is poised for robust performance in 2023-2024, spurred by elements such as the Eastern Economic Corridor (EEC) initiative, the rise of the expat community, and ongoing infrastructure upgrades. We offer insights into pricing, rental yields, and investment potential for like condos, houses and land in Pattaya, Chon Buri. The market trend is a high overview of current trends contributing to market growth, upcoming opportunities and potential risks in Pattaya property market for 2023 and 2024.

Pattaya Real Estate Trends

Y-o-Y Data Tracking for Users on all Product Category Types

The number of users checking out properties in Pattaya increased by 1,968.13% in the past year! It represents 135,000 interested buyers looking at properties in Pattaya, up from just 46,000 a year ago. 

• What's driving this growth? There are several factors, including
• Pattaya's escalating charm as a go-to tourist spot.
• Pioneering infrastructure ventures springing up in the vicinity.
• A wave of international investors marking their territory.
• And let's remember the alluring low cost of living in Pattaya.
• Witnessing such a frenzy in the Pattaya real estate arena is electrifying. If there ever was a moment to dive into this bustling property market, it's right now! The buzz is real, and the prospects are endless.

It's electrifying to witness such a frenzy in the Pattaya real estate industry. If there ever was a moment to dive into this bustling property market, it's right now! The buzz is real, and the prospects are endless.

Q-o-Q Client Behavior

The number of clients looking at properties in Pattaya decreased by 22.25% in Q2 2023 compared to Q1 2023. This is a significant decrease, and it is likely due to a number of factors including:

• Firstly, the traditional property-buying timing experience between April and June, when many individuals are away on vacation or enjoying summer intermissions.
• Secondly, a pivotal policy shift by the Bank of Thailand saw interest rates increasing in May 2023, amplifying the financial weight for potential borrowers.
• Lastly, the turbulent currents of the global economy are marked by concerns like inflation and political instability and have induced caution, with many postponing significant fiscal undertakings or property investments.

Despite the recent decline in quarterly figures, the Pattaya real estate sector shows promising trends. The number of potential property buyers has increased compared to last year, indicating a resilient market with a positive trajectory. It shows that Pattaya remains a popular choice for buyers looking for solid investment properties.

Property Market Outlook in Pattaya

We will provide a brief overview of the Pattaya real estate market which we evaluated from the trends that occur, expected development and factors that contribute to the driving force of this real estate. Whether it be pricing, changes in demand and supply, legal challenges and investment strategies. Moreover, the popularity of different regions in Pattaya for property purchases is a complex and ever-changing landscape because of the region, the location, the amenities, the infrastructure, and the cost of living.

Popular Districts In Pattaya

• In the first half of 2023, the median sales price for a property in Pattaya was 2.8 million THB. The most popular location to buy property in Pattaya was Pong, followed by Banglamung and Nong Prue.
• A significant factor contributing to Pong's popularity is its serene ambiance. The area boasts high levels of privacy and is nestled amidst forests and valleys. It is home to several renowned golf courses, making it an ideal location for prolonged relaxation. While Pong isn't near Pattaya city, it is conveniently accessible by private car, with travel times not exceeding 30 minutes.
• The real estate market in Pattaya continued to grow in the second quarter of 2023, with the median sales price reaching 2.2 million THB. The two most popular locations were Na Kluea and Nong Prue, which accounted for 60% of all sales. Other popular neighborhoods included Jomtien (5%), Wong Amat (3%), North Pattaya (2%), and South Pattaya (2%).
• These areas are all located in the center of Pattaya which is convenient for tourists and businesses. However, they are also further away from the Eastern Economic Corridor (EEC), which is a major economic development zone in Thailand.
• Resale real estate accounted for 89.7% of all sales in Pattaya in the second quarter of 2023. This is a sign that the market is still dominated by local buyers who are more likely to purchase resale properties. However, there is also growing interest from foreign buyers, who are attracted to the city's tourism potential and its relatively affordable prices.

*The EEC is a major economic development zone in Thailand, and it is expected to have a significant impact on the real estate market in Pattaya.

Popular Property Types in Pattaya

In 2023, condos are the most popular purchase property, accounting for 55% of all sales. House projects are the second most popular property types, with a 20% market share. Villas and townhouses are less popular, with only 15% and 10% of the market share respectively.

The highest sales consideration is for a house at 90 million THB. However, condos are the primary choice for both sale and rent. 250 buyers have decided to purchase a condo now, compared to 23 for a house and 13 for a villa.

We summarized as condos being the most affordable property type in Pattaya for investment purposes. The three major primary reasons to buy real estate in Pattaya are:

• Investments: 44.23% of buyers are looking to invest in real estate in Pattaya. It is due to the strong rental yields and the potential for capital appreciation.
• Personal use: 33.33% of buyers are looking to buy a property for their own personal use. For personal use buyers are primarily for residence, a vacation home, or a retirement home.
• Holiday home: 22.44% of buyers are looking to buy a property as a holiday home. Holiday home is due to the warm climate and the many tourist attractions in Pattaya.

*Rental yield is a key factor to consider when making an investment decision. Learn more about how to calculate rental yield.

Pattaya Real Estate Market 2024

Real estate market in Pattaya expected to remain strong in 2024, with condos being the most popular property type for investment purposes. The average sales price for a condo is expected to be 4.026 million THB, with the highest sales price being 16 million THB and the lowest being 956,000 THB. The average rental budget for a condo is expected to be 18,000 THB, with the highest rental budget being 70,000 THB and the lowest being 4,000 THB.

The average sales price for a house project is expected to be 8.433 million THB, with the highest sales price being 90 million THB and the lowest being 1.4 million THB.

The high demand for condos in Pattaya is due to the following factors:

• The EEC opening in 2026 is expected to drive demand for housing in Pattaya.
• The strong rental yields in Pattaya make it an attractive investment for foreign buyers.
• The warm climate and the many tourist attractions in Pattaya make it a popular destination for retirees and vacationers.

The nationalities of the buyers and renters of condos & house projects in Pattaya are as follows:

The nationalities of the buyers and renters of condos & house projects in Pattaya

	Condominium	House Project
Renters	Thailand, China, United Kingdom	Thailand, China, Malaysia
Buyers	Thailand, United Kingdom, Australia	Thailand, China, Vietnam

The high demand for condos from Chinese renters is due to the EEC industry. The EEC is a major economic development zone in Thailand, and it is expected to create jobs and attract investment from China.

Overall, the real estate market in Pattaya is expected to remain strong in 2024, with condos being the most popular property type for investment purposes. The high demand for condos is due to the EEC opening in 2026, the strong rental yields in Pattaya, and the warm climate and many tourist attractions in Pattaya. Learn more about the Eastern Economic Corridor (EEC) and its impact on the real estate market in Pattaya.

Recommended Properties in Pattaya to Buy 

Condo: View Talay 5

Check out this standout high-rise condo in South Pattaya. Imagine waking up to breathtaking sea views in a fully furnished room. It's not just about the view; comfort meets convenience here with amenities like a pool, plenty of parking, a garden, and round-the-clock security. Plus, Dongtan Beach and Jomtien Beach are just a quick 5-minute drive away. Come experience life at View Talay 5 for yourself!

House Project: Temple Court Villas 

Temple Court Villas in the rising Chak Nok area of East Pattaya. It feels like everything's close by; Mabprachan Lake and Jomtien Beach are just 15 minutes away. The spacious 3 - 4 bedrooms home comes with a generous private pool, and it's all set to move in – complete with a big European-style kitchen, AC everywhere, and even a covered spot for your car. There's a space for a live-in helper or maid too! Dive into this experience and see for yourself!

 

In 2024, data forecasts a robust Pattaya real estate market, with condos emerging as the primary investment preference. A 20% year-over-year surge in website users and an escalating trend in condo rentals, averaging a budget of 18,000 THB, underscore this momentum. Notably, 44.23% of Thai buyers are gravitating towards condo investments in Pattaya, viewing them as a strategic hedge against inflation and a source of passive income.

Disclaimer: The information presented above serves as a general knowledge resource. While we have undertaken diligent research to ensure the accuracy of this content as of the date of publication we cannot provide an absolute guarantee of its reliability. We strongly advise against making decisions based solely on this information, as this article does not constitute personalized professional advice for individual investment decisions. Should you choose to utilize this information for decision-making, you do so at your own discretion and risk. Always seek the guidance of a qualified expert before making significant choices.

 

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