Unlike Bangkok, which was almost entirely dependent on local buyers, foreign buyers returned to the Pattaya real estate market in 2022. Interest in condominiums has increased in the second half of the year, when developers have been launching or restarting new projects in the last few months.
This was partly due to the return of tourists, who contributed to the surge of the second half. Hot Property Group data showed that 45% of all requests for apartments in Pattaya came from foreign buyers, and the domestic market accounted for the remaining 55%.
This is close to Thailand's Law 51/49 on foreign ownership of condominiums, but may also highlight another important trend that has emerged over the past few years. Domestic buyers continue to be active in the Pattaya condominium market, which was not the case until 2020.
The interest of both groups is still focused on apartments priced at THB 3 million or less and price categories of THB 3-5 million. Some growth continues in the luxury segments, and here projects report high sales. In general, the supply of apartments at a price of THB 10 million and above remains limited, which means that the volume of real demand here is still unknown.
After a sharp jump in the first days of the pandemic, the housing market in Pattaya remains stable and is still above the pre-pandemic level. Interestingly, more than a quarter of the demand in this segment comes from foreign home buyers, which puts it much higher than Bangkok (4%), but lags behind Hua Hin (46%).
Foreign interest in housing in Pattaya is more diverse than anywhere else in Thailand. Foreigners from all over the world buy apartments, villas and townhouses here. A significant amount also comes from foreign employees working in the Eastern Economic Corridor. If more foreign companies start operating here, this could lead to a further increase in demand.