Pattaya's condominium market is expected to remain sluggish this year, as supply remains excessive and developers are concerned about buyers reluctant to have units transferred.
Surachet Kongcheep, associate director of property consultancy Colliers International Thailand, said there were no signs of recovery in Pattaya's condo market despite a decrease in launches of new units.
The first half saw 10 condo projects launched with 5,280 units, declining from 8,670 units launched in the second half of last year, due largely to negative domestic factors and the global economic situation.
"Foreign tourist arrivals have dropped, particularly Russians, who were the main condo buyers in Pattaya," Mr Surachet said.
"This has caused a slowdown in the Pattaya condo market despite an increasing number of Chinese arrivals in the past two years, as Chinese are not major condo buyers."
He said even though some Chinese investors planned to launch condo projects in Pattaya, the market continued to slow and face an oversupply.
From 2011 to the first half of this year, 68,400 units were launched, with 18,000 remaining for sale.
"If the number of remaining units is combined with the possible number of speculated units, the number surpasses 22,000," Mr Surachet said.
Some 10,000 units are due to be completed in the second half.
"They [developers] are very worried about buyers reluctant to have units transferred, as many speculators and investors are in the Pattaya condo market, and Russians, the main buyers, have a weak currency," Mr Surachet said.
Tachaya Praphibulsathaporn, sales and marketing director at A.D. Houses Co, said the company had adopted a "buy one, get one free" campaign for three condo projects -- A.D. Bangkok on Nakhon-in Road in Nonthaburi with 952 units, Blue Ocean in Chon Buri's Sattahip district with 1,848 units and The Water Beach in Cha-am with 2,317 units.