Pattaya condominium market slows down

Pattaya condominium market slows down

Uncertainties forced condominium developers in Pattaya to slow down the launches of new projects in the first half of 2016, according to the property services firm Knight Frank Thailand.

Potjaman Vorakitpokathorn, the company’s director for residential project marketing, said only 182 units were launched in the Pratumnak area, bringing the total supply of condominium units to 60,696 in the first half of 2016.

The take-up rate of the segment increased to 66%, or 40,361 units of all available units, during the first six months of 2016, from 62% in 2015.

Risinee Sarikaputra, director of research and consultancy, said Chinese people were an important emerging buyer market for Pattaya condominiums. Though Chinese buyers have replaced Russian buyers, the Pattaya condominium market has not yet recovered, she added.

She said Chinese investors had started buying condominiums in Pattaya for investment. Most condominiums that they bought were fully furnished and the unit price was not over 5 million baht.

Ms Potjaman said developers had tried to clear their remaining inventory by offering a guaranteed rental return between 5% and 7% during the first three years when the buildings have been completed. 

In terms of selling prices, the prices of seaview condominiums in Pattaya increased 2% in the first half of 2016, from 117,466 baht per square metre in 2015 to 119,795 baht per sq m. Partial seaview and non-seaview unit prices remained stable at 67,900 and 66,925 baht per sq m, respectively.

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