Despite strong sales last year, Pattaya developers need to exercise caution before launching new condos to avoid an oversupply, as new launches in the market are projected to grow 50% to 5,000 units in 2024, according to property consultant Colliers Thailand.
Phattarachai Taweewong, director of the research department at Colliers, said the anticipated amount would represent a peak for condo launches in Pattaya, exceeding the record of 3,302 units last year, up 123% from 2022.
“This milestone represents the highest figure recorded in the past three years, underscoring a notable rebound following the challenges posed by the pandemic,” he said.
Mr Phattarachai said locations including Pattaya City, Wong Amat and Jomtien will continue to be robust, with the launch of luxury condo projects expected to bolster their prominence in the market.
According to Colliers, the most popular location for new condo supply launched last year was in Jomtien, which accounted for 43%, followed by Phra Tamnak (28%) and Pattaya City (16%).
The average take-up rate for this market was 76%, with Pattaya City posting the highest rate of 87%, with only 615 units of inventory remaining unsold.
Jomtien was second with a take-up rate of 79%, while Na Jomtien was at 71%.
Source: Bangkok Post
