Nationalities of condominium buyers in the Thai city of Pattaya have changed dramatically since 2010 – from the Europeans and Scandinavians working in the Asia Pacific region to local Thais and expatriates who reside in Bangkok, according to the latest Pattaya Market Report published by Knight Frank Thailand.
The company’s Managing Director Phanom Kanjanathiemthao said that in the past, condominium projects in Pattaya were attracting buyers from the UK, Sweden, Norway, and Finland – many of whom were working in Asian countries such as Hong Kong, Singapore and China. However since 2010, the make-up of buyers has changed to Thais and local expatriates from Russia, Germany, the Middle East, Australia and India. Most of these expatriates live in Bangkok.
“Most Indians buy condominiums for investment, while the Thais tend to buy as a holiday home because Pattaya is quite close to Bangkok. I can say that Thai buyers who buy condos in Pattaya prefer a similar lifestyle as in Bangkok. This is quite different from those who choose to buy condos in Hua Hin,” said Phanom.
According to the research, the number of newly-launched condominiums in Pattaya last year was 2,887 units. The majority of sea-view projects was developed in the Jomtien area.
In terms of unit types, studios and one-bedroom units seemed to be popular, while projects launched before 2009 offered larger units, with two-bedroom units representing 43 per cent of total supply, followed by the one- and three-bedroom units at 30 per cent and 20 per cent respectively.
“The product trends in Pattaya are quite similar to Bangkok; offering a smaller unit size to decrease the selling price,” said Phanom. “From our research, the best selling unit types are one-bedrooms priced between THB3 million (US$97,810) and THB5 million (US$163,020), and two-bedrooms priced between THB6 million (US$195,605) and THB7 million (US$228,205). And of course, people always go for the sea-view units.”