2018 was yet another busy year for the construction industry here in Pattaya after a further 10,239 condominium units were launched the total value of which landed at 55 billion Thai Baht.

This number of new units was a dramatic increase from 2017 which saw only 2,192 units built.

Speaking about the new data to the media the senior manager of Collier’s research department, Phattarachai Taweewong said that alarmingly a large portion of the units remain empty and unsold as a result of the massive number of new units which flooded the market in 2018.

Data collected by the research department showed that the number of new units built in Pattaya should not surpass 5,000 units as currently over 12,000 units remain unsold, this is the highest number of empty vacant units since 2015.

Phattarachai remarked that the condominium market has slowed over the course of recent years since 2015, before this the market had been buoyant with an average of 15,000 units selling per year thanks to oversupply being low and investor confidence in the city increasing.

According to Phattarachai developers here in Pattaya need to exercise caution as the main market for people purchasing units are investors with the goal of receiving a regular monthly return by renting out the unit to a tenant rather than living in the unit, in most cases anyway.

Phattarachai attributed the marked rise in the number of new units last year to the governments Eastern Economic Corridor project which has seen massive investment in infrastructure in Pattaya and surrounding areas.

According to reports Thailand as a whole currently has some 454,814 residential units left unsold, the combined total of these units were valued at $41 billion US.

With the sheer number of vacant units on the market and prices in general are lower than ever, perhaps for those still currently renting now might be the time to try and snap up a bargain.

What are your thoughts, let us know.

5 COMMENTS

  1. It’s just not too many but many are being built with no regard to EIA no concern for small dwellers , light or noise disturbance for families. In fact homeowners hav3 no rights when it comes to developers and destruction of views and skyline. Eg, cozy beach once a low rise is not bubbling with high rises. Near low rises built within a few meters are monsters ketsin 1, and on 3 and yet another 41 story helicopter pad to be built within a few meters. It just would not happen in any country in the world unless developer and city officials are corrupt beyond measure.
    Pattaya must ask itself even with the new mayor is it corrupt and how much is it corrupt by.
    Surly emphasize must be on beauty charm and cleanliness not concrete cancers.

  2. It is remarkable Inmragration do not trust Foreigners who buy a place to live with strict proof of money to a point we need to spend miney how goverment wish us to speand our money. Itus not Govt. business. We all pass Thail Embassy proof of income. OurGi t. never verify our income, but only notarize statement us TRUE.Thai Govt does not mind we buy Condo know we can get kick out of country any time. How many units before Thai Govt. see doing wrong has effect
    Hospital do not see USA Army Insurance as just & refuse to verify & use. we see where so much free insurance for Thais to liad for non Thai as Greedy want to steal medical treament.Car Accident in hospital has so small insurance cover rhat hospital it told to switch to 3% insurance of which non Thai can not have even if pay income Tax
    What are Thai govt scared off? He brings his money to live in Thailand but must bat huge money to have Pernment redisence that is not guaranreed ir fee retuen if failed.
    Thailand us a great country with population worthy to be called my brother & Home govt. poor choices of standards to live in Kingdom of Thailand.
    I am honor to die in such country We do not wish to steal anything from Thail Govt. , but to get a fair go as a person standard ti Thailand.
    All must know if get marrird buy a home to be kick out leaving a debt not paid & punishment to all Thailand.
    why we report every 80 days? we stated where we live & proved our source of income. Australia only inspect at beginning. Police then treats any things we might do wrong. Do Thai govt not trust its own Police or is its so many corruption of bribes.
    Regardless I choose to live here, Obey Thai Laws & Love my wife.
    Thank you

  3. If the Developers would come up with some interesting financing offers -I would jump at the chance to purchase a discounted unit . Last time I rented a condo the agent said full payment was needed to move in as a buyer . Don’t know if it was completely true or not .

  4. Those people who have bought apartments in recent years may have seen the value now as less than what they paid. What sort of investment is that? But more to the point will they ever be able to sell and who will buy when thousands are already on the market with more being built at the same time? The property market in Pattaya is due for a mighty crash as all the ingredients are present. At the same time traffic at times on Beach Road and Second Road comes to a standstill and pollution rockets.If the Chinese stop coming Pattaya will collapse.

  5. You know it is bad when agents and sellers have a non bank financed buyers program.

    They sell overpriced real estate to stupid people. Yes a house in your country is worth x amount. Then come here and buy a house for the same price and in reality it is not worth it. There are rows and rows of houses and condo on the market, yet lets build more, buy in a village and once everything is sold it is left to run down and look bad.

    No one wants to pay for upkeep, a house is only painted when it is for sale.

    Do i want to live in a village where the association votes for things they left in their own country, umm no. Then they go online and complain about thailand, don’t like it leave. I read posts of a guy named ke, he will leave once he sells his house, car, motorbike.

    Two years later he is still here but hwy he is a stud, buys big house nice cars ect and he can’t sell it. Big money man has to show off, now he is stuck.. aww poor baby buy an overpriced house and can’t sell it. Take a loss and leave.

    I drive around and see new buildings that are vacant by the hundreds, i think the real number is much higher than being reported.

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