When mentioning about major cities other than Bangkok that play a crucial role in Thailand’s economy, Pattaya in Chonburi Province inevitably comes to mind. This is because its significance extends beyond tourism. Pattaya’s economy in other sectors also ranks among the top in Thailand, including industrial estate, investment, logistics, and residential real estate.

This multifaceted importance of Pattaya stems from its strategic position as a vital hub within the Eastern Economic Corridor (EEC) and its inclusion in the high-speed rail project route linking Don Mueang, Suvarnabhumi, and U-Tapao airports. The influx of large-scale projects into Pattaya and Chonburi Province has created a substantial labor market, driving a surge in demand for residential properties.

1. Proximity to Bangkok with Convenient Transportation OptioFurthermore, the demand for housing is amplified by tourists who choose Pattaya for short-term stays, typically ranging from 5 to 14 days, and by foreigners who select Pattaya as their second home for extended vacations during retirement, often for 1 to 3 months stay. It’s inarguable that Pattaya offers a vibrant and diverse lifestyle. The city boasts an array of tourist attractions, activities, and entertainment options that cater to visitors around the clock, truly lives up to its reputation as a city that never sleeps.

However, the tourism and residential real estate markets in Pattaya were severely impacted by the COVID-19 pandemic, leading to a disruption in tourism, a halt in new real estate development and the newly launched projects. As the crisis subsided and situations improved, the tourism and real estate markets experienced a continuous recovery. The resurgence of Pattaya can be attributed to the following four key factors:

1. Thirteen New Condominium Projects Launched, 7,897 Units in Total

In 2024, Pattaya witnessed the launch of 13 new condominium projects, totaling 7,897 units, with a combined value of over 38.7 billion baht. This marks the highest launch rate in the past 5 years. Some of the prominent developers introducing new projects in Pattaya include Sansiri with the PTY Residence Sai 1 project, Honour Group with the Once Wongamat project, and AssetWise with the Aquarous Jomtien-Pattaya project.

2. Condominiums Achieve 76.29% Sales Rate

By the end of 2024, Pattaya’s condominium market comprised a total of 47,800 units, with an impressive sales rate of 76.29%, translating to 36,471 units sold. The remaining 11,329 units, or 23.71%, are available for sale. The highest sales rates are observed in Pattaya’s city center at 87.28%, followed by Jomtien at 79.49%, and Na Jomtien at 74.12%. These figures indicate a strong sales performance in Pattaya’s condominium market.

3. Luxury Condominiums on the Rise

The resurgence of tourism in Pattaya attracted client groups with high purchasing power and preferred long-term stays, particularly from Europe and the United States. This trend fueled the demand for luxury condominiums, with beachfront projects in areas like Wongamat and Jomtien gaining significant interest in the past year. Due to the limited availability of units and the soaring demand, sales on many projects have exceeded expectations.

4. The Influx of Investment from China

In the past, the Chinese population may not have been a significant presence in Pattaya. But in present, the relocation of Chinese manufacturing to the EEC area brings an increase in Chinese workers and a growing demand for housing. This presents an opportunity for developers to launch condominium projects to cater to this expanding demand, resulting in significant growth in Pattaya’s condominium market.

Pattaya’s residential market is experiencing a robust recovery, evidenced by the increase number of new projects launched, high sales rates, and growing interest in luxury developments. These reinforce Pattaya’s status as a prime location in the real estate market, offering excellent opportunities both for living and for investment. Pattaya becomes a market that is once again thriving after overcoming difficulties from the COVID-19 pandemic.