Demand for Pattaya condos from both domestic and overseas buyers rose during the first quarter. That was just one of the notable findings from the Dot Property Group Chonburi Real Estate Market which you can download here.
Modest increase in overseas demand for Pattaya condo units to start 2022
There was a modest increase in demand for Chonburi condo units from overseas buyers with most interest being for properties located in Pattaya. Overall, demand rose by nearly 11 percent between the fourth quarter of 2021 and the first quarter of 2022 with this spread out across most price segments.
International demand for Pattaya condo units priced below THB3 million increased by 16.8 percent while THB3-5 million condos recorded a 19.7 percent uptick in interest during the opening three months of 2022.
Smaller gains were realized in the THB5-10 million and THB10-20 million segments with superluxury condominiums prices at THB20 million and above the only price point where demand fell to start the year.
Demand for two-bedroom condominium units is rising with these making up 26.1 percent of all overseas inquiries made via Thailand-Property between October 2021 and March 2022. That being said, studio and one-bedroom residences still account for the lion’s share of interest with 68.6 percent of demand coming for smaller condos.
December 2021 was the first time since 2018 that international demand for Pattaya condo units outstripped domestic demand. However, total interest from overseas remains below pre-pandemic levels.
One promising thing to note, current geopolitical conflict and economic challenges do not appear to have dampened overseas interest in Pattaya condo units as demand rose in both March and April of this year.
Read More: Here’s what you need to know about Pattaya condo investment in 2022
Affordable and mid-range condo segments in Chonburi roar back to life among domestic buyers
The COVID-19 pandemic saw demand for affordable and mid-range condos in Chonburi noticeably decline among domestic buyers. However, the situation improved dramatically during the first quarter of 2022 with a double-digit increase in interest being recorded for units priced below THB3 million as well as between THB3-5 million.
This is a remarkable improvement from the peak of COVID-19 when both segments posted sharp declines. Demand for condo units at the THB3-5 million price range fell by 24.1 percent while there was a drop of 6.2 percent for units in the THB3 million and less segment.
Domestic demand for condo units at the higher ends of the Chonburi market grew significantly during the COVID-19 pandemic. These continued to increase during the first quarter of this year, albeit at a lesser clip. However, there was a dip in interest for units at THB20 million and above.
The vast majority of domestic condo demand in Chonburi was for studio and one-bedroom units with these accounting for more than 70 percent of total inquiries between October 2021 and March 2022. Two-bedroom condominiums made up 23 percent of demand.
On the whole, there was a 21.2 percent increase in domestic demand for Chonburi condominiums in the first quarter of this year when compared to the final quarter of 2021 with the affordable and mid-range condo driving growth. Momentum carried into April and looks set to continue at or near current levels for the time being.
One area to watch will be demand for Chonburi condominiums priced at THB10 million and above. With inquiries for these units still above pre-COVID-19 levels, it appears this segment may have long-term staying power as opposed to being a pandemic-driven market trend.
Click here to download your copy of the Dot Property Group Chonburi Real Estate Market Update!
