Chonburi Province Residential Real Estate Market Outlook in 2024

15.01.2024
Chonburi Province Residential Real Estate Market Outlook in 2024

The positive dynamics in the housing market in Thailand's Chonburi province, the administrative center of which is the famous international resort of Pattaya, is expected to continue next year.

The main factors of growth

Despite a significant increase in the supply of new buildings in 2022-2023, there is still a high steady demand for buying condominiums in Chonburi. It is provided by both locals and buyers from other regions of Thailand, as well as citizens of neighboring countries and visitors from Europe.

This is supported by strong tourism and entertainment development, rapid growth in industrial production in the province, and a limited supply of new housing in the period 2020-2022 due to restrictions imposed at that time.

Leaders in terms of sales volume in 2022

The largest number of condominiums purchased by foreigners by foreigners in 2022 are in Chonburi districts such as Jomtien, Bang Saen, Pratamnak and Nihom Amata Bypass.

Specifically, 499 apartments were sold in Jomtien, the rate of absorption rate of supply was about 2.9 per month. In Bang Saen, Nong Mong Mon and Bang Phra were sold 400 condominiums, with an absorption rate of 7.9 per per month.

In Pratamnak and the Nihom Amata Bypass area, 400 condos were sold each, with an absorption rate of 3.9 per month. condos, with absorption rates of 3.4 and 5.3 units per month, respectively.

In terms of the proportion of condominiums sold to foreign nationals Chonburi even surpassed the capital Bangkok in 2022, which is uncharacteristic for this province. It was 41.7% in Chonburi, compared to 37.5% in Bangkok. In comparison, in 2018-2022, the average was 30.8% for Chonburi and 48.8% for Bangkok.

Conclusions and forecasts for 2024

Thus, having analyzed the current situation, analysts make a forecast of further progressive development and growth of the residential real estate market in Chonburi province in 2024. real estate in Chonburi province in 2024.

The main factors that will stimulate demand, will remain the growing tourism sector and industrial production in the region.

At the same time, experts recommend developers to be cautious about launching new large-scale housing projects.

The reason is that in the most popular tourist areas of Chonburi has already accumulated a significant number of unsold apartments amid high competition between developers.

Therefore, when making decisions to start new projects, they should carefully consider the feasibility of investment and demand prospects in specific areas of the province.

 

Author of the article: Ekaterina Antonova