Pattaya real estate market shifts away from condominiums, developers say - Pattaya Mail.

The Pattaya Real Estate Office (Grom Tee Din), which handles the registration of all legal real estate transactions, is now actively promoting mobile banking and investment strategies through app downloads. Unfortunately, however, it's only available in Thai.

The September report from the Real Estate Information Center of Thailand (REIC) confirms what everyone already knows: there are a lot of unsold condo apartments in Pattaya. In June this year, the total number of waiting buyers in Chonburi province (which includes Pattaya) was nearly 17,000, valued at 78 billion baht or about 2 billion pounds on paper. The REIC suggests slowing down construction of new high-rise buildings so that "absorption" becomes more active. Recovery is definitely on the agenda.

Consulting firm Colliers Thailand points out that sales in early 2022 were much better than in recent years. Several future projects could make a difference, including the return of the Chinese, who already own half of the foreign condominium apartments in all of Thailand's major cities. Pattaya is strategically located in the Eastern Economic Corridor, which is rapidly developing and upgrading infrastructure, especially transportation, and continuing the technological development of the Thai economy, especially in Rayong province.

One of the major problems in the condominium apartment market is the glut of studio apartments, measuring 30 square meters, in which you can't even turn around. According to some realtors, the possible arrival of casinos could help solve even this problem, as foreign and local players will be looking for real estate near the luxury gambling empires of their choice.