Chonburi Surpasses Bangkok as Top Destination for Foreign Property Buyers
According to a recent survey by the Real Estate Information Center, Chonburi province has overtaken Bangkok as the leading destination for foreign property buyers in the first half of 2024. This shift is attributed to the recovery of Thailand’s tourism sector and increasing economic activity in the Eastern Economic Corridor (EEC).
Surge in Foreign Investment Boosts Real Estate Demand
Increased Interest in Condominiums
The influx of foreign buyers has significantly spurred demand for real estate, particularly condominiums. Major developers are responding to this trend by launching new projects, with an estimated 1,000 new units expected to enter the market in 2025.Surachet Kongcheep, managing director of Property DNA, noted that large-scale developments are impacting land prices, especially in prime beachfront locations. “Some beach plots are now being advertised for as much as 1 million baht per square wah (approximately 4 square meters),” he said, indicating a range of prices from 200,000 to 500,000 baht per square wah depending on location.
Pattaya’s Thriving Tourism Sector
Recovery from Previous Market Slowdown
Despite a prior slowdown in the Pattaya condominium market, the city’s tourism sector is now flourishing. Hotel occupancy rates exceeded 78% in the third quarter of 2024, with projections for growth of 3-5% year-on-year.”Over 10,000 new units have been launched annually over the past decade, but many remain unsold. To address this challenge, developers are shifting their focus to domestic buyers and diversifying their target markets,” Kongcheep explained.
New Luxury Developments Cater to High-End Buyers
Notable Projects Targeting Foreign Investment
To capitalize on growing demand, developers like Sansiri are launching luxury condominium projects in prime locations. The “LIT Residence” project on Pattaya’s beachfront is priced at over 250,000 baht per square meter.Similarly, Kromchet Wipanpong, CEO of AssetWise, is entering the market with the Aquarus Jomtien Pattaya project, priced at 150,000 baht per square meter, specifically targeting high-net-worth foreign buyers.
EEC’s Role in Driving Property Demand
Government Investments Attracting Foreign Interest
Chris Cherdsuriya, adviser to the CEO of Honor Group, emphasized that the EEC’s development is crucial for driving property demand in Chonburi. “The government’s investment in infrastructure—such as high-speed rail, airports, and ports—is attracting both domestic and foreign investment,” he stated.Honor Group’s “Once Wongamat” project features a 56-storey luxury condominium priced from 5.9 million baht to 100 million baht, targeting both domestic and foreign buyers with a balanced approach.
A Bright Future for Chonburi’s Real Estate Market
The growing interest from foreign buyers in Chonburi and Pattaya reflects a broader trend of recovery and investment in Thailand’s real estate market. With ongoing developments and an influx of tourists, these regions are poised for continued growth as attractive destinations for property investment.
