Foreign demand for Chon Buri condos exceeds Bangkok hunger.

Foreign demand for Chon Buri condos exceeds Bangkok hunger.

 The recovery of the tourism sector and the continuous development of the Eastern Economic Corridor (EEC) boosted the real estate industry in the Eastern province of Chon Buri last year, according to the Government Housing Bank's Real Estate Information Centre (REIC) on Monday. 

The most notable increase was in the sale of condominiums to foreign buyers, according to REIC director Wichai Wiratkapan, who noted that 5,935 condo units in the province were transferred to foreigners last year, accounting for 41.1% of all condo units purchased by foreigners nationally.

“For the first time in five years, Chon Buri’s condos for foreigners outsold those from Bangkok, which recorded 5,484 units or 38% of the segment’s share in 2023,” he said.

Wichai said the high demand for condos among foreigners in Chon Buri is in line with the development of the industrial sector in the EEC area, which spans across three eastern provinces of Chonburi, Rayong and Chachoengsao.

“Development in the EEC has been focusing on five key industrial clusters namely medicine, digital, electric vehicle, BCG (bio, circular, green) economy, and services,” he said. “These industries have attracted foreign talents and experts to come work and reside in Thailand.”

Watthanaphol Pholchewin, president of Chonburi Real Estate Association, added that apart from condos, the influx of Thai and foreign workers to EEC areas has created demands in townhomes priced under 2 million baht, semi-detached houses costing 3.5-4 million baht, and detached houses ranging from 5-10 million baht.

“Chon Buri is at an advantage over other EEC provinces due to its beautiful beaches and flourishing entertainment venues that attract tourists,” he said. “Popular areas among residence buyers are Phan Thong, Muang, Ang Sila and Bang Saen.”

Meanwhile, developers in Chon Buri are working on new condo and pool villa projects in Pattaya, Bang Lamung, Bang Chan and Jomthian Beach, Watthanaphol said.

Local developers are teaming up with Chinese, Russian, Israeli and British investors to build luxury property priced 10-15 million baht in these areas, targeting affluent foreigners looking for vacation homes, he said.