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RESIDENTIAL RESEARCH

PATTAYA CONDOMINIUM
MARKET OVERVIEW 1H 2016
Market Overview from just 117,466 baht per sqm in 2015

HIGHLIGHTS to 119,795 baht per sqm in 1H 2016.

The outlook of Pattaya’s condominium The partly sea view and non-sea view
• The cumulative supply of Pattaya
condominiums at the end of 1H 2016 market seems unpredictable. Developers condominium prices remained stable at
was recorded at 60,696 units. The THB 67,900 and THB 66,925 baht per
have slowed down in launching new
Jomtien area showed the highest supply,
with approximately 23,827 units, as of condominium projects during the first sqm, respectively.
1H 2016. In terms of new supply, there
half 2016; only 182 units were launched,
were approximately 182 units of new
supply being launched during 1H 2016; making up a total supply of 60,696 units, Supply Trend
all were located in the Pratumnak area.
as of 1H 2016. The take-up rate has
increased to 66% during the first six The launch of new supply of
• Demand for Pattaya condominium
units at the end 1H 2016 totalled 40,361
month of 2016, from just 62% in 2015. condominiums in Pattaya has slowed,
units. The take-up rate grew gradually
This was due to the slow growth in the with only 182 units in 1H 2016. During the
to 66% at the end of 1H 2016, from just
62% during the end of 2015. number of new supply during the first half first half of 2016, the cumulative supply

of 2016; in this period, there were only of Pattaya condominiums was recorded
• The buyers of Pattaya condominium
vary, consisting of many nationalities 2,876 condominium units being bought. at 60,696 units. All new projects in 1H
around the world; the majority of international
The number of units sold decreased in 2016 were in the Pratumnak area. There
buyers are from China, Singapore, Hong
Kong and Russia. Thais are also the 2015 and 1H 2016. The average unit sold were four projects launched in 1H 2016:
main buyers of Pattaya condominiums. Turtle Creek Pattaya, New Nordic C
each year was in the range of 6,000 to
• The average selling price of a sea view 6,500 units. In 2015, the new units being View Boutique, New Nordic Club 4 and
condominium in Pattaya has increased Paradise Ocean View Residence. In terms
by 2% from just THB 117,446 per sold dropped to 5,733 units. Developers
square metre in 2015 to THB 119,795 have tried to clear the remaining of condominium locations in Pattaya, the
per square metre during the first half of majority of new supply was in the Jomtien
inventory by offering a guarantee rental
2016. The average selling price of partly
sea view and non-sea view condominiums return of 5 to 7% during the first three area, with approximately of 37% of the
was quite stable at THB 67,900 per total, followed by South Pattaya and
years when the buildings have been
square metre and THB 66,925 per
completed. In terms of selling price, the Wong Amart with around 16% and 14%,
square metre, respectively.
selling price of sea view condominiums respectively.

in Pattaya increased 2% in 1H 2016,

FIGURE 1
Pattaya Condominium Stock and New Supply 2010 to H1 2016

New Supply Existing Supply

70,000
RISINEE SARIKAPUTRA
182
10,894

60,000
Director, Research and Consultancy
4,277

50,000
“The emerging buyers of
14,089

Pattaya condominium are 40,000


12,116

Chinese, though Chinese 30,000


10,853

buyers have replaced 20,000


2,667

Russian buyers, unfortunately


19,138

31,254

45,343

49,620

60,514
5,618

8,285

10,000
Pattaya condominium market 0
has not yet recovered in 2010 2011 2012 2013 2014 2015 H1 2016
2015 and 2016.”
Source : Knight Frank Thailand’s Research

2
PATTAYA CONDOMINIUM 1H 2016 RESIDENTIAL RESEARCH

currency crisis directly affected Russian


FIGURE 2
H1 2016 Total Supply by Location visitors and their purchasing power as
it decreased comparing to the previous
Jomtien 37 %
Bang Saray 2 % year. The emerging buyers of Pattaya
Wong Amart 14 %
condominium are Chinese; though
Pratumnak 11 %
Chinese buyers have replaced Russian
Central Pattaya 2 % buyers, the Pattaya condominium market
has not yet recovered in 2015.
North Pattaya 8 % The number of Chinese tourists visiting
Pattaya has increased by 15.45%, whilst
the number of Russian tourists visiting
South Pattaya 16 %
Pattaya dropped by 50%. Chinese
Na Jomtien 10 %
investors started buying condominium
Source : Knight Frank Thailand’s Research in Pattaya for investment. Most
condominiums that they bought were
FIGURE 3
mainly fully furnished and The unit price
Supply, Demand, Take Up Rate of New Launch Between 2008 to H1 2016
was not over THB 5 million.

Cumulative Supply Cumulative Demand Take Up Rate As of 1H 2016, there were 40,361 units
0 2 4 6 8 sold out of 60,696 units, representing a
70,000 70%
64% 62% 66% sold rate of 66%. The sold rate increased
60,000 60% from 2015; the rate of 62% to 66%
50% 51% 56%
50,000 50% during the first half of 2016 was due to

40,000 40%
the slowdown in the newly launched
38%
units during the first half of 2016.
30,000 30%

20,000 20%
Pricing Trend
19,138

31,254

45,343

49,620

60,514

60,696
8,285

10,000 10%
15,864

25,327

31,752

37,485

40,361
3,107

9,593

0 0% In terms of selling prices of


2010 2011 2012 2013 2014 2015 H1 2016
condominiums in Pattaya, the view from
Source : Knight Frank Thailand’s Research the condominium unit is the main factor
affecting the selling price. Condominium

Demand Trend units with sea views had the highest


average selling prices with THB 119,795
The demographic of Pattaya Bangkok, as well as tourists who wanted per sqm as of 1H 2016, an increase of
condominium buyers has changed to purchase a retirement or holiday home 2% from THB 117,446 per sqm in 2015.
since 2010. Previously, Pattaya was in the coastal city. Russians were the The selling price of partly sea view and
a favoured residential area for people main buyers in the Pattaya market but non-sea view units remained fairly stable
from Russia, Germany, the Middle East, the numbers of such buyers have been or slightly increased at THB 67,900 and
Australia, and India who also reside in declining steadily since 2014. The Ruble THB 66,925 per sqm, respectively.

3
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FIGURE 4 Thailand Contacts


Average Selling Price by Condominium view, 2010-2016
Phanom Kanjanathiemthao
Managing Director
Seaview Partly Seaview Non-Seaview
+66 (0)2643 8223 Ext 124
140,000 phanom.kanjanathiemthao@th.knightfrank.com
114,025 117,446 Chaturawit Wattanapruk
120,000
110,930
119,795 Executive Director
112,724
100,000 +66 (0)2643 8223 Ext 120
101,655
98,693 chaturawit.wattanapruk@th.knightfrank.com
80,000 67,900
64,602 66,655 67,213 67,885
59,791 63,294 Surasak Limpa-Arayakul
60,000 66,562 66,894 66,925 Executive Director,
61,609 63,861
58,973 61,166
40,000
Head of Valuation and Advisory
+66 (0)2643 8223 Ext 143
20,000 surasak.limpa-arayakul@th.knightfrank.com

-
Roong Sitthisankunchorn
2010 2011 2012 2013 2014 2015 2016
Executive Director,
Head of Property Management
+66 (0)2643 8223 Ext 144
Source : Knight Frank Thailand’s Research roong.sitthisankunchorn@th.knightfrank.com

Marcus Burtenshaw
Outlook Executive Director,
Head of Commercial Agency
+66 (0)2643 8223 Ext 121
marcus.burtenshaw@th.knightfrank.com
The Pattaya condominium market is hard house many industrial estates, which are
Frank Khan
to predict but there are several positive essential in terms of cargo transportation, Executive Director,
tourism and industry development. Head of Residential
factors concerning Pattaya as a city and
+66 (0)2643 8223 Ext 280
Pattaya properties such as infrastructure Pattaya will be a town that has very high frank.khan@th.knightfrank.com

development, which refers to the train potential in the future. There are many Risinee Sarikaputra
Director,
from Bangkok to Pattaya, the monorail management level personnel working in Research and Consultancy
+66 (0)2643 8223 Ext 180
train in Pattaya city and the Dual Track the industrial estates in Rayong, Chonburi
risinee.sarikaputra@th.knightfrank.com
Train from China to Pattaya. Additionally and Sri Racha. With the complete
Phuket Contact
Pattaya city features many convenient facilities and amenities in Pattaya, such Nattha Kahapana
Executive Director,
facilities, including international hospitals, professionals working in said locations Knight Frank Phuket
international schools, shopping malls, will choose to live there. Knight Frank +66 (0)7631 8151 Ext 300
nattha.kahapana@th.knightfrank.com
restaurants and supermarkets – all (Thailand) believes that the Pattaya

ensuring that visitor needs are fulfilled. condominium market will recover but it

Besides, Pattaya is close to Rayong, will take some time.


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Chonburi and Lamchabang Sea Port that
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