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Property Market in Chonburi Province Expected to Experience an Upsurge
一月 16, 2024
Property Market in Chonburi Province Expected to Experience an Upsurge 曼谷
By   Internet
  • 城市報
  • Thailand Property Market
  • Housing Market Analysis
  • Thailand Property
Abstract: According to Thai media reports, the real estate market in Chonburi Province is anticipated to witness an upward trend in 2024, driven by strong interest from foreign tourists in condominiums, leading to a situation of high demand and low supply.

Vichai Viratkapan, the Acting Director-General of the Real Estate Information Center, stated that Chonburi Province has attracted numerous condominium buyers and developers from Bangkok, Chonburi Province, and other regions due to its robust tourism industry and the continuous growth of factories.

In recent years, the number of new project launches has been relatively low, resulting in a substantial acquisition of properties in Chonburi Province. However, in the second and third quarters of 2023, there was a significant increase in condominium sales, coupled with a surge in the number of newly launched condominium projects, further propelling the upward trend in property prices.

Statistical data reveals that the Jomtien area topped the list with 499 units sold, showing a growth rate of 2.9%. The Bang Saen-Nongmon-Bang Phra region followed closely, selling 400 units with a growth rate of 7.9%.

The Pattaya-Khao Phra Tamnak area and the Nikhom Amata-Bypass area ranked third and fourth, each selling 400 units, with growth rates of 3.4% and 5.3%, respectively.

Property Market in Chonburi Province Expected to Experience an Upsurge

Moreover, Chonburi Province witnessed the highest number of condominium transfers to foreigners, surpassing Bangkok. Foreign buyers accounted for 41.7% of the sales ratio in the region, compared to Bangkok's 37.5%. The average ratios during the period from 2018 to 2022 were 30.8% and 48.8%, respectively.

In the third quarter of 2023, the number of newly sold condominiums in Chonburi Province reached 2,129 units, marking a 52% increase, with a total sales value of 8 billion Thai Baht. Meanwhile, sales of low-rise houses decreased by 26%, amounting to 6.2 billion Thai Baht.

The number of newly launched condominiums surged by 246%, reaching 4,322 units, with a total sales value of 15.1 billion Thai Baht. The remaining unsold condominiums increased by 3.1%, reaching 15,871 units, with a total value of 617 billion Thai Baht.

While foreign buyers contributing to Thailand's real estate market can stimulate local economic development and create job opportunities, challenges also exist. The significant number of foreign buyers may drive up local property prices, making it more challenging for local residents to purchase homes.

Furthermore, some foreign individuals may view property purchases as investment tools rather than for actual residence, leading to a higher incidence of vacant properties in certain areas.

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Property Market in Chonburi Province Expected to Experience an Upsurge
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