Pattaya —
“Pattaya has already become a world-class destination and is poised for leaping growth in the next five years,” says Thai real estate industry leaders speaking at a seminar hosted by the Chonburi Real Estate Association.
The seminar, themed “Real Estate…Factors-Opportunities-Hopes of the Thai Economy,” was hosted recently, focusing on Pattaya’s growing appeal to both domestic and international tourists. The seminar saw the presence of numerous real estate leaders in Thailand, including Mr. Chanin Vanichwong, CEO of Habitat Group, who pointed out that “Pattaya is no longer just a domestic, budget nightlife destination, but it has already become a world-class destination.”
For example, Mr. Chanin said many major Thai corporations have invested in Pattaya such as the Land & House Group that brought to the city projects like Terminal 21 Pattaya, and the Asset World Corporation that is expanding its hotel portfolio into the city. Central Group is also investing in a community mall project, and Magnolia Quality Development Corporation is undertaking a large-scale mix-use development.
Mr. Chanin further revealed that Habitat Group itself has been a key player in Pattaya’s growth. He explained that ten to twenty years ago, Pattaya was just a nightlife destination, surrounded by industrial estates but now the landscape has changed.
This transformation is evident in the rise of high-end tourism around the city. Areas like Na Jomtien now houses several hotels that are more than 20,000 baht per night, while the Wongamat area features condominiums valued at over 300,000 baht per square meter. Mr. Chanin believed that with further infrastructure development, including the U-Tapao Airport and the monorail project, Pattaya could even “surpass Phuket as the premier tourist destination in Thailand.”
The seminar also addressed the broader Chonburi region’s success. The province recorded 28 million foreign tourists in 2023 and has an estimated 35-40 million foreign tourists expected in 2024. This growth could easily become real by the return of the Chinese visitors, according to the data from the seminar.
The visa-free policy for many foreign nationalities has also been instrumental in the country’s overall real estate demand. Statistics from the seminar shows that Chinese nationals account for over 46.6% of condo transfers for the first nine months of 2023, followed by Russians (9.0%), and Americans (3.9%). Among all 77 provinces, Chonburi is the number one in terms of condo rights being transferred to foreigners, accounting for 41.7% or 14.10 billion baht.
Natthanon Srisomboon, Managing Director of Phatta Development Company, stated that Pattaya has one of the most diverse customer bases. “Pattaya caters to foreigners living here, industrial workers, and tourists,” he explained. “Unlike Phuket, Pattaya has more land available for development.”
Mr. Natthanon added that “the factory area attracts those with stable jobs who can afford 4-6 million baht houses. The Nong Pla Lai area attracts families with international schools nearby, and the Nongprue/Mabprachan zone attract business owners. Huai Yai entices tourists seeking vacation homes and villas.” He also noted that the European market is growing in the Huai Yai area, as they are drawn to the natural beauty and proximity to U-Tapao Airport.
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