During 2014 the average selling price of a sea view condominium was THB114,025 per sqm, with a CAGR of 4.7 percent. In 2007 it was just THB82,629 per sqm.
According to Knight Frank’s research, the average selling price of sea view condominiums was 71 percent higher than the average selling price of non-sea view condominiums last year. This was partly due to the scarcity of beach front land with close proximity to Pattaya’s city centre.
Moreover, significantly better views obtained by sea view condominiums add significant value to the unit, as the majority of the market is based on foreigners and retirees who buy condominiums for vacation and holiday purposes.
The unit selling price of studios in the study area was in the range of THB0.73 million to THB12.71 million, whereas one-bedroom units were in the range of THB 0.79 million to THB30.8 million, two-bedrooms were from THB1.39 million to THB54.6 million, and three-bedrooms and over were priced from THB4.69 million to THB129.9 million.
Risinee added, “It is to be noted that the minimum unit price of condominiums in Wongamat is the highest among every unit type.”
In conclusion and with words of caution, Knight Frank noted the prospects for Pattaya’s condominium market are not good due to the major buyers are Russian.
With the Russian rouble currency devaluation, this will limit the activity of Russian buyers in the market. Units signed-for by Russians but not transferred will be returned to the market since the transferred amount will be higher and there will be many Russians who cannot afford to