Chon Buri real estate set to surge in 2024
The residential market in Chon Buri is expected to sustain its growth throughout 2024, propelled by foreign interest in condos, despite the large quantity of new supply.
Vichai Viratkapan, acting director-general of the Real Estate Information Center, said Chon Buri attracted both condo buyers and developers from Bangkok, Chon Buri and other regions due largely to its robust tourism and growing industrial sector.
“The residential supply in Chon Buri was greatly absorbed as the number of new projects launched between 2020 and 2022 was very few,” he said. “There was a substantial increase in new condo launches during the second and third quarters of 2023, significantly boosting condo sales during that period.”
Jomtien topped the list with 499 units sold and a monthly absorption rate of 2.9, followed by Bang Saen-Nongmon-Bang Phra with 400 units sold and an absorption rate of 7.9.
Pattaya-Khao Phra Tamnak and Nikhom Amata-Bypass came in third and fourth, both with 400 units sold and absorption rates of 3.4 and 5.3, respectively.
Chon Buri was also the province that held the top position in terms of the largest number of condo transfers to foreigners, surpassing Bangkok. The proportions were 41.7% and 37.5%, respectively, compared with an average of 30.8% and 48.8% during the period 2018 to 2022.
“This momentum will continue into 2024,” Mr Vichai said. “However, developers should exercise caution when launching new supply in tourism and industrial zones due to the high number of unsold units and intense competition among developers.”
In the third quarter of 2023, the number of newly sold condo units in Chon Buri stood at 2,129 units, marking a 52% increase, with a combined sales value of 8 billion baht.
Meanwhile, low-rise house sales dropped by 26% to 1,713 units, amounting to 6.2 billion baht.
The number of newly launched condo units surged by 246% to reach 4,322 units, with a combined sales value of 15.1 billion baht. The remaining unsold units increased by 3.1% to 15,871 units, valued at 61.7 billion baht.
“The top three locations with the highest number of units sold were highly favoured among condo buyers and developers. Consequently, they also exhibited the highest number of unsold units,” Mr Vichai said.
In Jomtien, there were 5,239 unsold units, requiring 31 months to be fully absorbed, whereas Pattaya-Khao Phra Tamnak and Nikhom Amata-Bypass had 3,579 and 2,099 unsold units, requiring 26 and 16 months, respectively, for complete absorption.
Source – Bangkok News
