A summary of the findings are as follows:

Approximately 6,675 units were completed and registered in 2015.

• The number of new condominium units registered in 2015 is the highest in Pattaya history.
• More than 30,000 condominium units are still under construction and expected to be completed in 2016 -2017.
• All developers are trying to complete their projects before March 2016 because of the tax and transfer rate policy.

Only 8,500 units were launched in 2015, a significant decrease from 2014.

• Thailand’s economic situation and some other factors directly affected buyer and developer confidence.
• Unsold and second-hand units are the main concern of all developers who are planning to launch new projects in the Pattaya condominium market.
• Demand in the Pattaya condominium market has still not recovered.
• The weakening Russian ruble is the main issue directly affecting Russian buyers.

Condominium prices in some locations are higher than in 2014.

• Wongamat has the highest price in the Pattaya condominium market, as many luxury and high-level condominium projects.
• The average condominium price in the Pratumnak area significantly increased from 2014. This was because some foreign developers increased their prices in 2015.
• The average price in the Jomtien area is the still lowest in the Pattaya condominium market, because many low-end condominium projects were launched in the past few years.

Some infrastructure development projects are becoming new factors for the Pattaya property market.

• The government announced some development projects in Chon-buri. A new ferry pier for the Pattaya – Pranburi route, a Pattaya – Map Ta Phut motorway and a high-speed train line from Bangkok to Rayong are three projects that will probably be started in 2016.
• All development projects from the government will increase the interest in Pattaya in the future.

Find the full report here.