Chon Buri Real Estate Gears Up for a Remarkable 2024!

In a promising turn of events, Chon Buri’s real estate market is poised for significant growth throughout 2024, driven by a surge in foreign interest in condominiums, despite the influx of new supply. According to Vichai Viratkapan, the acting director-general of the Real Estate Information Center, the allure of Chon Buri extends to both condo buyers and developers hailing from Bangkok, Chon Buri, and beyond, drawn by its thriving tourism and expanding industrial sector.

Vichai highlighted the absorption of residential supply in Chon Buri, emphasizing the limited number of new projects launched between 2020 and 2022. However, a substantial uptick in new condo launches during the second and third quarters of 2023 significantly boosted condo sales during that period.

Jomtien led the charge with an impressive 499 units sold and a monthly absorption rate of 2.9, closely followed by Bang Saen-Nongmon-Bang Phra, boasting 400 units sold and an absorption rate of 7.9. Pattaya-Khao Phra Tamnak and Nikhom Amata-Bypass secured the third and fourth positions, each with 400 units sold and absorption rates of 3.4 and 5.3, respectively.

Chon Buri also outshone Bangkok in terms of condo transfers to foreigners, capturing a substantial 41.7% compared to Bangkok’s 37.5%. This trend marks a significant shift from the average figures of 30.8% for Chon Buri and 48.8% for Bangkok observed from 2018 to 2022. Mr. Vichai remains optimistic, stating that this momentum will carry into 2024. Nevertheless, he advises developers to exercise caution when introducing new supply in tourism and industrial zones due to high competition and a surplus of unsold units.

In the third quarter of 2023, Chon Buri witnessed a remarkable 52% increase in newly sold condo units, totaling 2,129 units with a combined sales value of 8 billion baht. Meanwhile, sales for low-rise houses dropped by 26% to 1,713 units, amounting to 6.2 billion baht. New condo launches soared by 246% to reach 4,322 units, with a combined sales value of 15.1 billion baht. Unsold units saw a 3.1% increase to 15,871 units, valued at 61.7 billion baht.

Vichai highlighted the top three locations with the highest number of units sold, which also exhibited the highest number of unsold units. In Jomtien, 5,239 unsold units require 31 months for full absorption, while Pattaya-Khao Phra Tamnak and Nikhom Amata-Bypass have 3,579 and 2,099 unsold units, requiring 26 and 16 months, respectively, for complete absorption.

Exciting times lie ahead for Chon Buri’s real estate landscape in 2024, promising opportunities for both investors and homebuyers alike. See the top areas here. Stay tuned for more updates as the market unfolds its potential!