Thailand Developers Cut New Project Launches to 2006 Levels
The number of condominium construction permits in Chonburi province dropped 43% in the first half of 2026 compared to the same period in 2025. The Land Department recorded only 127 approved permits versus 223 a year earlier - the lowest figure since 2006, when separate statistics for Pattaya districts began. Developers are suspending launches due to rising construction material costs, tightening bank lending, and shortage of land plots with Chanote titles in coastal zones.
Cement prices in Thailand rose 11% from January to June 2026 due to higher coal and logistics costs. Rebar prices increased 8%. The cost per square meter in a mid-range condominium rose from 38,000 to 42,000 baht. Since March 2026, the Bank of Thailand requires developers to pre-sell a minimum of 35% of units before obtaining construction financing - the previous threshold was 25%. Project approval procedures now take 4-6 months.
Land Shortage in Pratamnak and Na Jomtien Slows New Projects
The most notable drop in permit numbers was recorded in Pratamnak and Na Jomtien districts - traditional zones of active development for foreign buyers. The number of allocated land plots for residential development in these areas decreased 38% over the past 18 months. The reason - depletion of available plots with Chanote documents (Nor Sor 4), which allow foreigners to purchase condominium units with full ownership rights.
On Pratamnak Hill, fewer than 20 plots ranging from 3 to 8 rai (4,800-12,800 m²) suitable for high-rise construction remain. Most land is already developed or privately owned by Thai families not planning to sell. The situation in Na Jomtien is similar: beachfront plots are virtually unavailable, and first-line land prices have risen to 180-220 million baht per rai (approximately 112-137 million baht per hectare).
Pattaya city administration introduced additional height restrictions for buildings in coastal zones - no more than 23 floors for new projects approved after January 2026. This reduces construction profitability for major developers who previously planned towers of 35-40 floors.
Prices in New Pratamnak Developments Rose 16.8% in Seven Months
The shortage of new projects is already reflected in prices. According to DDproperty agency, the average price per square meter in new Pratamnak condominiums rose from 89,000 baht at the end of 2025 to 104,000 baht in July 2026 - a 16.8% increase in seven months. In the secondary market, prices grew more moderately: from 76,000 to 82,000 baht per m² (7.9% growth).
Na Jomtien shows different dynamics. The average price in new developments was 92,000 baht/m² in July 2026 versus 84,000 baht/m² in December 2025 (+9.5%). The secondary market showed minimal growth - 68,000 baht/m² versus 66,000 baht/m² (+3%).
| District | New Developments Dec 2025 (baht/m²) | New Developments Jul 2026 (baht/m²) | Growth (%) | Secondary Dec 2025 (baht/m²) | Secondary Jul 2026 (baht/m²) | Growth (%) |
|---|---|---|---|---|---|---|
| Pratamnak | 89,000 | 104,000 | +16.8 | 76,000 | 82,000 | +7.9 |
| Jomtien | 84,000 | 92,000 | +9.5 | 66,000 | 68,000 | +3.0 |
In central Pattaya, the price per square meter in new projects holds at 85,000-120,000 baht. Limited land and proximity to infrastructure prevent prices from falling, even with declining overall sales volume.
Major Developers Relocate Projects to Banglamung and Huay Yai
Large developers are redirecting investments to Banglamung and Huay Yai districts, where land is cheaper and administrative restrictions are fewer. Sansiri launched Base Central Pattaya in Nong Prue (Banglamung) in May 2026 - a condominium with 1,248 units priced from 1.89 million baht for a 24 m² studio. The project is located 4.5 km from Jomtien Beach but compensates for the distance with developed internal infrastructure: two pools, co-working space, and an 800 m² fitness center.
Origin Property focused on Huay Yai - a zone 15 km from central Pattaya where land prices are three times lower than in Pratamnak. In June 2026, the company announced Origin Huay Yai Retreat, a low-rise project with 384 units priced from 2.1 million baht for a 32 m² one-bedroom unit. The target audience includes Thai buyers and long-term tenants working in the Eastern Economic Corridor (EEC) industrial zone.
Developers Require 70-80% Down Payment Instead of 30%
According to CBRE Thailand, in the first quarter of 2026, 62% of new condominium launches in Pattaya offered only full payment or minimal installment plans up to 90 days. A year ago, this figure was 28%. The average down payment increased from 30% to 70-80% of the unit price.
The reason - tightening bank financing conditions. Developers cannot obtain construction loans without confirming high levels of pre-sales. Banks fear a repeat of the 2020-2021 crisis when many Pattaya projects froze due to lack of liquidity.
Buyers with limited budgets must seek alternatives: either choose projects in remote areas where installment plans are still available, or consider the secondary market. Owners of units purchased at the 2018-2019 peak are willing to sell at 10-12% discounts from the original price.
Excess Supply in Secondary Market Pressures Prices
According to CBRE Thailand, approximately 14,600 units in completed condominiums are listed for sale in Pattaya - 22% more than a year ago. Average listing time increased from 4.2 to 5.8 months. Developers worry that new projects will compete not only with each other but also with cheaper secondary housing.
Owners are forced to reduce prices by 5-7% to accelerate sales. Units in projects built in 2018-2020 often sell below cost. Buyers get opportunities to purchase housing in completed condominiums with developed infrastructure at below-market prices.
Document verification is mandatory: ensure the unit is free of encumbrances and the condominium complies with the 49% foreign ownership quota. Request a Title Search from the district Land Office and verify the land plot status - the document should be Chanote type (Nor Sor 4 Jor).
Long-Term Resident Visa Program Failed to Meet Developer Expectations
The Long-Term Resident Visa (LTR) program, launched in 2022, has not shown expected results: fewer than 18,000 visas issued in four years versus the projected 50,000. Developers who counted on an influx of wealthy foreigners are revising marketing strategies.
The main problem - high financial requirements of the program. To obtain a visa, one must confirm annual income of $80,000 USD or investments in Thailand worth at least $250,000. Many potential Russian buyers do not meet these criteria or prefer standard tourist visas with extensions.
Analyst Forecast: Stabilization at 220-240 Permits Annually
Colliers Thailand analysts expect permit numbers to stabilize at 220-240 annually through the end of 2027. This is half the 2018 peak (487 permits) but sufficient to maintain market supply.
Knight Frank Thailand Chief Economist Piti Dissakul forecasts new development prices in Pratamnak will rise another 8-12% by the end of 2026. Growth in Na Jomtien will be more modest - 4-6%. The secondary market will remain under pressure: owners will be forced to reduce prices by 5-7% to accelerate sales.
New Rules for International Money Transfers from April 2026
Since April 2026, the Chonburi Province Land Office introduced mandatory source-of-funds verification for all foreign buyers purchasing property over 5 million baht. Bank statements for the past six months and documents confirming legal origin of funds must be provided. The procedure takes 10-15 business days and may delay ownership registration.
Money transfer rules from abroad have changed. The Bank of Thailand requires the payment order to specify the purpose - "purchase of condominium unit." Without this notation, the receiving bank will not issue a Foreign Exchange Transaction Form (FETF), which is necessary for registering the unit to a foreigner at the Land Office.
What This Means for Russian Buyers in Pattaya
For Russian-speaking buyers, the current situation creates both risks and opportunities. The shortage of new projects in Pratamnak and Na Jomtien means prices in these districts will grow faster than inflation. If you planned to purchase a sea-view unit for personal residence or tourist rentals, postponing the decision is disadvantageous. Units in projects receiving construction permits in 2026-2027 will cost 10-15% more than analogues launched in 2024-2025.
Simultaneously, the secondary market becomes more attractive. Owners of units purchased at the 2018-2019 peak are willing to sell at 10-12% discounts from the original price. This is a chance to acquire housing in a completed condominium with developed infrastructure at below-market prices. Transaction verification is mandatory: ensure the unit is free of encumbrances and the condominium complies with the 49% foreign ownership quota.
Buyers with limited budgets should consider Banglamung and Huay Yai districts. Yes, it's farther from the beach, but infrastructure is developing rapidly: shopping centers, international schools, and medical clinics are opening. Projects in these zones offer more space for the same money - the difference can reach 30-40%.
If the purchase goal is investment with subsequent resale, focus on projects by major developers (Sansiri, Origin, Pruksa) within 3 km of the beach. Such property is more liquid and easier to sell to both Thais and foreigners. Avoid studios under 24 m² - demand for them is falling, and banks are reluctant to provide mortgages for such units.
Buyers with liquid capital capable of quickly closing deals gain advantages. They can negotiate 5-10% discounts and select the best units in promising projects while competition is reduced. Na Jomtien and Bang Saray districts, where prices are forecast to grow 12-15% by 2028 due to Eastern Economic Corridor development, remain attractive for long-term investments.
Hire an independent lawyer specializing in real estate to verify licenses, permits, and contracts. Service costs 15,000-25,000 baht but protects against losing millions. Request a statement from the district Land Office and ensure the plot has no mortgages, arrests, or easements.
Conclusions: Time to Make Decisions, Not Wait
For Russian buyers, this is a time to make decisions, not wait. Projects launched in 2024-2025 are still available at relatively low prices. In a year, the situation will change: supply will shrink and prices will rise 10-15%. Choose districts with developed infrastructure, verify developer reputation, and don't skimp on legal transaction support.
