Pattaya Condominium Market Enters Supply Shortage Phase
Pattaya developers are reducing the launch of new projects to levels not seen since 2016. According to CBRE Thailand data for the first half of 2026, the number of construction permits issued for condominiums in Chonburi province fell by 64% compared to the same period in 2025. A total of 12 new projects with a total area of 87,400 square meters were approved - the lowest figure in a decade.
The reason is simple: developers see no demand for the mass-market segment, while premium projects require lengthy preparation and high initial investments. Banks have tightened construction financing requirements following the wave of bankruptcies in 2023-2024, when three medium-sized Pattaya developers failed to complete projects due to liquidity shortages.
Jomtien and Pratamnak: Where Construction Has Stopped
The greatest reduction affected the Jomtien and Pratamnak areas - traditional zones of active development. In Jomtien, not a single new project was launched in 2026, whereas in 2024 seven towers worth a total of 4.2 billion baht started here. The situation in Pratamnak is slightly better: two small boutique projects of 56 and 72 units received permits in April, but both target the segment starting from 8 million baht for a 35-square-meter studio.
Developers explain the pause by market oversaturation. Approximately 1,800 units are currently listed on the Jomtien secondary market - 40% more than a year ago. The average listing period has increased from 90 to 147 days. Buyers are in no hurry: they know supply is high and negotiate aggressively.
Pratamnak maintains its position thanks to limited land resources and its status as a prestigious area. Here, the shortage of new projects has already led to price increases for completed housing: studios in complexes built in 2022-2023 have risen in price by 7-9% since the beginning of 2026. However, new launches are hampered by high land costs - beachfront plots sell for 350-450 thousand baht per square wah (400 square meters), making projects profitable only in the segment starting from 12 million baht per unit.
Numbers That Explain the Halt
According to statistics from the Land Department of Chonburi Province, 2,847 condominium purchase and sale transactions were registered in the Jomtien and Na Jomtien areas in 2025. In the first half of 2026 - only 1,103 transactions, which is 23% below the projected figure. Demand has shifted toward completed housing: the share of secondary market purchases increased from 52% to 68%.
The Bank of Thailand recorded a 31% year-on-year decline in mortgage lending volume to foreigners for real estate in Pattaya. Russian buyers, who accounted for 18% of all transactions involving non-residents in 2024, reduced their activity to 11% in 2026. The reason is the strengthening baht: the ruble-to-Thai currency exchange rate fell from 2.85 at the beginning of 2025 to 2.34 by July 2026, making purchases 18% more expensive in ruble equivalent.
Developers are responding by reducing launches. Raimon Land, one of the largest players in the Pattaya market, stated in an interview with Bangkok Post that it has postponed the start of two projects in Jomtien until 2027. "We see no point in entering a market where 60% of units in new towers take longer than a year to sell," commented the company's CEO.
How the Shortage of New Projects Changes Pricing
The paradox of the current situation: despite falling demand, prices for certain housing categories are rising. Studios and one-bedroom apartments of 28-35 square meters in completed Pratamnak complexes have increased by an average of 8.4% from January to July 2026. The average price per square meter in sea-view projects reached 142 thousand baht - a historical maximum for this area.
The reason for growth is the lack of alternatives. New projects are not being launched, while demand for compact housing with good infrastructure remains stable. Buyers focused on rental choose completed properties with proven management companies and occupancy rates of at least 70%. There are only 11 such complexes in Pratamnak, and supply in them is limited.
In Jomtien, the picture is different. Excess supply puts pressure on prices: the average cost per square meter in new projects from 2023-2024 decreased by 5.2% to 97 thousand baht. Developers offer discounts of up to 15% and three-year interest-free installments, but demand remains sluggish. Investors fear low liquidity: reselling an apartment in Jomtien now takes an average of 5-6 months, while in Pratamnak - 2-3 months.
Two-bedroom apartments of 55-70 square meters show stagnation throughout Pattaya. Prices remain at 2024 levels, but sales time has increased. This segment is traditionally purchased by families for permanent residence, and their share in total transactions has decreased from 28% to 19%.
Developer Strategies in Market Contraction Conditions
Developers are adapting to the new reality. Large companies like Origin Property and Sansiri have shifted focus to Bangkok, where demand for housing near metro stations remains high. In Pattaya, they are completing started projects but not announcing new ones.
Medium-sized developers choose niche segments. For example, Arcadia launched the Arcadia Millennium project in Pratamnak in May 2026 - 48 units from 120 square meters, starting price 18 million baht. The target audience is affluent buyers from Europe and the Middle East, for whom Pattaya remains an attractive location for a second home. All units were sold in two months.
Small developers either leave the market or switch to renovating old buildings. In Jomtien, the "condotel" format is gaining popularity - complexes where owners rent apartments to a common pool, and the management company guarantees returns of 5-6% annually. Such projects require less investment and pay off faster, but are legally more complex for foreign buyers due to restrictions on commercial property ownership.
Forecast for the Second Half of 2026
Knight Frank Thailand analysts expect no more than eight new projects to be launched in Pattaya in the second half of 2026. Most will be low-rise complexes of 30-50 units in the premium segment. Mass construction will resume no earlier than 2027, when the market digests the current excess supply.
For buyers, this means a narrower choice in new construction and increased competition for quality properties on the secondary market. Prices for completed housing in sought-after locations will continue to rise - experts forecast an increase of 6-10% by year-end in Pratamnak and stagnation in Jomtien.
Banks are revising mortgage conditions. Kasikorn Bank launched a program for foreigners in July 2026 with a 30% down payment and a 5.8% annual rate for 15 years - 1.2 percentage points lower than in 2025. The goal is to stimulate demand amid falling lending volumes.
What This Means for Buyers in Pattaya
A Russian investor planning a purchase in 2026 faces a choice: completed housing at rising prices or waiting for new launches with the risk of further price increases. Practice shows that in current conditions, it is more profitable to buy on the secondary market with a 10-15% discount from the developer's original price.
Example: a 32-square-meter studio in the Laguna Beach Resort 3 complex in Jomtien, launched in 2023 at 3.8 million baht, is now selling for 3.2 million. The owner is ready to negotiate, the real transaction price is 2.95-3.0 million. Renting such a studio brings 18-20 thousand baht per month in high season, annual yield about 6.5%.
In Pratamnak, the situation is reversed: supply shortage pushes prices up. A 38-square-meter one-bedroom apartment in The Panora complex on the second line from the sea cost 5.2 million baht at the beginning of the year; similar units are now listed for 5.6-5.8 million. Buyers who postponed decisions are now overpaying by 10-12%.
Strategy for Russian investors in 2026: focus on completed properties in managed complexes with occupancy above 65%, legal verification through the Land Office, direct negotiation with owners without agents (saving 3% commission). In Jomtien, profitable offers with discounts can be found; in Pratamnak, it's better not to delay - prices will continue to rise amid new supply shortage.
For those planning to buy for rental, the area's infrastructure is important to consider. Jomtien attracts families with children and long-term tenants, average contract 6-12 months. Pratamnak is oriented toward short-term tourist rentals, higher yield but stronger seasonality. The choice depends on willingness to manage the property and target profitability.
Conclusions: The Market Is Restructuring
The reduction in new project launches by Pattaya developers is not a crisis but structural restructuring. The market is shedding excess supply; developers are learning to work with more demanding demand conditions. For buyers, this is a period of opportunities: undervalued properties can be found on the secondary market, or prices can be locked in the premium segment before the new growth cycle begins.
The main thing is not to rush and check each property. The Pattaya market in 2026 requires attention: price spreads for similar apartments reach 20-25%, and legal risks when buying from developers with low liquidity remain high. Consultation with an independent lawyer and document verification at the Land Office are mandatory steps before a transaction.
