The real estate market in Pattaya is oversupply

According to analysts from Colliers International Thailand, there is an oversupply in the Pattaya real estate market. The problem is especially acute against the backdrop of the coronavirus pandemic.

By the end of last year, the stock of unsold apartments in Pattaya reached 25,000 units, which is almost 49 percent more than in 2018. Thus, the record of 2014 was broken, when 19,140 apartments turned out to be unclaimed on the Pattaya real estate market. According to experts, it will take about three years to sell these 25,000 apartments.

The coronavirus outbreak has significantly reduced the demand for apartments in Pattaya. And the number of unsold properties could soar to a new record high. To solve the problem, developers will have to "freeze" the construction of new apartments in Pattaya.

Representative of Colliers International Thailand Phattarachai Taweevong warns that the impact of the epidemic on the apartment market will be particularly strong in Pattaya, which is heavily dependent on foreigners, especially the Chinese.

The impact of the epidemic on the apartment market will be especially strong in Pattaya, which is heavily dependent on foreigners, especially the Chinese. In the market