PATTAYA, Thailand – The Thai Real Estate Research and Valuation Center at Agency for Real Estate Affairs (AREA) recently revealed an oversupply of housing in 15 key residential areas across Bangkok and its outskirts, including critical corridors near Pattaya. The glut of unsold homes and condos could take 3 to 4 years to clear if no new projects enter the market.
Mr. Sophon Pornchokchai, Chairman of AREA, warned developers to avoid launching new projects in these saturated zones unless they offer better designs or greater value that can attract buyers. Failure to do so risks slow sales and potential project failures.
Detailed Oversupply Report: Key Locations Near Pattaya and Bangkok
Nawamin
Nearly 3,751 condo units priced around 1 million baht.
Sold: 2,050 units | Unsold: 1,701 units | Unsold value: 1.66 billion baht.
Monthly sales rate: 0.4%. Limited parking space impacts desirability.
Klong Rangsit 1-7 (Townhouses priced 2-3 million baht)
Total units: 8,069 | Sold: 4,872 | Unsold: 3,197 | Value: 7.83 billion baht.
Monthly sales rate: 1.0%. Heavy development caused oversupply.
Klong Rangsit 1-7 (Townhouses priced 1-2 million baht)
Total units: 6,461 | Sold: 4,088 | Unsold: 2,373 | Value: 4.14 billion baht.
Monthly sales rate: 1.0%. Distant location hampers sales.
Klong Rangsit 1-7 (Detached homes priced 5-10 million baht)
Total units: 4,126 | Sold: 2,093 | Unsold: 2,033 | Value: 14.06 billion baht.
Monthly sales rate: 1.2%. Price too high for local factory workers.
Lam Luk Ka (Townhouses priced 2-3 million baht)
Total units: 6,381 | Sold: 4,370 | Unsold: 2,011 | Value: 5.19 billion baht.
Monthly sales rate: 1.3%. Distance affects sales.
Srinakarin-Thepharak (Townhouses priced 2-3 million baht)
Total units: 5,804 | Sold: 3,376 | Unsold: 2,428 | Value: 6.13 billion baht.
Monthly sales rate: 1.0%. Competition causes absorption lag.
Pak Nam (Condominiums priced 1-2 million baht)
Total units: 6,563 | Sold: 3,117 | Unsold: 3,446 | Value: 4.58 billion baht.
Monthly sales rate: 0.6%. Oversupply from many projects.
Bang Na-Trat km 10-30 (Detached homes priced 5-10 million baht)
Total units: 5,908 | Sold: 3,025 | Unsold: 2,883 | Value: 20.9 billion baht.
Monthly sales rate: 1.1%. Prices too high for local residents.
Bang Na-Trat km 10-30 (Townhouses priced 2-3 million baht)
Total units: 10,727 | Sold: 6,668 | Unsold: 4,059 | Value: 10.14 billion baht.
Monthly sales rate: 1.2%. Overproduction a factor.
Pracha Uthit (Townhouses priced 2-3 million baht)
Total units: 7,563 | Sold: 4,136 | Unsold: 3,427 | Value: 8.52 billion baht.
Monthly sales rate: 1.0%. Oversupply from aggressive production.
Ekachai-Bang Bon (Townhouses priced 2-3 million baht)
Total units: 4,352 | Sold: 2,068 | Unsold: 2,284 | Value: 5.83 billion baht.
Monthly sales rate: 1.1%. High supply exceeds demand.
Mahachai-Saetthakit (Townhouses priced 2-3 million baht)
Total units: 4,294 | Sold: 2,014 | Unsold: 2,280 | Value: 5.71 billion baht.
Monthly sales rate: 0.9%. Demand would improve if prices drop under 2 million baht.
Bang Bua Thong (Detached homes priced 5-10 million baht)
Total units: 2,804 | Sold: 1,030 | Unsold: 1,774 | Value: 12.4 billion baht.
Monthly sales rate: 1.0%. Remote location, pricing mismatch.
Bang Bua Thong (Townhouses priced 2-3 million baht)
Total units: 8,792 | Sold: 6,279 | Unsold: 2,513 | Value: 6.34 billion baht.
Monthly sales rate: 1.1%. Distance to city center reduces sales velocity.
Lat Lum Kaeo (Detached homes priced 5-10 million baht)
Total units: 3,924 | Sold: 1,219 | Unsold: 2,705 | Value: 18.5 billion baht.
Monthly sales rate: 0.9%. Location far from urban areas creates buyer mismatch.
Why Oversupply Persists
Mr. Sophon noted that the majority of oversupplied housing units are townhouses and condos priced under 3 million baht, located far from city centers. These prices and locations often do not match the purchasing power of local residents, leading to prolonged market absorption times.
Outlook: Slow Absorption Expected
If no additional supply enters these markets, it could take 3 to 4 years to clear the current unsold inventory. Developers are advised to prioritize quality and value rather than volume, to avoid prolonged sales slumps.
Local Market Impact Near Pattaya
The oversupply along Bang Na-Trat and Pak Nam corridors affects Pattaya’s broader property market by slowing demand and tempering price increases. Buyers remain cautious, weighing high inventory and pricing mismatches before committing.
