Following the success of  low-cost condominiums in Pattaya, developers are lining up to offer accommodation in the under 3-million baht range. Quality House plans to launch its first project in South Pattaya later this year with all units priced under 3 million baht.
Raimon Land, which traditionally has concentrated on the luxury market, launched its first condo project Unixx worth 2.4 billion baht, with units priced under 3 million baht.
Meanwhile, LPN Development has launched Lumpini Ville Nakra-Wongamart, and NC Housing plans its first condo project in the city later this year. TCC Capital Land Company sees Pattaya as a potential area for developing a residential project. Sena Development plans to launch a mixed-use project combining condominiums, serviced apartments and a shopping centre here after acquiring a major stake in Treasury Holding, owner of Pattaya Country Club and Resort, for 590 million baht last November.
Primary buyers of these relatively inexpensive condos are expected to be Thais, including people from other provinces who now live in Bangkok and other Bangkok-based Thais who want a second home or vacation residence. “Most of our customers last year were locals who intended to live in their apartments rather than taking them as investment properties,” said Opas Sripayak, LPN managing director.
Sripayak explained that Thais who move from other provinces to work in Pattaya have to pay an average rent of 6,000 to 8,000 baht a month. “Thus when they have the opportunity to buy a condominium priced lower than 3 million baht, it makes sense to match their purchasing power, eventually replacing the rental market.”
Knight Frank Thailand Research states that the new supply of condominiums in Pattaya in 2011 was 10,547 units in 24 projects, the majority being in the Jomtien area. This was largely due to the availability of land in Jomtien as well as the possibility of developing high-rise structures there. Sea-view condos in Jomtien are less expensive than those in North Pattaya and Wongamart.  In North Pattaya the typical price of a sea-view unit is between 104,000 and 150,000 baht per square meter, that compares with 75,000 to 120,000 baht in Jomtien.
Raimon Land’s research team says that 26 new residential projects were launched in Pattaya, worth more than 30 billion baht, about half being in central Pattaya. Most demand in Pattaya is for one-bedroom condos of 40 to 50 square meters. Buyers of modestly-priced units–whether working Thais or investing foreigners–are especially interested in units priced under 3 million baht.