According to research carried out by Colliers International Thailand, developers in the city are no longer struggling to sell the required number of homes to Thai buyers.
By contrast, interest from certain foreign investors, most notably British and American buyers, has dropped off, although there still remains a strong Russian contingent who are snapping up condos in the city.
In most areas of Pattaya, the value of properties remained relatively flat or dipped slightly in the first half of 2012, compared to the same six-month period in 2011. The Wongamat district is the one exception where prices have climbed.
The firm noted only two new developments were launched in Wongamat between January and June this year, which has helped it remain exclusive.
CBRE Thailand revealed property developers in the country expanded into beach resort locations, such as Pattaya, in the first quarter of the year. Regional cities, where disposable incomes are increasing, were other targets for construction firms looking to capitalise on the demand for new homes.