In the past three years, the second-hand housing market in Bangkok and its surrounding areas has been continuously growing, especially in the case of second-hand condominiums, where the transfer rate has increased from 15% of total condominium transfers in the area in 2016 to 27% in 2019. Bangkok has the highest transfer rate of second-hand condominiums at 30%, while Nonthaburi and Samut Prakan have seen their transfer rates increase significantly from three years ago, rising by 150-170 ppt to levels of 23-24%.

The growing popularity of second-hand condos is partly due to the “price difference”, as the price of new condos has surged to be 80% higher than that of second-hand condos. This trend is particularly evident in Bangkok, Samut Prakan, and Nonthaburi, where the growth of second-hand condominiums contrasts with the slower growth of household incomes compared to new condo prices, causing potential buyers of new condos to delay their purchasing decisions.

As a result, some buyers are increasingly interested in second-hand condos due to their prices and the quality of certain units that have never been lived in. These units may come from investors who purchased them for speculation and are now looking to sell. In Bangkok and its surrounding areas, the proportion of unoccupied condos is as high as 14% of the total number of condos, meaning that the quality of second-hand condos is not significantly different from that of new ones.

The weak purchasing power of consumers, in line with the ongoing economic slowdown, along with the continued strict lending policies for residential purchases by financial institutions, and the accessible price level of second-hand condos for general homebuyers, make them a viable option for those looking to buy new housing at this time. This trend indicates that the second-hand condo market is likely to continue its growth.

If you are interested in second-hand condos, TerraBKK can help you find them easily and quickly at

www.terrabkk.com/freepost/property-list