The Nonthaburi Real Estate Association is moving forward with the 'Good House Fair Nonthaburi', aiming for sales of 300 million baht. They are confident that this will help stimulate purchasing power and promote Nonthaburi as a prime residential area close to Bangkok.

 

Mr. Precha Kulpaisaltham, President of the Nonthaburi Real Estate Association, stated that the COVID-19 pandemic has impacted the real estate business in Nonthaburi, estimating that total revenue for the year will decrease by about 20%. According to data from TerraByte, the supply of condominiums in Nonthaburi has decreased by an average of 20% per year since 2015, when supply continuously entered the market. Most developers are focusing on new condominium projects in the Mueang Nonthaburi district, which is along the Purple Line of the BTS. Meanwhile, the landed property market has seen continuous new supply since 2016, coinciding with the opening of the Purple Line and the Si Rat-Outer Ring Expressway, with over 60% being townhomes in the Bang Bua Thong-Bang Yai area, resulting in an average launch price increase of 3% per year.

In Nonthaburi, more than 80% of condominiums are priced between 40,000 and 60,000 baht per square meter, and over the past three years, prices have increased by about 9% per year. Most landed properties are townhomes priced between 2-3 million baht, while single-family and duplex homes range from 3-5 million baht. Single-family homes have seen an average price decrease of 8% per year, while duplex homes have increased by 5% per year. Currently, there are approximately 15,795 units left for sale in Nonthaburi, comprising 7,080 condominiums and 8,715 landed properties, including 5,778 townhomes, 1,978 single-family homes, and 959 duplex homes.

            Given the uncertain situation, the Nonthaburi Real Estate Association, in collaboration with Home Buyer Guide Co., Ltd., is organizing the first 'Good House Fair Nonthaburi' to provide developers in Nonthaburi with more sales opportunities, stimulate sales in the final quarter of this year, and align with the provincial development plan aimed at promoting Nonthaburi as a prime residential area to attract residents from Bangkok and its vicinity. The association has developed a plan to drive the real estate sector in Nonthaburi in collaboration with both public and private sectors, such as promoting Nonthaburi as a Smart City and advocating for amendments to the new Nonthaburi city plan that limit urban development.

Mr. Sutthirak Sateeraphapuyuth, Vice President of the Nonthaburi Real Estate Association and Chairman of the 'Good House Fair Nonthaburi', stated that the 'Good House Fair Nonthaburi' is part of the association's plan to hold this event annually to support sales channels for members and promote Nonthaburi as a city suitable for living close to Bangkok, offering housing at all price levels from 2 to 100 million baht, along with comprehensive amenities.

The 'Good House Fair Nonthaburi' will take place from November 5-11, 2020, at the Promotion Area C, 1st Floor, Central Plaza Westgate, under the theme 'Nonthaburi: A Prime Residential Area of Bangkok and its Vicinity', featuring over 100 projects from 30 leading real estate developers in the Bangkok and Nonthaburi areas, with prices starting from 2 to 20 million baht, along with exclusive promotions such as the best prices and promotions of the year, satisfaction guarantees with a refund within 14 days, and comprehensive services for loans, furniture, and home decoration.

Additionally, the event will feature zones for leading financial institutions such as the Government Housing Bank, UOB, and Kiatnakin Phatra, offering special low-interest rates, as well as a lifestyle zone providing one-stop services for furniture, appliances, and home decoration. There will also be a zone for homebuyers, including transportation network exhibitions and important real estate information that consumers can update to aid in their purchasing decisions.

It is expected that throughout the 7-day event, the 'Good House Fair Nonthaburi' will generate sales of 200-300 million baht during and after the event.

Mr. Borisut Kasinpila, Managing Director of Home Buyer Guide Co., Ltd., stated that the real estate market trend after COVID-19 from May to August shows positive growth for both landed properties in Bangkok and other provinces. This is partly due to the psychological effect of increased demand for living space among residents. However, the condominium market still faces an over supply situation in many areas, leading developers to reduce new project launches by over 50%.

Overall growth still depends on consumers' purchasing power, with the middle to upper-middle housing segment continuing to perform well, as this group has purchasing power, savings, and has been less affected by economic conditions and COVID-19. In contrast, the lower-middle to lower housing segment is expected to slow down due to employment issues, and the loan rejection rate remains high.

Nonthaburi is an attractive residential area due to its proximity to Bangkok and the surrounding areas, primarily consisting of landed properties in five key zones: Wong Sawang-Tiwanon, Tiwanon-Chaeng Watthana-Pakkret, Ratchaphruek-Nakhon In, Kanchanaphisek-Bang Yai, and Kanchanaphisek-Bang Bua Thong, with various price levels to accommodate all customer groups.

Moreover, it is a residential zone that maintains a high level of natural surroundings, with ample tourist attractions and shopping malls, and convenient access to the city via cars, the Purple Line, expressways, and waterways. These are all significant highlights that contribute to making Nonthaburi a prime residential area.