The Real Estate Information Center of the Government Housing Bank has revealed a survey of the overall housing market in the EEC area, indicating a significant slowdown in supply, with new units for sale decreasing by over 17.1%, while the total value dropped by 35%. The absorption rate has also decreased from 2.6% in the first half of last year to 2% in the first half of this year.

           Dr. Vichai Viratakpan, Inspector of the Government Housing Bank and Acting Director of the Real Estate Information Center (REIC) stated that the real estate market in the EEC area in the first half of 2021 saw very few new housing projects entering the market, with only 5,752 units, a decrease of 17.1%, and a total value of 14,227 million baht, down 35% compared to the same period last year. This resulted in a total housing supply available for sale in the EEC area of 72,120 units, a decrease of 7.5%, with a total value of 240,722 million baht, down 7.9%.

            The number of new units sold has decreased in both quantity and value, with approximately 8,841 units sold, down 25.9%, and a total value of 26,198 million baht, down 31%. This has resulted in approximately 63,279 units remaining for sale in the market, with a total value of approximately 214,525 million baht, both down 4.1% and 4% respectively.

            In 2021, the information center estimates that there will be approximately 14,479 new units launched for sale, with a total value of 38,704 million baht. It is expected that 19,328 units will be sold, with a total value of 57,650 million baht, and a total of 65,790 units remaining for sale, valued at 215,682 million baht.

 

Chonburi Real Estate: New Condo Projects Slow Down  

          In Chonburi province, it was found that new housing projects entering the market totaled 2,990 units, a decrease of 19.3% from the same period last year, with a total value of 6,812 million baht, down 52.2%. New condos accounted for only 1,170 units, a decrease of over 39.6%, while housing projects increased by 2.9% to 1,820 units.

            Meanwhile, new units sold totaled 5,588 units, down 23% from the same period last year, consisting of 2,165 condo units, down 23.1%, and 3,423 housing project units, down 23%. This resulted in 39,984 units remaining for sale, down 6.7%, with a total value of 153,245 million baht, down 5.5%.

            For 2022, it is expected that approximately 12,421 new housing units will enter the market in Chonburi, with a total value of approximately 43,703 million baht, divided into 5,775 housing project units valued at approximately 16,013 million baht, and 6,646 condo units valued at approximately 27,690 million baht.

 

“Rayong-Chachoengsao”: New Condo Projects Halt in the First Half

          In Rayong and Chachoengsao provinces, during the first half of 2021, there were no new condo projects launched, only new housing projects were available. In Rayong province, there were 1,988 new housing projects, a decrease of 24.6% from the same period last year, with a total value of 5,378 million baht, down 9.6%. There were 17,108 units remaining for sale, down 4.2%, with a total value of remaining units at 43,165 million baht, down 4.8%, consisting of housing projects valued at 41,150 million baht, down 5%, while condo projects valued at 2,016 million baht, up 0.2%.

            In Chachoengsao province, there were only 774 new housing projects launched, an increase of 29.9% from the same period last year, with a total value of 2,037 million baht, up 19.8%. There were 6,187 units remaining for sale, an increase of 16.8%, consisting of 6,036 housing project units, up 19.2%, and 151 condo units, down 34.6%, with a total value of remaining units at 18,114 million baht, up 13.9%.

          In 2022, it is expected that in Rayong province, there will be approximately 5,408 new projects entering the market, with a total value of approximately 13,921 million baht, and approximately 17,674 units remaining for sale, valued at approximately 43,753 million baht. In Chachoengsao province, there will be approximately 1,640 new housing projects launched, with a total value of 4,177 million baht, and approximately 5,554 units remaining for sale, down 2.8%, with a total value of 15,699 million baht, down 6.2%.