Dr. Vichai Viratakphan, Inspector of the Government Housing Bank and Acting Director of the Real Estate Information Center, stated that in the third quarter of 2022, there was a clear slowdown in the condominium market. He noted that the significant launch of new condominiums in the first and second quarters may have stimulated sales during that period. If this is the case, it indicates that projects with leftover units from the previous year are experiencing slow stock absorption. Additionally, purchases of condominiums in the first and second quarters may have been driven by BOI projects, with some purchases being for investment purposes, resulting in overall good sales during that time. However, there are still a considerable number of unsold units. Therefore, it can be said that the development of new condominium projects must consider a clear target group that meets the buyers' needs. Meanwhile, the housing market continues to expand, especially for houses priced at 10 million baht and above.

We need to watch the fourth quarter as there will be an increase in ownership transfers due to the expiration of the LTV measures, prompting developers to expedite the transfer of residences up to 1 trillion baht, which is the highest on record. At the same time, rising interest rates are expected to impact real estate investment and affect customers' purchasing power.

For the overall housing market in the third quarter of 2022, there were 24,112 new units launched, valued at 147,276 million baht, a decrease of 4,380 units, but the value increased by 10,463 million baht compared to the second quarter of 2022. The housing market in the price range of 2.01-5.00 million baht continues to expand, while new condominiums decreased by 8,786 units, and the value dropped by 25,158 million baht, with most condominium projects launched at prices between 2.01-3.00 million baht.

The demand for new sales in the third quarter has dropped to its lowest level, as new condominium sales are at their lowest in five years. This is evident from the overall new sales figures in the third quarter of 2022, with 20,261 residential units sold, valued at 113,399 million baht, which is the lowest number and value of new sales in the three quarters of 2022. Condominium sales decreased from the second quarter of 2022, with unit sales down by 5,388 units and value down by 21,553 million baht, reflecting that the overall absorption rate for all types of housing in the third quarter of 2022 was 3.4% per month (compared to 3.9% in the second quarter and 5.0% in the first quarter). In the third quarter, the absorption rate for condominiums dropped to 3.8% per month (down from 5.6% in the second quarter and 7.6% in the first quarter), while the absorption rate for housing projects continued to rise to 3.2% per month (up from 2.8% in the second quarter and 3.1% in the first quarter).

Meanwhile, the remaining unsold units stand at over 177,000 units, valued at over 871 billion baht. This is an increase from the second quarter of 2022 by 1,150 units, valued at 11,812 million baht. It was found that the remaining unsold units of condominium projects total 63,473 units, valued at 274,576 million baht, a decrease from the previous quarter by 3,742 units, with a value decrease of 27,352 million baht. Meanwhile, housing projects have 114,290 unsold units, valued at 596,929 million baht, an increase from the previous quarter by 4,892 units, with a value increase of 39,164 million baht.

As of the end of the third quarter of 2022, there are 44,361 completed but unsold residential units, valued at 208,830 million baht, including 18,323 completed condominiums valued at 80,165 million baht, while completed unsold housing projects total 26,038 units, valued at 128,665 million baht.

The top 5 locations with the highest remaining condominiums are:

1. Huai Khwang - Chatuchak - Din Daeng: 9,270 units, valued at 37,556 million baht.

2. Nonthaburi - Pak Kret: 6,760 units, valued at 15,550 million baht.

3. Phra Khanong - Bang Na - Suan Luang - Prawet: 6,599 units, valued at 19,071 million baht.

4. Thonburi - Khlong San - Bangkok Noi - Bangkok Yai - Bang Phlat: 6,306 units, valued at 19,366 million baht.

5. Sukhumvit: 5,492 units, valued at 51,334 million baht.

Meanwhile, the top 5 locations with the highest remaining housing project units are:

1. Bang Phli - Bang Bo - Bang Sao Thong: 16,310 units, valued at 88,254 million baht.

2. Bang Yai - Bang Bua Thong - Bang Krui - Sai Noi: 16,230 units, valued at 76,013 million baht.

3. Lam Luk Ka - Thanyaburi: 13,146 units, valued at 49,050 million baht.

4. Mueang Pathum Thani - Lat Lum Kaeo - Sam Khok: 10,382 units, valued at 39,118 million baht.

5. Khlong Luang - Nong Suea: 10,243 units, valued at 34,566 million baht.