The Real Estate Information Center of the Government Housing Bank (REIC) has revealed data on second-hand housing across the country as of the end of Q3 2022, indicating a decrease in both the number of units and their value available for sale in the market. This decline is attributed to the absorption of supply in the second-hand housing market before the expiration of the LTV relaxation measures and the reduction of transfer and mortgage fees for properties valued under 3 million baht, leading to a continuous increase in property transfers since Q1 and Q2, surpassing the same period in 2021 by over 15%.

Dr. Vichai Wiratthakhan, Bank Inspector and Acting Director of the Real Estate Information Center stated that the overall supply of second-hand housing nationwide at the end of Q3 2022 decreased from the end of Q2 (QoQ) in both the number of units and their value. There were 162,923 units listed for sale, valued at 962,188 million baht, representing a decrease of -3.3% in units and -3.4% in value compared to the end of Q2 2022, which had 168,541 units and a value of 996,471 million baht.

Single-family homes are the most listed type, followed by condominiums and townhouses, respectively. Properties priced under 1 million baht make up the largest proportion of listings, followed by those priced between 3.01 – 5 million baht and 2.01 – 3.00 million baht. In Bangkok, listings for second-hand housing account for 36.3% of total units listed and 62.9% of total value.

Types of Second-Hand Housing

As of the end of Q3 2022, nearly all types of second-hand housing saw a decrease in the number of units compared to the end of Q2 2022 (QoQ), including:

Single-family homes had the highest number of listings at 64,966 units, down -4.0%.

Next were condominiums with 48,768 units, down -3.1%.

Townhouses had 42,394 units, down -3.3%.

Commercial buildings had 4,428 units, up 0.8%.

And semi-detached houses had 2,367 units, up 3.5%.

In terms of value, single-family homes had the highest listing value at 468,805 million baht, down -6.6%. Condominiums followed with a value of 352,231 million baht, up 2.1%. Townhouses had a value of 111,718 million baht, down -8.1%. Commercial buildings were valued at 21,440 million baht, up 4.5%, and semi-detached houses were valued at 7,993 million baht, up 5.6% compared to the previous quarter.

Considering the proportion of units of second-hand housing listed at the end of Q3 2022, with a total of 162,923 units, single-family homes accounted for the largest share at 39.9%, followed by condominiums at 29.9%, townhouses at 26.0%, commercial buildings at 2.7%, and semi-detached houses at 1.5%.

When looking at the value proportion of the total 962,188 million baht, single-family homes represented the highest value share at 48.7%, followed by condominiums at 36.6%, townhouses at 11.6%, commercial buildings at 2.2%, and semi-detached houses with the lowest value share at only 0.8%.

For the 10 provinces with the highest values, the provinces with the highest change in value compared to the previous quarter (QoQ) are led by Phuket, down -14.1%, followed by Chiang Mai, down -9.7%, and Chonburi, down -7.2%. Other provinces also showed a decrease of -8.7%, indicating a downward trend in various provinces.

However, the fact that the second-hand housing market in Q3 2022 saw a decrease in listings compared to the previous quarter and the previous year may be due to the absorption of supply in the second-hand housing market, which aligns with the continuous increase in property transfers since Q1 and Q2, surpassing the same period in 2021 by over 15% before the expiration of the LTV relaxation measures and the reduction of transfer and mortgage fees for properties valued under 3 million baht. This also includes extending the benefits to second-hand housing, which previously only applied to newly constructed properties, with the measures set to expire on December 31, 2022.