The Real Estate Information Center of the Government Housing Bank (REIC) reports on the overall housing market situation still for sale in the first half of 2023 across five northeastern provinces: Nakhon Ratchasima, Khon Kaen, Udon Thani, Ubon Ratchathani, and Maha Sarakham. It was found that the number of unsold units increased by 22.8%, resulting in an absorption rate of 2.1% for the overall market. REIC predicts that in 2023, there will be 4,511 housing units entering the market, valued at 15,446 million baht, with 3,689 new units sold worth 13,349 million baht, and 12,535 unsold units valued at 42,843 million baht.

Dr. Wichai Wiratthakhan, Inspector of the Government Housing Bank and Acting Director of the Real Estate Information Center revealed that a survey of housing projects in the five northeastern provinces during the first half of 2023 found that the supply ready for sale was approximately 14,721 units, valued at 50,859 million baht. This includes 2,812 condominium units valued at 5,444 million baht and 11,909 housing development units valued at 45,415 million baht. There were 3,007 new projects entering the market, valued at 10,297 million baht, and 1,892 new units sold worth 6,854 million baht, resulting in 12,829 unsold units valued at 44,006 million baht.

“When comparing the housing market for sale in these five provinces, Nakhon Ratchasima and Khon Kaen are the largest markets in all aspects. This is evident from the number and proportion of all types of housing offered for sale, totaling 6,577 units (44.7%) valued at 23,620 million baht (46.4%) and 4,979 units (33.8%) valued at 15,996 million baht (31.5%) of all units offered for sale, respectively. However, Khon Kaen has launched the most new projects, with both housing developments and condominiums totaling 1,378 units (45.8%) valued at 4,400 million baht (42.7%) of the newly launched units, more than any other province. This includes 888 housing development units (36.3%) valued at 3,687 million baht (39.2%) and 490 condominium units (86.9%) valued at 712 million baht (88.9%).

However, Nakhon Ratchasima has the highest number of new units sold at 746 units (39.4%) valued at 2,774 million baht (40.5%), with an absorption rate of 1.9% per month, slightly lower than other provinces. Following closely is Khon Kaen with 739 units (39.1%) valued at 2,632 million baht (38.4%) and an absorption rate of 2.5% per month. Notably, Khon Kaen has the highest absorption rate for housing developments at 2.7%, while Maha Sarakham has the highest absorption rate for condominiums at 2.6%.”

Overall Supply in the first half of 2023 shows a total of 14,721 housing units offered for sale, valued at 50,859 million baht, an increase of 11.6% from the same period last year (YoY), with a value increase of 8.6%. Of these, only 3,007 new projects entered the market, valued at 10,297 million baht, representing increases of 48.9% and 72.4% YoY, respectively. Meanwhile, the unsold housing units as of the first half of 2023 totaled 12,829 units valued at 44,006 million baht, with the number of units increasing by 22.8% and the value increasing by 25.5% compared to the same period last year (YoY).

The top five locations with the highest number of unsold units in the five northeastern provinces are: 1) Joho location with 1,606 units valued at 5,173 million baht, 2) downtown Nakhon Ratchasima with 1,196 units valued at 4,990 million baht, 3) Khon Kaen University area with 1,115 units valued at 1,994 million baht, 4) Ban Mai-Khok Krot with 979 units valued at 2,884 million baht, and 5) Hua Ta-le with 942 units valued at 3,103 million baht. The price range with the most unsold units is 2.00-3.00 million baht, totaling 3,986 units valued at 10,706 million baht.

Overall Demand shows that in the first half of 2023, there were 1,892 new housing units sold, valued at 6,854 million baht, divided into 1,593 housing development units valued at 6,303 million baht and only 299 condominium units valued at 551 million baht. The top five locations with the highest number of units sold are: 1) Ban Pet with 241 units valued at 1,110 million baht, 2) downtown Nakhon Ratchasima with 229 units valued at 895 million baht, 3) Joho with 189 units valued at 658 million baht, 4) Bueng Kan Nakorn with 141 units valued at 633 million baht, and 5) Khon Kaen University with 132 units valued at 282 million baht.

Overview of Nakhon Ratchasima

For the first half of 2023, in the surveyed area of Nakhon Ratchasima, there were a total of 6,577 housing units offered for sale, valued at 23,620 million baht, an increase of 2.4% and a decrease of -8.4%. This includes 5,362 housing development units valued at 20,729 million baht and 1,215 condominium units valued at 2,891 million baht. In the first half of 2023, there were 1,062 new housing units launched into the market, an increase of 13.6% valued at 3,675 million baht, an increase of 26.3%. The number of new units sold was 746 units, a decrease of -49.6% valued at 2,774 million baht, a decrease of -63.8%, and the number of unsold units was 5,831, an increase of 18.0% valued at 20,846 million baht, an increase of 15.0% compared to the same period in 2022 (YoY). REIC predicts that in 2023, there will be 1,593 housing units entering the market valued at 5,513 million baht, with 1,449 new units sold valued at 5,399 million baht, and 5,659 unsold units valued at 20,294 million baht.

Overview of Khon Kaen

For the first half of 2023, in the surveyed area of Khon Kaen, there were a total of 4,979 housing units offered for sale, valued at 15,996 million baht, an increase of 26.7% and an increase of 38.9%. This includes 3,490 housing development units valued at 13,606 million baht and 1,489 condominium units valued at 2,390 million baht. In the first half of 2023, there were 1,378 new housing units launched into the market, an increase of 196.3% valued at 4,400 million baht, an increase of 266.7%. The number of new units sold was 739 units, an increase of 11.3% valued at 2,632 million baht, an increase of 22.2%, and the number of unsold units was 4,240, an increase of 29.8% valued at 13,364 million baht, an increase of 42.8% compared to the same period in 2022 (YoY). REIC predicts that in 2023, there will be 2,067 housing units entering the market valued at 6,599 million baht, with 1,451 new units sold valued at 5,142 million baht, and 4,217 unsold units valued at 13,107 million baht.

Overview of Ubon Ratchathani

For the first half of 2023, in the surveyed area of Ubon Ratchathani, there were a total of 1,382 housing units offered for sale, valued at 4,330 million baht, a decrease of -6.3% and a decrease of -7.1%. This includes 1,293 housing development units valued at 4,187 million baht and 89 condominium units valued at 142 million baht. In the first half of 2023, there were 294 new housing units launched into the market, a decrease of -36.9% valued at 869 million baht, a decrease of -38.9%. The number of new units sold was 191 units, a decrease of -53.3% valued at 663 million baht, a decrease of -46.3%, and the number of unsold units was 1,191, an increase of 11.9% valued at 3,667 million baht, an increase of 6.9% compared to the same period in 2022 (YoY). REIC predicts that in 2023, there will be 441 housing units entering the market valued at 1,303 million baht, with 372 new units sold valued at 1,291 million baht, and 1,157 unsold units valued at 3,565 million baht.

Overview of Udon Thani

For the first half of 2023, in the surveyed area of Udon Thani, there were a total of 1,304 housing units offered for sale, valued at 5,353 million baht, an increase of 47.7% and 70.2%. This includes 1,298 housing development units valued at 5,342 million baht and 6 condominium units valued at 10 million baht. In the first half of 2023, there were 215 new housing units launched into the market, an increase of 72.0% valued at 1,140 million baht, an increase of 211.9%. The number of new units sold was 167 units, an increase of 106.2% valued at 632 million baht, an increase of 125.9%, and the number of unsold units was 1,137, an increase of 41.8% valued at 4,721 million baht, an increase of 64.7% compared to the same period in 2022 (YoY). REIC predicts that in 2023, there will be 323 housing units entering the market valued at 1,710 million baht, with 323 new units sold valued at 1,221 million baht, and 1,089 unsold units valued at 4,520 million baht.

Overview of Maha Sarakham

For the first half of 2023, in the surveyed area of Maha Sarakham, there were a total of 479 housing units offered for sale, valued at 1,561 million baht, a decrease of -0.2% and -8.5%. This includes 466 housing development units valued at 1,551 million baht and 13 condominium units valued at 10 million baht. In the first half of 2023, there were 58 new housing units launched into the market, an increase of 107.1% valued at 214 million baht, an increase of 182.1%. The number of new units sold was 49 units, a decrease of -53.3% valued at 153 million baht, a decrease of -65.3%, and the number of unsold units was 430, an increase of 14.7% valued at 1,408 million baht, an increase of 11.3% compared to the same period in 2022 (YoY). REIC predicts that in 2023, there will be 87 housing units entering the market valued at 321 million baht, with 94 new units sold valued at 296 million baht, and 414 unsold units valued at 1,357 million baht.