Successful Conclusion of Home-Loan-NPA Grand Sale 2023 achieved sales of second-hand properties totaling 1.176 billion baht from quality attendees focused on purchasing during the event. It is expected that banks, financial institutions, and asset management companies will continue to push forward with promotions to boost sales in the final stretch before the end of the real estate stimulus measures at the end of 2023.

Mr. Alongkot Boonmasuk, Secretary-General and Chairman of the Housing Loan Association revealed that the association organized the Home – Loan - NPA Grand Sale 2023, the 20th annual event for home loans and second-hand homes, from November 17-19, 2023, to promote the sale of Non-Performing Assets (NPA) from banks, financial institutions, and asset management companies. The results of the event were deemed satisfactory, with total sales of second-hand properties exceeding 1.176 billion baht, and it is anticipated that sales will continue to close at over 500 million baht by the end of the year.

The number of attendees and sales clearly demonstrate that the Home-Loan-NPA Grand Sale 2023 effectively meets the needs of those seeking second-hand properties for both living and investment purposes, with prices lower than newly constructed homes, along with attractive promotions from participating banks, financial institutions, and asset management companies. Additionally, government measures to stimulate the real estate market support the purchase of second-hand properties priced below 3 million baht by reducing transfer fees from 2% to 1% and mortgage fees from 1% to 0.01% until the end of 2023. These factors have contributed to the satisfactory sales results.

At the same time, it is believed that banks, financial institutions, and asset management companies will continue to hold promotional activities for second-hand properties to expedite the disposal of existing NPAs, offering discounts and promotions that will make it easier for buyers to decide. This presents a great opportunity for those looking to purchase for living or investment purposes to benefit from buying second-hand properties, especially if they decide before the real estate stimulus measures expire at the end of 2023, allowing them to save nearly 2% on transfer and mortgage fees.

Dr. Vichai Wiratthakhan, Acting Director of the Real Estate Information Center, Government Housing Bank stated that the overall results of the Home – Loan - NPA Grand Sale 2023 reflect a strong demand for second-hand properties, which aligns with data from the Real Estate Information Center indicating that approximately 60% of property transfers nationwide are from individuals, totaling around 240,000 units valued at approximately 300 billion baht. It is estimated that around 100,000 units valued at about 200 billion baht are in Bangkok and its vicinity, driven by real estate stimulus measures and rising prices of new homes, leading people to seek second-hand homes as a substitute.

Buyers Show Interest in Condominiums Priced 3-5 Million Baht in the Chatuchak Area

Consumers are most interested in condominiums, accounting for 36.7% of interest, with the highest demand in the Chatuchak area, near the MRT Lat Phrao station and the Yellow Line, particularly for one-bedroom condominiums sized 31-50 square meters priced between 3-5 million baht.

Single-family homes are the second most sought after, making up 35.6% of interest, with the highest demand in the Sai Mai, Khlong Sam Wa, and Bang Khun Thian districts, where buyers typically seek single-family homes sized 50-60 square wah with 3 bedrooms and 2 bathrooms priced between 3-5 million baht.

Townhouses rank third in interest, accounting for 27.7%, with the highest demand in the Sai Mai, Prawet, and Khlong Sam Wa districts, particularly for townhomes sized 16-25 square wah, 2 stories, with 3 bedrooms and 2 bathrooms priced below 3 million baht.

Looking ahead to 2024, the growth of second-hand properties in Thailand is expected to increase on both the demand and supply sides due to economic conditions that will lead financial institutions and asset management companies to continuously increase their inventory of second-hand properties. On the consumer side, rising interest rates and higher construction costs for new homes will reduce the purchasing power for desired locations, making second-hand properties the best option, while awaiting government support measures to help stimulate faster growth next year.