The Real Estate Information Center of the Government Housing Bank (REIC) reports on the housing market situation still available for sale in the second half of 2023 in two western provinces: Prachuap Khiri Khan and Phetchaburi, and two central provinces: Phra Nakhon Si Ayutthaya and Saraburi. It was found that the overall market in the two western provinces saw a decrease in available units for sale by -7.6%, resulting in an absorption rate of 2.3%. REIC predicts that in 2024, there will be 1,191 new housing units entering the market, valued at 8.536 billion baht, with 1,705 new units sold, valued at 9.590 billion baht, and 4,531 units remaining for sale, valued at 23.846 billion baht. Meanwhile, in the two central provinces, the number of available units for sale in the second half of 2023 decreased by -5.7%, leading to an absorption rate of 1.9%. REIC forecasts that in 2024, there will be 1,484 new housing units entering the market, valued at 3.455 billion baht, with 2,235 new units sold, valued at 5.905 billion baht, and 7,621 units remaining for sale, valued at 23.511 billion 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 two western provinces in the second half of 2023 found that the supply ready for sale was approximately 5,865 units, valued at 31.456 billion baht. This includes 2,689 condominium units valued at 13.989 billion baht and 3,176 housing development units valued at 17.467 billion baht. There were 859 new projects entering the market, valued at 6.668 billion baht, and 819 new units sold, valued at 4.735 billion baht, resulting in 5,046 units remaining for sale, valued at 26.722 billion baht.

“When comparing the housing market for sale in these two provinces, Prachuap Khiri Khan is the largest market in all aspects. This is evident from the number and proportion of all types of housing offered for sale, with Prachuap Khiri Khan offering 3,007 units valued at 18.780 billion baht, while Phetchaburi offered 2,858 units valued at 12.676 billion baht. Prachuap Khiri Khan launched 404 new housing development units valued at 2.686 billion baht and 248 condominium units valued at 2.409 billion baht. Additionally, Prachuap Khiri Khan had 493 new units sold, valued at 3.109 billion baht, with an overall market absorption rate of 2.7% per month, while Phetchaburi had 326 units sold, valued at 1.626 billion baht, with an overall market absorption rate of 1.9% per month.”

For the two central provinces, Phra Nakhon Si Ayutthaya and Saraburi, a survey of housing projects in the second half of 2023 found that the supply ready for sale was approximately 9,448 units, valued at 28.696 billion baht. This includes 990 condominium units valued at 1.492 billion baht and 8,458 housing development units valued at 27.204 billion baht. There were 930 new projects entering the market, valued at 1.992 billion baht, and 1,075 new units sold, valued at 2.824 billion baht, resulting in 8,373 units remaining for sale, valued at 25.872 billion baht.

“When comparing the housing market for sale in these two provinces, Phra Nakhon Si Ayutthaya had a total of 7,540 units offered for sale, valued at 23.295 billion baht, while Saraburi had 1,908 units valued at 5.401 billion baht. Phra Nakhon Si Ayutthaya was the only province to launch new projects, totaling 930 units valued at 1.992 billion baht, including 212 housing development units valued at 1.005 billion baht and 718 condominium units valued at 987 million baht. In terms of sales market conditions, Phra Nakhon Si Ayutthaya had the highest number of new units sold at 1,023 units valued at 2.713 billion baht, with an absorption rate of 2.3% per month, while Saraburi had 52 units sold, valued at 111 million baht, with an absorption rate of only 0.5% per month, which is considered very low.”

Overall Supply in the Western Region in the second half of 2023 saw a total of 5,865 housing units offered for sale, valued at 31.456 billion baht, a decrease of -13.3% from the same period last year (YoY), while the value increased by 0.4%. There were only 859 new projects entering the market, valued at 6.668 billion baht, an increase of 29.6% and 307.5% from the same period last year. Meanwhile, the remaining housing units in the second half of 2023 totaled 5,046 units, valued at 26.722 billion baht, a decrease of -7.6% in units but an increase of 3.6% in value compared to the same period last year.

The top five locations with the highest number of remaining units for sale in the two western provinces are: 1) North Cha-am with 1,501 units valued at 6.780 billion baht, 2) Khao Takiab with 765 units valued at 6.200 billion baht, 3) South Cha-am with 671 units valued at 3.035 billion baht, 4) Khao Hin Lek Fai with 652 units valued at 3.478 billion baht, and 5) Thap Tai with 454 units valued at 3.364 billion baht. The price range with the most remaining units is 3.01-5.00 million baht, totaling 1,663 units valued at 7.127 billion baht.

Overall Demand in the Western Region in the second half of 2023 saw 819 new housing units sold, a decrease of -37.2%, valued at 4.735 billion baht, a decrease of -14.3%. This includes 528 housing development units valued at 2.802 billion baht and only 291 condominium units valued at 1.933 billion baht. The top five locations with the highest number of units sold are: 1) Khao Takiab with 167 units valued at 1.437 billion baht, 2) North Cha-am with 136 units valued at 828 million baht, 3) Khao Hin Lek Fai with 127 units valued at 715 million baht, 4) South Cha-am with 105 units valued at 438 million baht, and 5) Thap Tai with 102 units valued at 585 million baht.

Overview of Phetchaburi Province

In the second half of 2023, the surveyed area of Phetchaburi had a total of 2,858 housing units offered for sale, valued at 12.676 billion baht, a decrease of -10.2% and an increase of 1.4%. This includes 1,313 housing development units valued at 6.457 billion baht and 1,545 condominium units valued at 6.218 billion baht. In the second half of 2023, there were 207 new housing units entering the market, an increase of 50.0%, valued at 1.573 billion baht, an increase of 630.4%. The number of new units sold was 326, a decrease of -19.1%, valued at 1.626 billion baht, an increase of 10.3%, and the number of remaining units for sale was 2,532, a decrease of -8.9%, valued at 11.050 billion baht, an increase of 0.2% compared to the same period last year (YoY). REIC predicts that in 2024, there will be 368 new housing units entering the market, valued at 2.024 billion baht, with 606 new units sold, valued at 2.814 billion baht, and 2,294 remaining units for sale, valued at 10.084 billion baht.

Overview of Prachuap Khiri Khan Province

In the second half of 2023, the surveyed area of Prachuap Khiri Khan had a total of 3,007 housing units offered for sale, valued at 18.780 billion baht, a decrease of -16.1% and a decrease of -0.2%. This includes 1,863 housing development units valued at 11.010 billion baht and 1,144 condominium units valued at 7.770 billion baht. In the second half of 2023, there were 652 new housing units entering the market, an increase of 24.4%, valued at 5.094 billion baht, an increase of 258.5%. The number of new units sold was 493, a decrease of -45.3%, valued at 3.109 billion baht, a decrease of -23.2%, and the number of remaining units for sale was 2,514, a decrease of -6.3%, valued at 15.671 billion baht, an increase of 6.1% compared to the same period last year (YoY). REIC predicts that in 2024, there will be 822 new housing units entering the market, valued at 6.513 billion baht, with 1,099 new units sold, valued at 6.776 billion baht, and 2,237 remaining units for sale, valued at 13.762 billion baht.

Overall Supply in the Central Region in the second half of 2023 saw a total of 9,448 housing units offered for sale, valued at 28.696 billion baht, a decrease of -4.6% from the same period last year (YoY), and a decrease in value of -7.2%. There were only 930 new projects entering the market, valued at 1.992 billion baht, an increase of 35.0% and 8.8% from the same period last year. Meanwhile, the remaining housing units in the second half of 2023 totaled 8,373 units, valued at 25.872 billion baht, a decrease of -5.7% in units and a decrease of -7.8% in value compared to the same period last year (YoY).

The top five locations with the highest number of remaining units for sale in the two central provinces are: 1) Rojana Industrial Estate with 3,607 units valued at 13.534 billion baht, 2) Bang Pa-in Industrial Estate with 1,932 units valued at 4.758 billion baht, 3) Wang Noi with 978 units valued at 2.290 billion baht, 4) Saraburi City with 787 units valued at 2.679 billion baht, and 5) Nong Khae with 707 units valued at 1.812 billion baht. The price range with the most remaining units is 2.01-3.00 million baht, totaling 2,748 units valued at 7.201 billion baht.

Overall Demand in the Central Region in the second half of 2023 saw 1,075 new housing units sold, an increase of 5.5%, valued at 2.824 billion baht, a decrease of -0.6%. This includes 731 housing development units valued at 2.291 billion baht and only 344 condominium units valued at 532.8 million baht. The top five locations with the highest number of new units sold are: 1) Rojana Industrial Estate with 701 units valued at 1.949 billion baht, 2) Bang Pa-in Industrial Estate with 244 units valued at 546 million baht, 3) Wang Noi with 78 units valued at 219 million baht, 4) Saraburi City with 26 units valued at 75 million baht, and 5) Kaeng Khoi with 17 units valued at 22 million baht.

Overview of Phra Nakhon Si Ayutthaya Province

In the second half of 2023, the surveyed area of Phra Nakhon Si Ayutthaya had a total of 7,540 housing units offered for sale, valued at 23.295 billion baht, an increase of 0.8% and a decrease of -3.2%. This includes 6,623 housing development units valued at 21.902 billion baht and 917 condominium units valued at 1.393 billion baht. In the second half of 2023, there were 930 new housing units entering the market, an increase of 233.3%, valued at 1.992 billion baht, an increase of 330.5%. The number of new units sold was 1,023, an increase of 37.3%, valued at 2.713 billion baht, an increase of 30.4%, and the number of remaining units for sale was 6,517, a decrease of -3.2%, valued at 20.582 billion baht, a decrease of -6.4% compared to the same period last year (YoY). REIC predicts that in 2024, there will be 1,484 new housing units entering the market, valued at 3.455 billion baht, with 1,938 new units sold, valued at 5.110 billion baht, and 6,062 remaining units for sale, valued at 19.070 billion baht.

Overview of Saraburi Province

In the second half of 2023, the surveyed area of Saraburi had a total of 1,908 housing units offered for sale, valued at 5.401 billion baht, a decrease of -21.1% and a decrease of -21.0%. This includes 1,835 housing development units valued at 5.302 billion baht and 73 condominium units valued at 99 million baht. In the second half of 2023, there were no new housing units entering the market, while the number of new units sold was 52, a decrease of -81.0%, valued at 111 million baht, a decrease of -85.4%, and the number of remaining units for sale was 1,856, a decrease of -13.5%, valued at 5.290 billion baht, a decrease of -12.9% compared to the same period last year (YoY). REIC predicts that in 2024, there will be no new housing units entering the market, with 297 new units sold, valued at 795 million baht, and 1,559 remaining units for sale, valued at 4.441 billion baht.

“In summary, the overall housing market situation in the western region has improved in 2023, particularly in Hua Hin, Prachuap Khiri Khan, which remains an attractive location for both condominium and housing development projects. Phetchaburi remains stable, and the launch of new condominium projects is expected to decrease due to the number of unsold projects still available. In the two central provinces, the housing market in Phra Nakhon Si Ayutthaya is another area of interest for developers due to job growth in the industrial estate area and is a viable option for purchasing housing near Bangkok. In contrast, Saraburi is the most concerning area due to significantly slowing sales figures, with expectations of recovery starting in 2025.”