The Real Estate Information Center of the Government Housing Bank (REIC), led by Dr. Wichai Wiratthakhan, Inspector of the Government Housing Bank and Acting Director of the Real Estate Information Center, has released a report on the survey of residential projects currently for sale in the first quarter of 2024 within the Eastern Economic Corridor (EEC). The survey focused on projects with at least 6 units available for sale. REIC found that the overall number of residential units offered for sale in the three provinces of the EEC reached 50,401 units, an increase of 0.2% compared to the same period last year. This includes 22,657 condominium units, which increased by 25.1% with a total value of 80,972 million baht, and 27,744 housing units, which decreased by 13.8% with a total value of 92,448 million baht. Notably, 88.7% of the condominium units for sale are located in Chonburi province, while 49.3% of the housing units are also in Chonburi, with the remainder distributed in Rayong and Chachoengsao provinces at 34.2% and 16.5%, respectively.

The launch of new projects in the EEC totaled 8,420 units, an increase of 65.6%, with a total value of 32,240 million baht. Of these new units, 67.6% are condominiums, with nearly all new condominium projects (97.2%) located in Chonburi. Townhouses also predominantly (79.9%) opened in Chonburi, while single-detached houses were mostly found in Chonburi and Rayong at 43.4% and 41.8%, respectively. Chachoengsao had relatively few new residential launches across all types.

In terms of new sales in the EEC, there were 6,557 units sold, an increase of 14.2%, with a total value of 21,745 million baht. This growth was largely driven by the surge in new condominium sales, which reached 3,112 units, doubling the previous year's figures with a sales value of 9,749 million baht. Almost 89.6% of these sales occurred in Chonburi. In contrast, new sales of housing units in the EEC totaled only 3,445 units, a decrease of 17.7%, valued at 11,996 million baht.

The increase in new condominium units compared to new sales has led to an accumulation of unsold units. By the end of Q1 2024, there were 43,844 unsold units in the EEC, a decrease of 1.6%, with a total value of 151,674 million baht. Among these, 19,545 were unsold condominiums, an increase of 18.0%, valued at 71,223 million baht. Most unsold condominiums (88.5%) are located in Chonburi. Although sales of housing units decreased compared to last year, the number of new launches was still significantly lower than the number of units sold, resulting in 24,299 unsold housing units, a decrease of 13.2%, valued at 80,451 million baht. Again, 88.5% of these unsold housing units are in Chonburi, with the remainder in Rayong and Chachoengsao at 34.2% and 16.7%, respectively.

Dr. Wichai summarized the overall housing market in the three EEC provinces, stating, "We need to clearly separate the condominium and landed property markets. The condominium market in Q1 2024 has shown significant activity only in Chonburi, with new project launches in the Pattaya to Jomtien area increasing by more than 1.5 times compared to the same period last year. There has been a good market response, with new sales increasing approximately 100%, primarily due to the popularity of new projects leading to a significant increase in new sales. However, the units remaining from the previous quarter have been selling more slowly, resulting in a substantial increase in unsold condominium units across the EEC."

Regarding the unsold housing units in the EEC, new sales in Q1 2024 showed a decline across various types, with townhouses experiencing a significant drop of 28.4% compared to the same period last year, marking five consecutive quarters of decline. Meanwhile, new sales of single-detached and twin houses decreased by 9.1% and 5.4%, respectively, with sales units remaining at relatively low levels. However, the lower number of new project launches compared to new sales has led to a decreasing trend in the accumulated unsold units of the housing market, particularly for townhouses and twin houses. For single-detached houses, despite a decrease in new sales, the new sales slightly exceeded the number of launches in the previous quarter, resulting in a slight increase in unsold units for single-detached houses from the previous quarter.

REIC summarized the housing market survey by province in Q1 2024 for the EEC area as follows:

Chonburi Province:

  • Total residential units offered for sale across all types reached 33,769 units, an increase of 15.1%, valued at 126,468 million baht. Condominium projects accounted for 59.5%, totaling 20,087 units, an increase of 36.7%, valued at 75,523 million baht, due to a large number of new launches this quarter and an accumulation of unsold units from the previous quarter. In contrast, housing projects accounted for 40.5%, totaling 13,682 units, a decrease of 6.5%, valued at 50,946 million baht, due to fewer new launches.
  • Total newly launched residential units reached 7,106 units, an increase of 448.3%, valued at 27,880 million baht. Condominium projects accounted for 78.0%, totaling 5,542 units, an increase of 6,915.2%, valued at 21,505 million baht, while housing projects accounted for 22.0%, totaling 1,564 units, an increase of 28.5%, valued at 6,376 million baht.
  • Total new sales reached 4,545 units, an increase of 54.0%, valued at 16,307 million baht, with an absorption rate of 4.5% per month. Condominium projects accounted for 61.3%, totaling 2,787 units, an increase of 182.9%, valued at 9,139 million baht, with an absorption rate of 4.6% per month. Housing projects accounted for 38.7%, totaling 1,758 units, a decrease of 10.6%, valued at 7,167 million baht, with an absorption rate of 4.3% per month.
  • Total unsold residential units reached 29,224 units, an increase of 10.8%, valued at 110,161 million baht. Condominium projects accounted for 59.2%, totaling 17,300 units, an increase of 26.2%, valued at 66,383 million baht, while housing projects accounted for 40.8%, totaling 11,924 units, a decrease of 5.9%, valued at 43,778 million baht.
  • Top 3 locations for new condominium sales:
  1. Jomtien area, with 604 units sold, valued at 2,428 million baht, and an absorption rate of 3.6% per month.
  2. Panthong-Panussakham industrial estate, with 499 units sold, valued at 616 million baht, and an absorption rate of 18.4% per month.
  3. Pattaya-Khao Phra Tamnak area, with 481 units sold, valued at 3,262 million baht, and an absorption rate of 3.3% per month.
  • Top 3 locations for new housing sales:
  1. Panthong-Panussakham industrial estate, with 285 units sold, valued at 723 million baht, and an absorption rate of 3.9% per month.
  2. Bangsaen-Nong Mon-Bang Phra area, with 247 units sold, valued at 1,262 million baht, and an absorption rate of 4.3% per month.
  3. Amata Nakorn-Bypass area, with 221 units sold, valued at 596 million baht, and an absorption rate of 3.7% per month.
  • Top 3 locations with the highest unsold condominium units:
  1. Jomtien area, with 5,000 unsold units, valued at 21,929 million baht.
  2. Pattaya-Khao Phra Tamnak area, with 4,334 unsold units, valued at 26,993 million baht.
  3. Amata Nakorn-Bypass area, with 2,423 unsold units, valued at 3,284 million baht.
  • Top 3 locations with the highest unsold housing units:
  1. Panthong-Panussakham industrial estate, with 2,127 unsold units, valued at 5,283 million baht.
  2. Amata Nakorn-Bypass area, with 1,770 unsold units, valued at 4,983 million baht.
  3. Bangsaen-Nong Mon-Bang Phra area, with 1,685 unsold units, valued at 8,668 million baht.

Dr. Wichai summarized the housing market situation in Chonburi province, stating, "The overall housing market in Chonburi is primarily driven by condominiums, with a continuous launch of new units over the past four quarters, averaging about 3,000 units per quarter from 2023 to Q1 2024. New sales have consistently increased over four quarters, resulting in an average of 2,100 new sales per quarter. In contrast, housing projects have seen significantly fewer new launches, averaging about 1,200 units per quarter, with new sales averaging 1,800 units per quarter. This situation indicates that while demand for condominiums has been steadily increasing since the COVID-19 pandemic, the supply of condominiums has exceeded market demand, leading to a 26% increase in unsold condominium units, while housing projects have seen a decrease in sales, particularly in townhouses and twin houses, with only single-detached houses showing an increase in sales. However, developers have reduced the number of new launches across all types of housing, resulting in a decrease of approximately 6% in unsold housing units."

Therefore, it can be said that the overall housing market in Chonburi still has potential for growth, but caution is needed regarding the current oversupply of condominiums and the continuous decline in townhouse sales over five consecutive quarters. However, single-detached houses seem to maintain a positive growth trend, while twin houses should stabilize and perform adequately.

Rayong Province:

  • Total residential units offered for sale reached 10,549 units, a decrease of 20.8%, valued at 29,105 million baht. Condominium projects accounted for only 10.0%, totaling 1,050 units, a decrease of 18.0%, valued at 3,606 million baht, while housing projects accounted for 90.0%, totaling 9,499 units, a decrease of 21.1%, valued at 25,499 million baht.

 

  • Total newly launched residential units were all housing projects, totaling 879 units, a decrease of 36.9%, valued at 2,296 million baht, with approximately 28.7% being twin houses, 51.1% single-detached houses, and 20.3% townhouses.
  • Total new sales reached 1,314 units, a decrease of 27.2%, valued at 3,486 million baht, with an absorption rate of 4.2% per month. Condominium projects accounted for only 10.0%, totaling 130 units, a decrease of 37.5%, valued at 367 million baht, with an absorption rate of 4.1% per month, while housing projects accounted for 90.0%, totaling 1,184 units, a decrease of 25.9%, valued at 3,119 million baht, with an absorption rate of 4.2% per month.
  • Total unsold residential units reached 9,235 units, a decrease of 19.8%, valued at 25,619 million baht. Condominium projects accounted for only 10.0%, totaling 920 units, a decrease of 14.2%, valued at 3,239 million baht, while housing projects accounted for 90.0%, totaling 8,315 units, a decrease of 20.3%, valued at 22,381 million baht.
  • Top location for new condominium sales:
  1. Rayong city, with 71 units sold, valued at 148 million baht, and an absorption rate of 4.7% per month.
  2. Map Ta Phut industrial estate, with 57 units sold, valued at 185 million baht, and an absorption rate of 3.6% per month.
  • Top locations for new housing sales:
  1. Amata City-Eastern industrial estate, with 443 units sold, valued at 919 million baht, and an absorption rate of 3.9% per month.
  2. Hemaraj industrial estate, with 352 units sold, valued at 829 million baht, and an absorption rate of 5.0% per month.
  3. Map Ta Phut industrial estate, with 216 units sold, valued at 752 million baht, and an absorption rate of 3.4% per month.
  • Top locations with the highest unsold condominium units:

1. Map Ta Phut industrial estate, with 469 unsold units, valued at 1,666 million baht.

2. Rayong city, with 428 unsold units, valued at 904 million baht.

  • Top locations with the highest unsold housing units:
  1. Amata City-Eastern industrial estate, with 3,354 unsold units, valued at 6,938 million baht.
  2. Hemaraj industrial estate, with 1,998 unsold units, valued at 4,540 million baht.
  3. Map Ta Phut industrial estate, with 1,885 unsold units, valued at 6,369 million baht.

Dr. Wichai summarized the housing market situation in Rayong province, stating, "The housing market in Rayong is primarily based on housing projects, with most new launches being housing projects. Housing projects have consistently launched new units every quarter, averaging about 1,500 new sales per quarter from 2023 to Q1 2024, with single-detached houses averaging 600 units, townhouses 550 units, and twin houses 350 units. However, the declining sales trend, particularly for townhouses, has led developers to reduce the number of new housing launches. Recently, new launches averaged about 1,000 units per quarter, primarily for single-detached houses, which are close to the number of sales each quarter. However, twin houses and townhouses have seen significantly fewer new launches, resulting in a continuous decline in unsold units over the past five quarters, with the latest quarter showing a decline of 21%. Meanwhile, condominiums have seen inconsistent new launches, with only 1,211 new units launched over the past five quarters, resulting in approximately 1,039 total sales, indicating a downward trend. However, combined with the unsold units carried over from previous years, there are still 920 unsold units, which may take over a year to sell out.

Thus, it can be said that the overall housing market in Rayong still has strong sales potential for housing projects, although there is a downward trend in sales in 2024. However, there is no significant risk of oversupply, as developers are adjusting by reducing new supply in the market. The condominium market still shows some demand response, but currently, the supply exceeds the absorption capacity, suggesting a need to delay new condominium supply to allow the market to gradually absorb existing supply.

Chachoengsao Province:

  • Total residential units offered for sale reached 6,083 units, a decrease of 20.4%, valued at 17,846 million baht. Condominium projects accounted for 25.0%, totaling 1,520 units, a decrease of 29.1%, while housing projects accounted for 75.0%, totaling 4,563 units, a decrease of 17.1%, valued at 16,003 million baht.
  • Total newly launched residential units were all housing projects, totaling 277 units, an increase of 1.1%, valued at 1,866 million baht, primarily consisting of single-detached houses (36.6%), twin houses (9.7%), and townhouses (17.5%).
  • Total new sales reached 698 units, a decrease of 29.3%, valued at 1,953 million baht, with an absorption rate of 3.8% per month. Condominium projects accounted for 27.9%, totaling 195 units, a decrease of 46.3%, valued at 242.4 million baht, with an absorption rate of 4.3% per month, while housing projects accounted for 72.1%, totaling 503 units, a decrease of 19.4%, valued at 1,710 million baht, with an absorption rate of 3.7% per month.
  • Total unsold residential units reached 5,385 units, a decrease of 19.1%, valued at 15,894 million baht. Condominium projects accounted for 24.6%, totaling 1,325 units, a decrease of 25.6%, valued at 1,601 million baht, while housing projects accounted for 75.4%, totaling 4,060 units, a decrease of 16.8%, valued at 14,293 million baht.
  • Top location for new condominium sales:

1. Ban Pho area, with 99 units sold, valued at 124 million baht, and an absorption rate of 20.9% per month.

2. Bang Pakong area, with 85 units sold, valued at 103 million baht, and an absorption rate of 2.2% per month.

  • Top 3 locations for new housing sales:
  1. Bang Pakong area, with 139 units sold, valued at 493 million baht, and an absorption rate of 3.1% per month.
  2. In-town Chachoengsao area, with 134 units sold, valued at 440 million baht, and an absorption rate of 3.7% per month.
  3. Ban Pho area, with 128 units sold, valued at 535 million baht, and an absorption rate of 4.7% per month.
  • Top locations with the highest unsold condominium units:

1. Bang Pakong area, with 1,206 unsold units, valued at 1,427 million baht.

2. In-town Chachoengsao area, with 60 unsold units, valued at 100 million baht.

  • Top locations with the highest unsold housing units:
  1. Bang Pakong area, with 1,349 unsold units, valued at 5,359 million baht.
  2. In-town Chachoengsao area, with 1,064 unsold units, valued at 3,523 million baht.
  3. Ban Pho area, with 787 unsold units, valued at 3,447 million baht.

Dr. Wichai summarized the housing market situation in Chachoengsao province, stating, "The housing market in Chachoengsao is relatively small, primarily consisting of housing projects. Single-detached houses are the most sold type. However, sales of all types of housing projects have significantly declined in the latest quarter. The limited number of new project launches has helped reduce the ongoing oversupply. The condominium market has seen a slowdown in sales, but during quarters with new condominium launches, there has still been a moderate level of interest. Overall, sales have not been substantial, leading to a gradual absorption of unsold condominium units over time."