The Real Estate Information Center of the Government Housing Bank (REIC) has compiled data on second-hand housing across the country from listings posted on private company websites with a high volume of sales announcements, as well as data from state and private financial institutions, government and private asset management companies, and the Department of Legal Execution, which are listed on the second-hand housing market website (www.taladnudbaan.com) to provide the most comprehensive supply data for second-hand housing in the market.

Dr. Wichai Wiratthakhan, Inspector of the Government Housing Bank and Acting Director of the Real Estate Information Center revealed that in Q2 2024, the overall situation of the second-hand housing market had 140,725 units listed for sale, valued at 718,436 million baht. The type of second-hand housing with the highest number of listings was single-detached houses at 39.6%, followed by townhouses at 29.4%, condominiums at 25.6%, commercial buildings at 3.8%, and duplex houses at only 1.6%. In terms of price levels, the largest number of units listed for sale was in the price range of up to 1.00 million baht, accounting for 21.1%, while the price range of 7.51 – 10.00 million baht had the fewest listings at 4.0%. The top ten locations for second-hand housing with the highest listing values in Q2 2024 were in Bangkok, Nonthaburi, Samut Prakan, Chonburi, Phuket, Pathum Thani, Chiang Mai, Prachuap Khiri Khan, Surat Thani, and Nakhon Ratchasima, respectively.

1) Nationwide Supply of Second-Hand Housing by Type

At the end of Q2 2024, there were 140,725 units listed for sale, valued at 718,436 million baht. When considering the types of second-hand housing listed for sale, the three most common types were:

(1) Single-detached houses: 55,754 units, accounting for 39.6% and valued at 373,917 million baht, representing 52.0% of all second-hand housing listings.

(2) Townhouses: 41,384 units, accounting for 29.4%, valued at 105,191 million baht, representing 14.6% of all second-hand housing listings.

(3) Condominiums: 35,963 units, accounting for 25.6%, valued at 201,887 million baht, representing 28.1% of all second-hand housing listings.

Commercial buildings and duplex houses had the smallest proportion of units and values listed for sale, with commercial buildings having only 5,326 units, accounting for 3.8%, valued at 30,635 million baht, representing 4.3%, while duplex houses had only 2,298 units, accounting for 1.6%, valued at 6,805 million baht, representing 0.9% (see Chart 1).

2) Selling Prices of Second-Hand Housing

As for the selling prices of second-hand housing at the end of Q2 2024, the price levels with the highest number of units listed were:

(1) Price level up to 1.00 million baht: 29,715 units, accounting for 21.1%, but with a total value of only 16,152 million baht, representing just 2.2% of all second-hand housing listings.

(2) Price level 2.01 - 3.00 million baht: 22,905 units, accounting for 16.3%, with a value of 57,188 million baht, representing 8.0% of all second-hand housing listings.

(3) Price level 3.01 - 5.00 million baht: 21,151 units, accounting for 15.0%, with a value of 82,960 million baht, representing 11.5% of all second-hand housing listings.

It was found that the price level with the highest value proportion was in the price range of over 10.00 million baht, with 13,673 units, but with a value proportion of 54.3%, which is higher than the combined value of other price levels (see Table 1).

When considering the price levels of listed second-hand housing by type, it was found that single-detached houses and condominiums had the highest number of units listed at the price level of up to 1.00 million baht, while duplex houses and commercial buildings had the highest number of units listed at the price level of 3.01 – 5.00 million baht, and townhouses had the highest number of units listed at the price level of 2.01 – 3.00 million baht (see Table 2).

3) Locations of Second-Hand Housing

In terms of location, the provinces with the highest values of second-hand housing listed for sale in the top ten at the end of Q2 2024 included Bangkok, Nonthaburi, Chonburi, Samut Prakan, Pathum Thani, Chiang Mai, Phuket, Nakhon Ratchasima, Rayong, and Nakhon Pathom, indicating that the supply of second-hand housing is still predominantly listed in the Bangkok metropolitan area (except for Samut Sakhon, which did not rank) and there are many listings in major provincial cities and tourist destinations.

When considering the provinces with the highest values of second-hand housing listed for sale in Q2 2024, which accounted for 69.5% of the total number of units listed and 85.4% of the total value, the details are as follows:

Rank 1: Bangkok had 42,377 units listed, accounting for 30.1%, with a value of 386,191 million baht, representing 53.8%, mostly listed at prices over 10.00 million baht.

Rank 2: Nonthaburi had 10,895 units listed, accounting for 7.7%, with a value of 48,382 million baht, representing 6.7%, mostly listed at prices of 3.01 - 5.00 million baht.

Rank 3: Chonburi had 9,229 units listed, accounting for 6.6%, with a value of 43,925 million baht, representing 6.1%, mostly listed at prices of 3.01 - 5.00 million baht.

Rank 4: Samut Prakan had 9,613 units listed, accounting for 6.8%, with a value of 43,030 million baht, representing 6.0%, mostly listed at prices of 3.01 - 5.00 million baht.

Rank 5: Pathum Thani had 10,250 units listed, accounting for 7.3%, with a value of 28,169 million baht, representing 3.9%, mostly listed at prices of 2.01 - 3.00 million baht.

Rank 6: Chiang Mai had 4,508 units listed, accounting for 3.2%, with a value of 23,303 million baht, representing 3.2%, mostly listed at prices of 5.01 - 7.50 million baht.

Rank 7: Phuket had 1,818 units listed, accounting for 1.3%, with a value of 15,006 million baht, representing 2.1%, mostly listed at prices of 7.51 - 10.00 million baht.

Rank 8: Nakhon Ratchasima had 2,745 units listed, accounting for 2.0%, with a value of 9,436 million baht, representing 1.3%, mostly listed at prices of 3.01 - 5.00 million baht.

Rank 9: Rayong had 4,062 units listed, accounting for 2.9%, with a value of 8,081 million baht, representing 1.1%, mostly listed at prices of 1.51 - 2.00 million baht.

Rank 10: Nakhon Pathom had 2,296 units listed, accounting for 1.6%, with a value of 7,700 million baht, representing 1.1%, mostly listed at prices of 1.00 million baht (see Table 3).

4) Comparison of Selling Prices of Second-Hand Housing Listings and Transfer of Ownership

Second-hand housing listed for sale in Q2 2024 had the highest number of units in the price range of up to 1.00 million baht (21.1%), followed by the price range of 2.01-3.00 million baht (16.3%), while the price range of 7.51 – 10.00 million baht had the fewest units (4.0%).

In contrast, the transfer of ownership for second-hand housing in Q2 2024 had the highest number of units transferred in the price range of up to 1.00 million baht (34.7%), followed by the price range of 2.01-3.00 million baht (18.8%), while the price range of 7.51 – 10.00 million baht had the fewest units (0.9%). This indicates that the number of transferred ownership units for second-hand housing aligns with the data on the number of units listed for sale; when there are more listings in the market, there will also be more ownership transfers (see Chart 2).

In terms of the value of second-hand housing listed for sale in Q2 2024, the highest value was in the price range of over 10.00 million baht (54.3%), followed by the price range of 3.01-5.00 million baht (11.5%), and the lowest value was in the price range of up to 1.00 million baht (2.2%).

Meanwhile, the value of ownership transfers for second-hand housing in Q2 2024 was highest in the price range of 2.01-3.00 million baht (22.9%), followed by the price range of 3.01-5.00 million baht (17.8%), and the lowest value for ownership transfers was in the price range of 7.51 – 10.00 million baht (3.8%) (see Chart 3).

Note: The information center has updated the database for second-hand housing used to analyze the market situation of second-hand housing, changing the sources for data collection due to technical limitations in gathering data online. This will still cover and reflect the current situation as before. The real estate information center has begun using this new second-hand housing database for data in Q2 2024, which will start to be published in September 2024 onwards.

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