The Real Estate Information Center of the Government Housing Bank (REIC) reports on the overall housing market situation still on sale during the first half of 2024 in four southern provinces: Phuket, Songkhla, Surat Thani, and Nakhon Si Thammarat. Dr. Wichai Wiratthakhan, the inspector of the Government Housing Bank and acting director of the Real Estate Information Center, revealed that "in the first half of 2024, there were approximately 22,484 units available for sale, valued at 148,276 million baht, representing an increase of 25.8% and 92.8% respectively. This includes 12,104 condominium units valued at 98,918 million baht and 10,380 housing project units valued at 49,358 million baht. Part of this increase is due to the launch of 6,191 new residential units valued at 52,560 million baht, an increase of 53.4% and 277.7%. Among these, there are 5,149 condominium units valued at 45,957 million baht and 1,042 housing project units valued at 6,602 million baht. For newly sold residential units, there were 6,943 units valued at 50,807 million baht, an increase of 132.5% and 327.1%, with an absorption rate of 5.1%. Among the newly sold units, there are 4,990 condominium units valued at 41,598 million baht and 1,953 housing project units valued at 9,209 million baht, resulting in 15,541 unsold units valued at 97,469 million baht, an increase of 4.4% and 49.9% respectively. This includes 7,114 condominium units valued at 57,320 million baht and 8,427 housing project units valued at 40,149 million baht.

When comparing the housing market for sale in these four provinces, Phuket and Songkhla are the top two provinces in all aspects. Phuket has 13,218 units for sale valued at 108,419 million baht, while Songkhla has 4,923 units valued at 18,984 million baht. Phuket also has the highest number of new project launches, with 4,791 units valued at 46,367 million baht, including 473 housing project units valued at 2,362 million baht and 4,318 condominium units valued at 44,004 million baht.

In Phuket, there are 5,253 newly sold residential units valued at 43,907 million baht, with an absorption rate of 6.6% per month. Following are Songkhla with 934 units valued at 3,288 million baht and an absorption rate of 3.2% per month, Surat Thani with 496 units valued at 2,317 million baht and an absorption rate of 2.8% per month, and Nakhon Si Thammarat with 260 units valued at 1,294 million baht and an absorption rate of 3.2% per month.

The top five locations with the highest number of sold units in the four southern provinces are: 1) Bang Tao-Surin Beach with 2,216 units valued at 26,055 million baht, 2) Thepkrasattri-Srisunthorn with 685 units valued at 4,491 million baht, 3) Klongtoey with 371 units valued at 908 million baht, 4) Nai Yang-Mai Khao Beach with 348 units valued at 2,363 million baht, and 5) Talad Yai-Talad Nuea with 343 units valued at 940 million baht.

The locations with the most unsold residential units in the four southern provinces are: 1) Bang Tao-Surin Beach with 2,508 units valued at 30,783 million baht, 2) Thepkrasattri-Srisunthorn with 1,378 units valued at 8,004 million baht, 3) Tha Kham-Kuan Hin with 830 units valued at 3,525 million baht, 4) Pradu-Bang Chum Tho with 824 units valued at 3,035 million baht, and 5) Koh Kaew-Ratsada with 818 units valued at 6,031 million baht. The price range with the most unsold residential units is 3.01-5.00 million baht, totaling 4,661 units valued at 20,103 million baht.

REIC forecasts that in 2024, there will be 12,695 new residential units launched valued at 78,519 million baht, with 15,727 newly sold units valued at 83,384 million baht, and 13,662 unsold units valued at 74,564 million baht.

Overview of Phuket Province

In the first half of 2024, the surveyed area in Phuket had a total of 13,218 residential units for sale valued at 108,419 million baht, representing an increase of 75.5% and 194.4%. This includes 2,674 housing project units valued at 13,837 million baht and 10,544 condominium units valued at 94,582 million baht. During the first half of 2024, there were 4,791 new residential units launched into the market, an increase of 190.5% valued at 46,367 million baht, an increase of 829.8%. The number of newly sold residential units was 5,253, an increase of 75.7% valued at 43,907 million baht, an increase of 86.4%. The top five areas with the highest number of newly sold residential units in the first half of 2024 are:

1) Bang Tao-Surin Beach with 2,216 units valued at 26,055 million baht

2) Thepkrasattri-Srisunthorn with 685 units valued at 4,419 million baht

3) Nai Yang-Mai Khao Beach with 348 units valued at 2,363 million baht

4) Talad Yai-Talad Nuea with 343 units valued at 940 million baht

5) Kathu Town with 321 units valued at 869 million baht

Notably, the Bang Tao-Surin Beach and Thepkrasattri-Srisunthorn areas have the highest number of newly sold residential units, with absorption rates of 7.8% and 5.5% per month, respectively.

For unsold residential units, there are 7,965 units, an increase of 35.9% valued at 64,512 million baht, an increase of 116.8% compared to the same period in 2023 (YoY). The top five locations with the highest number of unsold residential units are:

1) Bang Tao-Surin Beach with 2,508 units valued at 30,738 million baht

2) Thepkrasattri-Srisunthorn with 1,378 units valued at 8,004 million baht

3) Koh Kaew-Ratsada with 818 units valued at 6,031 million baht

4) Rawai Beach with 771 units valued at 5,977 million baht

5) Nai Yang-Mai Khao Beach with 759 units valued at 4,586 million baht.

REIC forecasts that in 2024, there will be 8,600 new residential units launched valued at 60,898 million baht, with 11,605 newly sold units valued at 68,440 million baht, and 5,500 unsold units valued at 40,343 million baht.

Overview of Songkhla Province

In the first half of 2024, the surveyed area in Songkhla had a total of 4,923 residential units for sale valued at 18,984 million baht, a decrease of -10.7% and -12.5%. This includes 3,653 housing project units valued at 15,931 million baht and 1,270 condominium units valued at 3,052 million baht. During the first half of 2024, there were 898 new residential units launched into the market, a decrease of -52.0% valued at 2,190 million baht, a decrease of -68.4%. The number of newly sold units was 934, an increase of 39.8% valued at 3,288 million baht, an increase of 26.1%.

The top five areas with the highest number of newly sold residential units in the first half of 2024 are:

1) Klongtoey with 371 units valued at 908 million baht

2) Tha Kham-Kuan Hin with 123 units valued at 472 million baht

3) Kuan Lang with 75 units valued at 401 million baht

4) Ban Pru with 71 units valued at 279 million baht

5) Nam Noi with 57 units valued at 225 million baht

Notably, the Klongtoey and Tha Kham-Kuan Hin areas have the highest number of newly sold residential units, with absorption rates of 6.8% and 2.2% per month, respectively.

For unsold residential units, there are 3,989 units, a decrease of -17.7% valued at 15,695 million baht, a decrease of -17.7% compared to the same period in 2023 (YoY). The top five locations with the highest number of unsold residential units are:

1) Tha Kham-Kuan Hin with 830 units valued at 3,525 million baht

2) Nam Noi with 589 units valued at 2,750 million baht

3) Klongtoey with 533 units valued at 1,394 million baht

4) Kuan Lang with 501 units valued at 2,661 million baht

5) Ban Pru with 439 units valued at 1,655 million baht.

REIC forecasts that in 2024, there will be 2,740 new residential units launched valued at 10,080 million baht, with 2,339 newly sold units valued at 8,114 million baht, and 4,539 unsold units valued at 18,786 million baht.

Overview of Surat Thani Province

In the first half of 2024, the surveyed area in Surat Thani had a total of 2,987 residential units for sale valued at 12,679 million baht, a decrease of -8.9% and an increase of 4.6%. This includes 2,697 housing project units valued at 11,396 million baht and 290 condominium units valued at 1,283 million baht. During the first half of 2024, there were 346 new residential units launched into the market, a decrease of -19.9% valued at 2,528 million baht, an increase of 60.7%. The number of newly sold residential units was 496, an increase of 8.1% valued at 2,317 million baht, an increase of 53.0%. The top five areas with the highest number of newly sold residential units in the first half of 2024 are:

1) Pradu-Bang Chum Tho with 101 units valued at 374 million baht

2) Chaweng Beach-Bophut with 97 units valued at 708 million baht

3) Bang Bai Mai with 94 units valued at 353 million baht

4) Khun Thale with 69 units valued at 197 million baht

5) Ko Teng-Liang Mueang (Phun Phin) with 48 units valued at 218 million baht.

Notably, the Pradu-Bang Chum Tho and Chaweng Beach-Bophut areas have the highest number of newly sold residential units, with absorption rates of 1.8% and 4.6% per month, respectively.

For unsold residential units, there are 2,491 units, a decrease of -11.7% valued at 10,361 million baht, a decrease of -2.3% compared to the same period in 2023 (YoY). The top five locations with the highest number of unsold residential units are:

1) Pradu-Bang Chum Tho with 824 units valued at 3,035 million baht

2) Khun Thale with 474 units valued at 1,297 million baht

3) Bang Bai Mai with 376 units valued at 1,490 million baht

4) Ko Teng-Liang Mueang (Phun Phin) with 266 units valued at 1,072 million baht

5) Chaweng Beach-Bophut with 256 units valued at 1,974 million baht.

REIC forecasts that in 2024, there will be 1,072 new residential units launched valued at 4,465 million baht, with 1,266 newly sold units valued at 4,813 million baht, and 2,586 unsold units valued at 9,778 million baht.

Overview of Nakhon Si Thammarat Province

In the first half of 2024, the surveyed area in Nakhon Si Thammarat had a total of 1,356 residential units for sale valued at 8,194 million baht, a decrease of -12.2% and an increase of 30.5%, consisting solely of housing project units. During the first half of 2024, there were 156 new residential units launched into the market, an increase of 79.3% valued at 1,474 million baht, an increase of 243.6%. The number of newly sold residential units was 260, an increase of 39.0% valued at 1,294 million baht, an increase of 85.7%. The top three areas with the highest number of newly sold residential units in the first half of 2024 are:

1) Pathum Thani-Khu Khwang with 130 units valued at 889 million baht

2) Ao Khae with 110 units valued at 338 million baht

3) Tha Wang with 20 units valued at 67 million baht.

Notably, the Pathum Thani-Khu Khwang and Ao Khae areas have the highest number of newly sold residential units, with absorption rates of 2.6% and 4.4% per month, respectively.

For unsold residential units, there are 1,096 units, a decrease of -19.3% valued at 6,900 million baht, an increase of 23.6% compared to the same period in 2023 (YoY). The top three locations with the highest number of unsold residential units are:

1) Pathum Thani-Khu Khwang with 694 units valued at 5,595 million baht

2) Ao Khae with 307 units valued at 958 million baht

3) Tha Wang with 95 units valued at 347 million baht.

REIC forecasts that in 2024, there will be 283 new residential units launched valued at 3,076 million baht, with 517 newly sold units valued at 2,017 million baht, and 1,036 unsold units valued at 5,657 million baht. "In the context of the four southern provinces, we see significant market development in provinces benefiting from tourism, such as Phuket, which is recovering in all aspects, including new residential launches and sales. The new sales not only return to a balanced state, but in some areas, sales exceed new launches, especially in the condominium segment, which has seen much higher sales than new launches. Meanwhile, in the villa segment, although there are more launches, sales remain at a good level. However, caution is still needed in adding new supply in the villa segment as there are still some villas left unsold,"

Dr. Wichai added at the end, "The overall housing market situation in Songkhla is improving, likely due to government measures and the recovering tourism sector. However, it still receives less support from tourism compared to Phuket. If the tourism sector spreads into the area and receives serious support, the growth of the housing business in this province will be sustainable. For Surat Thani, the villa market still holds potential, even if it is not as vibrant as Phuket. Meanwhile, the housing market is gradually recovering and improving to some extent, similar to Nakhon Si Thammarat. Overall, the situation may not look very prominent, but it is also adjusting towards a recovery situation."