Home Builder Association (HBA) has announced that the order volume for home construction at the 'Home Building and Materials Expo 2024' exceeded expectations, with homes priced between 2.5 – 5 million Baht recording the highest orders. The event attracted over 15,000 attendees, highlighting strong promotions on 'prices, loans, and house designs' that accelerated decisions to build new homes as we approach the end of the year.

Mr. Olar Chanphu President of the Home Builder Association (HBA) stated that the home building market in the third quarter of 2024 is showing positive signs of recovery, as reflected by the success of the 'Home Building and Materials Expo 2024', an event for those looking to build homes, held alongside the promotion of the 'HBA Sustainable Model' in celebration of the association's 20th anniversary. The event took place from September 18 to 22, 2024, and received an overwhelming response, attracting 15,000 visitors, including the general public and those planning to build homes.

In addition to the increased attendance, there were over 197 home construction orders placed during the event, totaling more than 1.9 billion Baht, with growth observed across all price ranges. The breakdown of the most ordered homes is as follows:

1. Homes priced from 2.5 million to 5 million Baht: 84 units

2. Homes priced from 5 million to 10 million Baht: 66 units

3. Homes priced from 10 million to 20 million Baht: 26 units

4. Homes priced over 20 million Baht: 14 units

5. Homes priced under 2.5 million Baht: 7 units

“The home building market has regained significant interest from the general public and those planning to build, driven by special promotions, attractive loan rates, and a chance to win gold bars, with a total of 20 prizes worth over 530,000 Baht, along with free e-books on home designs titled THE ULTIMATE HOME DESIGN 2024,” said Mr. Olar.

Mr. Olar anticipates that the home construction orders from the event reflect the readiness and planning of consumers who are waiting to decide based on the promotions presented at the 'Home Building and Materials Expo 2024'. However, there remains a significant number of potential home builders who are still considering their options after consulting with experts at the event. Each participating home building company is currently coordinating to provide ongoing services.

Furthermore, the home building market in the fourth quarter of 2024 is expected to show improved signals compared to the third quarter, supported by tax reduction measures for home construction, specifically the “10,000 Baht per million” tax deduction for individuals looking to build homes valued at 1 million Baht, allowing for a deduction of 10,000 Baht, up to a maximum of 100,000 Baht (*contracts signed and construction starting from April 9, 2024, to December 31, 2025, based on contract value), which will help accelerate decisions for those looking to build homes.

“The final quarter of the year is likely to perform better than the previous quarter, driven by consumer confidence in the new government as it begins to implement economic stimulus policies, such as the 10,000 Baht digital cash handout for vulnerable groups. Additionally, lower interest rates and increased consumer engagement in seeking information about home building after the conclusion of the Home Building and Materials Expo 2024 will contribute to this positive outlook,” Mr. Olar stated.

It is projected that the total value of home construction contracts signed by member companies of the association by the end of 2024 will reach 11 billion Baht, reflecting a decrease of approximately 10% compared to the previous year.