Mr. Kamolphop Veerapala, Managing Director of the Government Housing Bank and Acting Director of the Real Estate Information Center (REIC) of the Government Housing Bank (GHB) has unveiled the housing market situation data for Q4 2024 and trends for 2025.

Looking at the national housing market in Q4 2024, there has been an improvement (condominiums increased by 5%, horizontal housing decreased, and transfers decreased). The total number of housing ownership transfers nationwide was 97,413 units, an increase of 1.3% compared to the same period last year (YoY), although the value decreased by -1.5%. The recovery in the previous quarter was supported by the reduction of transfer and mortgage fees to 0.01% for properties priced up to 7 million baht, up from the previous limit of 3 million baht, resulting in a significant number of transfers. For instance, the condominium sector saw 33,361 units transferred, an increase of 13.9%, valued at 84,481 million baht, up 5.6% compared to the same period last year.

The overall value of housing loans in Q4 2024 was 167.532 billion baht, a decrease of -5.6% compared to the same period last year, which was valued at 177.473 billion baht. Consequently, the total value of housing loans in 2024 was 587.344 billion baht, down -13.4% compared to 678.347 billion baht in 2023.


Regarding the total number of ownership transfers nationwide for the entire year of 2024, there were 347,799 units, a decrease of -5.2% compared to the same period last year. This included:
- Condominiums with 116,439 units transferred, an increase of 7.7%, reflecting an increase in transfers for condominiums priced up to 7 million baht due to real estate stimulus measures, which rose by 9.1%.
- Horizontal housing saw 231,360 units transferred, a decrease of -10.6%, with declines across all price levels.

The total value of housing ownership transfers nationwide for the entire year of 2024 was 980,648 million baht, a decrease of -6.3%, with:
- Condominiums valued at 297,060 million baht, down -2.5%, primarily due to a decrease in transfers of condominiums priced over 7 million baht, while those priced under 7 million baht increased by 4.9% compared to the same period last year.
- Horizontal housing valued at 683,588 million baht, down -7.9%.

For foreign ownership transfers of condominiums nationwide in 2024, the number of units transferred increased by 0.9%, but the value decreased by -6.8%, with the size of purchased units becoming smaller and the average purchase price dropping to 4.7 million baht. The transfer of condominiums by foreigners also decreased by -12%.

The nationalities with the highest number of condominium ownership transfers in 2024 were:
- The top ten nationalities for condominium ownership transfers were China, Myanmar, Russia, Taiwan, the United States, France, Germany, the United Kingdom, Australia, and India, in that order.
- The top ten nationalities by value of condominium ownership transfers were China, Myanmar, Taiwan, Russia, the United States, France, Germany, the United Kingdom, India, and Australia, in that order.

The housing market in 2025 is expected to continue its recovery, with an estimated number of housing ownership transfers of approximately 353,389 units, an increase of 1.6%, including:
- Approximately 116,618 condominiums transferred, an increase of 0.2%.
- Approximately 236,770 horizontal housing units transferred, an increase of 2.3%.

The total value of ownership transfers for all types of housing in 2025 is estimated at 994,545 million baht, an increase of 1.4%, including:
- Condominium transfers valued at approximately 298,363 million baht, an increase of 0.4%.
- Horizontal housing transfers valued at approximately 696,181 million baht, an increase of 1.8%.

Positive factors include the economic situation showing signs of recovery due to government stimulus measures in the first half of 2025, with an expected influx of 260 billion baht from mega-projects into the economy this year, along with a trend of low interest rates, which will lead to an increase in housing loan applications. It is anticipated that in 2025, the total value of housing loans nationwide will reach 593,634 million baht, an increase of 1.1% from 2024.

Housing loans in 2025 are expected to grow by 1.1%, which should help support GDP, especially after a -1.3% decrease in housing loans in 2024 due to tighter lending practices.

Positive and Negative Factors for the Real Estate Business in 2025
Positive Factors

  • The economic outlook for 2025 is expected to grow between 2.2% - 3.2% (with a median of 2.7%), supported by increased public spending.
  • Growth in domestic private sector demand following improved private investment trends and continuous growth in private consumption.
  • Interest rates remaining low with a downward trend, coupled with government policies supporting low-interest loans, which will enhance access to credit for the public.
  • Continuous recovery in the tourism sector due to an increase in the number and income from foreign tourists.

Negative Factors

  • The economic situation in 2025 is expected to grow at around 2.7%.
  • Household debt is beginning to decrease but remains high, affecting the spending capacity of the public.
  • LTV measures for second homes.
  • Consideration of tighter lending practices by commercial banks.
  • Risks from a slowing global economy due to uncertainties in U.S. economic policies affecting the stability of the money market, investments, and geopolitical policies.

Regarding the situation of daily rental condominiums, they cannot be rented out on a daily basis. If the condominium management encounters this, they can conduct inspections. REIC is also preparing to investigate this issue, but the method needs to be considered first, as this information is often not publicly disclosed.