The Real Estate Information Center (REIC) of the Government Housing Bank (GHB) reports on the overall housing market situation in the northern provinces during the second half of 2024, covering five provinces: Chiang Mai, Chiang Rai, Phitsanulok, Nakhon Sawan, and Lamphun. The report indicates that the housing market for properties still on sale remains sluggish across all provinces.
Despite measures to reduce transfer and mortgage fees for properties priced below 7 million baht, these have not stimulated housing transactions in the northern region. Meanwhile, foreign demand for housing has only contributed to the condominium market in Chiang Mai, resulting in a 2.6% increase in available units and a 6.5% increase in value. However, new sales have decreased by 17.6%, leading to a 4.5% increase in unsold housing units in the area.

According to a survey of housing projects in the five northern provinces conducted by REIC since 2014, the overall situation in the second half of 2024 shows a total of 17,464 available housing units, an increase of 2.6%, with a total value of 73.2 billion baht, up 6.5%. This includes 15,379 units in housing projects, a 1.7% increase valued at 66.713 billion baht (up 5.6%), and 2,085 condominium units, a 9.9% increase valued at 6.487 billion baht (up 16.4%). Of these, 58.7% are available in Chiang Mai, totaling 10,250 units valued at 45.971 billion baht. In Chiang Rai, 15.6% of the units are available, totaling 2,724 units valued at 10.7 billion baht; in Phitsanulok, 15.1% with 2,629 units valued at 10.101 billion baht; in Nakhon Sawan, 7.4% with 1,300 units valued at 4.916 billion baht; and in Lamphun, 3.2% with 561 units valued at 1.512 billion baht.

Newly launched projects in the five northern provinces during the second half of 2024 total 1,955 units, a 35.6% increase valued at 9.608 billion baht, up 60.5%. This includes 1,763 housing project units, an 88.2% increase valued at 9.115 billion baht (up 99.6%), while condominium projects decreased to 192 units, down 62.0%, valued at 493 million baht (down 65.3%). The total number of new sales in the five northern provinces during the second half of 2024 is 1,205 units, down 17.6%, valued at 4.521 billion baht, down 17.9%. This includes 930 housing project units, down 25.9%, valued at 3.714 billion baht (down 24.5%), and 275 condominium units, up 32.9%, valued at 807 million baht (up 37.4%). Consequently, the total number of unsold housing units in the five northern provinces is 16,259 units, a 4.5% increase valued at 68.679 billion baht, up 8.6%, comprising 14,449 housing project units.

The housing market in Chiang Mai shows that in the second half of 2024, there are a total of 10,250 units available for sale, a 3.7% decrease, with a total value of 45.971 billion baht, an increase of 0.7%. The number of housing project units is 8,299, down 6.2%, valued at 39.721 billion baht, down 1.2%, while condominium projects total 1,951 units, up 8.4%, valued at 6.250 billion baht, up 14.9%, compared to the same period last year (YoY). There are 1,336 new units launched in the market, a 17.5% increase valued at 6.399 billion baht, up 33.1%, which includes 1,144 housing project units, an 81.0% increase valued at 5.905 billion baht (up 74.3%), and 192 condominium units, down 62.0%, valued at 493 million baht (down 65.3%). The total number of new sales in Chiang Mai is 767 units, down 15.2%, valued at 3.024 billion baht, down 16.3%, comprising 503 housing project units, down 27.9%, valued at 2.230 billion baht (down 26.3%), and 264 condominium units, up 28.2%, valued at 794 million baht (up 35.4%).

Top 5 Locations with the Highest New Housing Sales in Chiang Mai

1. San Sai Zone: 231 units, valued at 830 million baht

2. Chiang Mai City Center: 95 units, valued at 315 million baht

3. Payap University Zone: 69 units, valued at 321 million baht

4. Hang Dong Zone: 57 units, valued at 313 million baht

5. San Kamphaeng Zone: 49 units, valued at 182 million baht

Top 5 Locations with the Highest Unsold Housing Units

1. San Sai Zone: 2,350 units, valued at 9.547 billion baht

2. Hang Dong Zone: 1,002 units, valued at 5.099 billion baht

3. Payap University Zone: 925 units, valued at 4.564 billion baht

4. Saraphi Zone: 879 units, valued at 4.046 billion baht

5. Bo Sang-Doi Saket Zone: 876 units, valued at 3.924 billion baht

The Housing Market in Chiang Rai shows that in the second half of 2024, there are 2,724 units available for sale, a 10.5% decrease, valued at 10.7 billion baht, down 11.0%. All units are housing projects, with no new condominium projects launched. There are 38 new units launched in the second half of the year, a decrease of 66.7%, valued at 69 million baht, down 82.9%. The number of new sales is 130 units, down 41.4%, valued at 455 million baht, down 43.1%, resulting in 2,594 unsold housing units in Chiang Rai, a decrease of 8.1%, valued at 10.245 billion baht, down 8.8%.

Top 3 Locations with the Highest New Housing Sales in Chiang Rai

1. Airport-Mae Fah Luang University Zone: 65 units, valued at 202 million baht

2. Chiang Rai City Center: 63 units, valued at 245 million baht

3. Mae Sai Zone: 2 units, valued at 8 million baht

Top 3 Locations with the Highest Unsold Housing Units

1. Chiang Rai City Center: 1,351 units, valued at 5.844 billion baht

2. Airport-Mae Fah Luang University Zone: 1,100 units, valued at 3.915 billion baht

3. Mae Sai Zone: 143 units, valued at 486 million baht

The Housing Market in Phitsanulok shows that in the second half of the year, there are 2,629 units available for sale, an 11.8% increase, valued at 10.101 billion baht, up 28.2%. This includes 2,545 housing project units, a 12.7% increase valued at 9.993 billion baht (up 28.8%), while condominium projects total 84 units, down 8.7%, valued at 108 million baht (down 12.4%). There are 388 new units launched, a 205.5% increase valued at 2.665 billion baht (up 343.8%). The total number of new sales is 117 units, down 33.1%, valued at 402 million baht, down 30.9%, comprising 106 housing project units, down 39.1%, valued at 389 million baht (down 33.0%), and 11 condominium units, up 1,000%, valued at 13 million baht (up 914.4%). The total number of unsold units is 2,512, a 15.4% increase valued at 9.699 billion baht, up 32.9%, with 2,439 housing project units, a 17.0% increase valued at 9.604 billion baht (up 33.8%), and 73 condominium units, down 19.8%, valued at 95 million baht (down 22.2%).

Top 3 Locations with the Highest New Housing Sales in Phitsanulok

1. Plai Chumphon Zone: 26 units, valued at 76 million baht

2. Hua Ro Zone: 25 units, valued at 94 million baht

3. Naresuan University-Tha Thong Zone: 18 units, valued at 97 million baht

Top 3 Locations with the Highest Unsold Housing Units

1. Naresuan University-Tha Thong Zone: 613 units, valued at 3.618 billion baht

2. Hua Ro Zone: 492 units, valued at 1.966 billion baht

3. Bueng Phra: 318 units, valued at 623 million baht

The Housing Market in Nakhon Sawan has a total of 1,300 units available for sale, a 147.6% increase, valued at 4.916 billion baht, up 150.1%. This includes 1,250 housing project units, a 138.1% increase valued at 4.788 billion baht (up 143.5%), and 50 condominium units, a 31.6% increase valued at 129 million baht (up 107.9%). There are 16 new units launched in the second half of 2024, down 63.6%, valued at 30 million baht (down 76.6%), all of which are housing project units. The total number of new sales is 104 units, up 31.6%, valued at 410 million baht, up 38.4%, all of which are housing project units. The total number of unsold units is 1,196, a 168.2% increase valued at 4.506 billion baht, up 169.8%, comprising 1,146 housing project units, a 157.0% increase valued at 4.377 billion baht (up 162.1%), and 50 condominium units, a 51.5% increase valued at 129 million baht (up 139.4%).

Top 3 Locations with the Highest New Housing Sales in Nakhon Sawan

1. Dreamland Zone: 46 units, valued at 248 million baht

2. Tha Thong Zone: 36 units, valued at 96 million baht

3. Takian Luean Zone: 10 units, valued at 31 million baht

Top 3 Locations with the Highest Unsold Housing Units

1. Dreamland Zone: 443 units, valued at 2.171 billion baht

2. Tha Thong Zone: 358 units, valued at 1.119 billion baht

3. Takian Luean Zone: 229 units, valued at 733 million baht

The Housing Market in Lamphun shows that there are 561 units available for sale, a 22.8% increase valued at 1.512 billion baht, up 26.4%. All units are housing projects, with no condominium projects available. There are 177 new units launched in the second half of 2024, a 785% increase valued at 445 million baht (up 916.2%). There are 87 new sales, a 6.1% increase valued at 230 million baht, up 6.8%, and a total of 474 unsold units, a 26.4% increase valued at 1.281 billion baht, up 30.8%, all of which are housing projects.

Top 3 Locations with the Highest New Housing Sales in Lamphun

1. Sahapat Zone: 40 units, valued at 114 million baht

2. Lamphun Industrial Estate-Ban Ma Zone: 29 units, valued at 70 million baht

3. Lamphun Hospital Zone: 18 units, valued at 45 million baht

Top 3 Locations with the Highest Unsold Housing Units

1. Sahapat Zone: 290 units, valued at 817 million baht

2. Lamphun Hospital Zone: 103 units, valued at 270 million baht

3. Lamphun Industrial Estate-Ban Ma Zone: 81 units, valued at 194 million baht