The Real Estate Information Center (REIC) of the Government Housing Bank (GHB) has revealed that the housing market situation in the second quarter of 2025 has improved compared to the previous quarter, as reflected by the increase in property transfers in Q2, which rose from Q1 (QoQ) both in terms of the number of units and value. The number of units increased by 18.5% and the value rose by 15.7%. Notably, the number of single-family homes increased by 24.2% and the value increased by 24.8%. Positive factors include government measures such as the reduction of transfer and mortgage fees to 0.01% for properties priced under 7 million baht and the temporary easing of LTV regulations by the Bank of Thailand (BoT), along with an increase in second-hand home transactions. It is anticipated that the housing market will continue to improve in Q3 and Q4, pushing the total property transfers for the year 2025 to expand close to the previous year.

Mr. Kamolphop Veerapala, Managing Director of the Government Housing Bank (GHB) and Acting Director of the Real Estate Information Center (REIC), stated that the government's announcement of measures to stimulate the real estate sector, including the reduction of transfer and mortgage fees to 0.01% for properties priced up to 7 million baht and the temporary relaxation of LTV criteria by the Bank of Thailand (BoT), has resulted in increased demand for property transfers in Q2 compared to Q1 (QoQ). The total number of units reached 77,343, an increase of 18.5% from the 65,276 units transferred in Q1, with a total value of 210,056 million baht, up 15.7% from the 181,545 million baht in Q1. The transfers of single-family homes nationwide amounted to 53,982 units, an increase of 24.2% from Q1, with a total value of 156,692 million baht, up 24.8% from 125,557 million baht in Q1. Meanwhile, the transfer of condominiums nationwide reached 23,361 units, a 7.1% increase from Q1, but the value decreased by 4.7% to 53,364 million baht from 55,988 million baht in Q1, due to a high volume of transfers of condominiums priced over 7 million baht in the previous quarter.

However, compared to the same period last year (YoY), the nationwide property transfers in Q2 2025 totaled 77,343 units, a decrease of 10.9%, with a total value of 210,056 million baht, down 13.6%. The transfers of single-family homes amounted to 53,982 units, down 7.7%, with a value of 156,692 million baht, down 9.3%. The transfers of condominiums totaled 23,361 units, down 17.5%, with a value of 53,364 million baht, down 24.1%. This resulted in a total of 142,619 property transfers nationwide in the first half of 2025, a decrease of 10.7%, with a total value of 391,601 million baht, down 13.3%.

As for foreign ownership transfers of condominiums in Q2 2025, there was a decline compared to the previous year, with 3,248 units transferred, down 2.2%, and a total value of 12,318 million baht, down 16.9% compared to the same period last year (YoY). The foreign ownership transfers accounted for 13.9% of total transfers, down from 18.0% in the previous quarter, with a value share of 23.1%, down from 29.3%. The top ten countries with the highest value of condominium ownership transfers included China, Myanmar, Russia, Taiwan, France, the United States, the United Kingdom, Germany, India, and Japan. Notably, the trend of condominium ownership transfers from China has been continuously declining, with 899 units transferred this quarter, down 28.8%, and a value of 3,391 million baht, down 39.4%. It is expected that the purchasing power of Chinese buyers will continue to decline in the second half of 2025, while Myanmar has seen an increase in condominium ownership transfers, with 533 units transferred, up 119.3%, and a value of 1,347 million baht, up 30.9%, as purchasing power is expected to rise in the second half due to earthquake damage to housing in Myanmar.

Nevertheless, the Thai economy in the second half of 2025 is expected to continue slowing down from the first half, due to both direct and indirect impacts of U.S. tax measures affecting the income of businesses, employees, and freelancers, leading to a decline in consumer purchasing power. Meanwhile, investment from housing project developers or new sales projects is expected to decrease, and homebuyers are facing challenges in obtaining housing loans. Medium and small real estate operators are experiencing increased liquidity risks, while the number of tourists is expected to decline compared to last year due to intensified regional competition and border conflicts between Thailand and Cambodia. Therefore, REIC forecasts that for the entire year of 2025, there will be a total of 343,678 property transfers nationwide, a decrease of 1.2% compared to the previous year, which had 347,799 units, and a total value of 964,027 million baht, down 1.7% compared to the previous year, which had a value of 980,648 million baht.

Regarding housing loans in Q2 2025, the total value reached 134,115 million baht, an increase of 22.6% from Q1 (QoQ), which had a value of 109,368 million baht, but a decrease of 6.5% compared to the same period last year, which had a value of 143,409 million baht (YoY). In the first half of 2025, the total value of new housing loans issued was 243,483 million baht, down 7.9% compared to the same period last year, which had a value of 264,330 million baht. REIC predicts that new housing loans nationwide in 2025 will be approximately 582,800 million baht, close to the 2024 figure of 584,843 million baht.

In terms of the supply of new housing projects in the Bangkok metropolitan area, developers launched only 6,165 units in this quarter, the lowest number of launches since quarterly data collection began in Q1 2022. Compared to the same period last year (YoY), the overall new housing launches in this quarter decreased by 64.6%, marking a decline for six consecutive quarters. Single-family homes saw a decrease of 59.7%, while condominiums saw a decrease of 70.4%. In the first half of 2025, a total of 17,988 new housing units were launched, down 46.9% from the same period last year (YoY), with single-family homes down 58.1% and condominiums down 34.1%. REIC expects that for the entire year of 2025, there will be 52,000 new housing projects launched in the Bangkok metropolitan area, a decrease of 17.2% from 2024, which is similar to the situation in 2021 during the COVID-19 pandemic, with an estimated value of new housing launches around 390,000 million baht, down 22.2% from 2024.