In 2019, it seems to be a downturn period for real estate, especially for short-term investors and developers themselves. However, for real demand, it is expected to remain stable at the beginning of the year. TerraBKK Research would like to present data on unsold properties in the market for 2019 to assist in decision-making.

         According to data from the Real Estate Information Center of the Government Housing Bank (REIC), there are 139,500 units available for sale, divided into horizontal properties (single-family homes) at 55.6% or 77,544 units, and condominiums at 44.4% or 61,955 units. The price range with the most unsold properties in the market is between 2-3 million baht.

Overview of the Horizontal Residential Market

         In 2019, there are 77,544 unsold horizontal residential units. If we break it down by location with the most unsold units (only considering the first half of 2018), there are 74,976 unsold single-family homes. The locations with the most unsold units are:

  1. Lam Luk Ka, Khlong Luang, Thanyaburi, and Nong Suea with 13,346 unsold units, where the most common type of unsold property is townhouses priced between 2-3 million baht.
  2. Bang Yai, Bang Bua Thong, Bang Kruai, and Sai Noi with 11,367 unsold units, where the most common type of unsold property is townhouses priced between 2-3 million baht.
  3. Bang Phli, Bang Bo, and Bang Sao Thong with 9,327 unsold units, where the most common type of unsold property is townhouses priced between 2-3 million baht.
  4. Samut Prakan City, Phra Pradaeng, and Phra Samut Chedi with 5,376 unsold units, where the most common type of unsold property is townhouses priced between 3-5 million baht.
  5. Khlong Sam Wa, Min Buri, Nong Chok, and Lat Krabang with 4,704 unsold units, where the most common type of unsold property is townhouses priced between 2-3 million baht.

For the locations where horizontal residential properties sell best the top 5 are Samut Sakhon City, Bang Phli-Bang Bo-Bang Sao Thong, Phutthamonthon-Nakhon Chai Si-Sam Phran, Samut Prakan City-Phra Pradaeng-Phra Samut Chedi and Bang Yai-Bang Bua Thong-Bang Kruai-Sai Noi.

Looking Back at the Horizontal Residential Market in the First Half of 2018

         For horizontal residential properties in the first half of 2018, the sales rate remained stable, with single-family homes and townhouses showing improvement. However, duplexes and commercial buildings saw a decline compared to the same period in 2017. The absorption rate is as follows:

Single-family homes - 5,809 units sold, with an absorption rate of 3.2%, up from 3.0% in the same period of 2018.

Duplexes - 1,895 units sold, with an absorption rate of 3.2%, down from 4.1% in the same period of 2018.

Townhouses - 12,020 units sold, with an absorption rate of 3.9%, up from 3.6% in the same period of 2018.

Commercial buildings - 592 units sold, with an absorption rate of 3.1%, down from 3.8% in the same period of 2018.

 

Overview of the Condominium Market

         In 2019, the condominium market has 253,899 units, divided into 1-bedroom units at 68.0%, studio units at 19.4%, 2-bedroom units at 11.8%, and units with 2-3 bedrooms or more at 0.8%.

When broken down by price range, 35.2% are priced below 2 million baht, 29.5% are in the 2-3 million baht range, 18.2% are in the 3-5 million baht range, and 17.1% are priced above 5 million baht.

The top 5 locations with the most unsold condominium units are:

  1. Nonthaburi City, Pak Kret with 9,202 unsold units, where the most common type of unsold unit is a 1-bedroom unit priced between 2-3 million baht.
  2. Samut Prakan City, Phra Pradaeng, Phra Samut Chedi with 6,645 unsold units, where the most common type of unsold unit is a 1-bedroom unit priced between 2-3 million baht.
  3. Huai Khwang, Chatuchak, Din Daeng with 6,493 unsold units, where the most common type of unsold unit is a 1-bedroom unit priced between 3-5 million baht.
  4. Taling Chan, Bang Khae, Phasi Charoen, Nong Khaem, and Thawi Watthana with 4,954 unsold units, where the most common type of unsold unit is a 1-bedroom unit priced between 2-3 million baht.
  5. Thonburi, Khlong San, Bangkok Noi, Bangkok Yai, and Bang Phlat with 4,617 unsold units, where the most common type of unsold unit is a 1-bedroom unit priced between 2-3 million baht.

         The top 5 locations where condominiums sell best are Silom-Sathorn-Bang Rak, Khlong Sam Wa-Min Buri-Nong Chok-Lat Krabang, Phra Khanong-Bang Na-Suan Luang-Pravet, Bang Sue-Dusit and Bung Kum-Khan Na Yao-Saphan Sung respectively.