Dr. Vichai Viratakpan, Inspector of the Government Housing Bank and Acting Director of the Real Estate Information Center (REIC) stated that the real estate market in the northeastern region is being surveyed in Khon Kaen, Nakhon Ratchasima, Ubon Ratchathani, Udon Thani, and Maha Sarakham.

            In the first half of 2021, there were few new housing projects entering the market, with only 1,583 units, a decrease of 24.4%. The total value was 4,861 million baht, down 20.6% compared to the same period last year. This resulted in a total housing supply sold in the northeastern region of 13,701 units, a decrease of 11.1%, with a total value of 47,000 million baht, down 12.9%.

            New sales units decreased in both quantity and value, with approximately 2,141 units sold, down 24.9%, and a total value of 6,474 million baht, down 30.3%. This resulted in approximately 11,560 units remaining on the market, with a total value of about 40,526 million baht, which also decreased in both quantity and value, with a unit decrease of 8% and a value decrease of 9.3% respectively.

  Among these, the remaining condominium units decreased by 16.2%, while the remaining housing units decreased by 5.8%. This is due to developers adjusting by reducing the number of new condominium projects launched and shifting their business strategies to develop more housing projects.

            For the outlook in 2022, the information center expects approximately 4,022 new housing units to enter the northeastern market, with a total value of about 11,847 million baht, divided into:

- Approximately 3,205 housing projects, with a total value of about 10,228 million baht.

- Approximately 817 condominium projects, with a total value of about 1,619 million baht.

 

It is expected that in the first half of 2022, the housing market in the northeastern region will see sales decrease by about 2.9% compared to the first half of 2021, and a further decrease of 0.1% in the second half of 2022. This is because in 2021, sales are expected to improve significantly, leading to a slight slowdown in 2022. Meanwhile, the value in the first half of 2022 is expected to increase by about 2.2% and grow by another 1% in the second half of 2022, based on the assumption that Thailand can distribute vaccines widely, resulting in a higher level of herd immunity than in 2021, and the Thai economy is projected to grow by about 4.0% in 2022.

            Considering the remaining units, the information center predicts that in the second half of 2021, there will be approximately 12,487 units remaining in the northeastern market, with a total value of about 43,085 million baht, consisting of approximately 10,003 housing projects valued at about 36,859 million baht and approximately 2,484 condominium projects valued at about 6,226 million baht.

            In 2022, it is expected that there will be approximately 12,619 remaining units in the market, with a total value of about 43,080 million baht, consisting of approximately 9,950 housing projects valued at about 36,366 million baht and approximately 2,669 condominium projects valued at about 6,714 million baht. The absorption rate is expected to stabilize starting in the second half of 2021, as developers begin to introduce more new units into the market. However, the information center anticipates clearer signs of recovery in the northeastern housing market in the second half of 2022 and beyond.