The Real Estate Information Center of the Government Housing Bank has released a survey of the housing market in the western region, revealing that the supply of newly launched units in the first half of 2021 increased by 49.2%. However, this increase comes from a lower-than-normal base during the same period last year, while the total value decreased by 51.5%. The number of new single-family homes and condominiums launched increased by 50.6% and 47.1%, respectively, despite the overall value dropping by 51.5%.

 

            Dr. Vichai Viratakphan, Inspector of the Government Housing Bank and Acting Director of the Real Estate Information Center (REIC), stated that in the first half of 2021, there were 886 new housing projects entering the market, an increase of 49.2%, with a total value of 2.9 billion baht. However, this value decreased by 51.5% compared to the same period last year, resulting in a total supply of residential units for sale in the western region amounting to 5,737 units, a 4% increase, with a total value of 26.083 billion baht, which is a decrease of 4.9%. The number of newly sold units increased by 554 units, or 5.1%.

Meanwhile, the total value decreased by 2.301 billion baht, or 43.2%, leading to approximately 5,183 unsold units remaining in the market, with a total value of about 23.781 billion baht, reflecting increases in both the number of units and value by 3.9% and 1.7%, respectively, primarily from both condominiums and single-family homes.

            There has been a slowdown in new launches in Prachuap Khiri Khan province, with a decrease of 69.2% in the number of units, while Phetchaburi province saw an increase in new launches for both single-family homes and condominiums.

            In the second half of 2021, the growth rate of new housing project launches is expected to increase by approximately 157.2% compared to the same period last year, with the value increasing by about 142%. It is believed that the situation for new launches in the western region will improve compared to the first half of 2021.

For the outlook in 2022, the information center predicts that around 2,261 new housing units will enter the western market, with a total value of approximately 10.584 billion baht, consisting of about 1,388 single-family home projects valued at around 6.221 billion baht and approximately 873 condominium projects valued at around 4.363 billion baht. It is anticipated that in the first half of 2022, the growth rate of new housing project launches will increase by 21.8% compared to the first half of 2021 and will further grow by 16.3% in the second half of 2022, while the value in the first half of 2022 is expected to increase by about 87.2%, although it may slow down in the second half of 2022.

            The information center forecasts that in the second half of 2021, there will be approximately 5,188 unsold units in the western region, with a total value of about 22.889 billion baht, consisting of around 2,553 single-family home projects valued at about 11.761 billion baht and approximately 2,635 condominium projects valued at around 11.128 billion baht.

            In 2022, it is expected that there will be approximately 5,383 unsold units in the market, with a total value of about 22.298 billion baht, consisting of around 2,478 single-family home projects valued at about 11.098 billion baht and approximately 2,905 condominium projects valued at around 11.200 billion baht. The absorption rate is expected to start improving from the second half of 2022 onwards.