The Real Estate Information Center of the Government Housing Bank (REIC) <\/span>has reported on the housing market overview during the second half of 2022 for five northern provinces, revealing a decrease in new sales units. This has resulted in an overall absorption rate dropping to 1.7%, the lowest in five years.<\/span><\/strong><\/p>

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Dr. Wichai Wiratthakhan, Inspector of the Government Housing Bank and Acting Director of the Real Estate Information Center <\/strong><\/span>stated that in the second half of 2022, the supply of residential projects in the five northern provinces—Chiang Mai, Chiang Rai, Lamphun, Phitsanulok, and Nakhon Sawan—amounted to approximately 16,724 units, valued at 66.298 billion baht. This includes 1,818 condominium units valued at 4.966 billion baht and 14,906 housing development units valued at 61.332 billion baht. There were 867 new projects entering the market, valued at 4.148 billion baht <\/strong>and 1,742 new sales units, valued at 6.263 billion baht <\/strong>resulting in 14,982 unsold units valued at 60.035 billion baht.<\/span><\/p>

It was found that in the second half of 2022, new housing development investments occurred only in Chiang Mai and Nakhon Sawan, with condominium projects exclusively in Chiang Mai. In contrast, Chiang Rai, Lamphun, and Phitsanulok focused on selling older projects to reduce unsold units and increase market absorption rates. Lamphun had the highest absorption rate for housing developments at 4.8%, while Chiang Mai had the highest absorption rate for condominiums at 3.3%. However, these rates are still lower than previous periods due to decreased sales.<\/span><\/p>

Top 5 Locations with the Most Unsold Units <\/u><\/strong> in the 5 Northern Provinces are:<\/strong><\/span><\/p>

1. Airport-Mae Fah Luang Area: 1,429 units, valued at 5.024 billion baht <\/span><\/p>

2. San Sai Area: 1,345 units, valued at 4.191 billion baht <\/span><\/p>

3. Saraphi Area: 1,321 units, valued at 4.802 billion baht <\/span><\/p>

4. Downtown Chiang Rai: 1,163 units, valued at 5.346 billion baht <\/span><\/p>

5. Mae Jo Area: 1,143 units <\/span><\/p>

The price range with the most unsold units is 3.01-5.00 million baht, totaling 5,592 units valued at 3.947 billion baht.<\/span><\/p>

Top 5 Locations with the Highest Sales <\/u><\/strong> are:<\/span><\/p>

1. San Sai: 170 units, valued at 595.2 million baht <\/span><\/p>

2. Dreamland: 163 units, valued at 745.8 million baht <\/span><\/p>

3. Mae Jo: 139 units, valued at 405.4 million baht <\/span><\/p>

4. Upper Hang Dong: 129 units, valued at 326.5 million baht <\/span><\/p>

5. Payap University Area: 127 units, valued at 498.8 million baht <\/span><\/p>