The Real Estate Information Center of the Government Housing Bank (REIC) <\/span>has reported <\/span>the results of a field survey on the supply and demand of residential projects currently for sale for Q1 of 2567 in the Bangkok and surrounding areas. <\/span>The survey focused on projects with at least 6 units available for sale, revealing that in Bangkok and the five surrounding provinces, the overall housing market (both single-family homes and condominiums) has significantly declined in both demand and supply. <\/span><\/strong><\/p>

Dr. Vichai Wiratthakhan, Inspector of the Government Housing Bank and Acting Director of the Real Estate Information Center, <\/strong><\/span>stated that the total supply of units offered in the housing market (including single-family homes and condominiums) is 229,048 units, valued at 1,307,985 million baht, which represents an increase of 11.9% and 31.1%, respectively, compared to the same period last year. The increase in supply is primarily due to new sales (both pre-sales and completed units ready for transfer) that have been declining continuously throughout every quarter of 2566, particularly in the price range of up to 7.5 million baht. Additionally, in the last quarter of 2566, more new projects were launched compared to the previous quarter. <\/span>

The slowdown in sales in recent times has resulted in a significant decrease in the number of units from newly launched projects in Q1 of 2567, particularly in the higher-priced segment. <\/span>Only 16,356 units were launched, representing a decrease of 24.4%, while the total value reached 119,232 million baht, an increase of 45.3%. This increase is attributed to new launches in the single-family home segment, which saw an 85.1% increase in the number of new projects and a 157.7% increase in value. In contrast, new launches in the condominium segment decreased in both number and value, with a 40.0% drop in units and a 2.3% drop in value. The survey data indicates that most new projects launched in Q1 of 2567 are in the higher price range. <\/span>

New sales figures show a continuous decline since Q3 of 2566, with Q1 of 2567 recording new sales of 15,619 units, valued at 90,069 million baht. This represents a 26.6% decrease in the number of units sold and a 14.5% decrease in value compared to the same period last year. It is evident that new sales have been declining continuously from Q1 of 2566 to the present, both in terms of the number of units and sales value. <\/span>

New sales of single-family homes decreased by 16.1%, while new sales of condominiums dropped by 39.0%. This change has directly impacted the number of unsold residential units, which has been increasing continuously since Q1 of 2566. As of the end of Q1 of 2567, there are 213,429 unsold residential units, valued at 1,217,916 million baht, representing a 16.4% increase in the number of units and a 36.5% increase in value. When considering the type of housing, the number of unsold single-family homes increased by 12.8%, while unsold condominiums increased by 22.3%. <\/span>

However, when examining the absorption rate, it was found that in Q1 of 2567, the absorption rate dropped to 2.3%, indicating that it would take approximately 40 months to sell out the remaining units. In comparison, the absorption rate in Q1 of 2566 was 3.5%, which would take only about 25 months to sell out. It can be said that the absorption rate in this quarter is at a low level, even lower than during the COVID situation, which had an absorption rate of approximately 2.5% – 2.7%. <\/span>

When examining by type of housing, the absorption rate for single-family home projects is at 2.3%, while in Q1 of 2566, it was at 3.1%. The absorption rate for condominiums has decreased to 2.2%, compared to 4.1% in Q1 of 2566. This indicates that the overall housing market has significantly slowed down compared to the same period last year, particularly the decline in condominium sales, with a 39.0% decrease in units and a 24.5% decrease in value. In contrast, single-family homes saw a 16.1% decrease in units and a 9.3% decrease in value, primarily affecting the segment of single-family homes priced below 10 million baht. In Q1 of 2567, higher-priced single-family home projects still maintained a higher sales rate than other price levels, resulting in a smaller decrease in value compared to the number of units. <\/span>

Situation of the Single-Family Home Market <\/strong><\/span>

In Q1 of 2567, the single-family home market in the Bangkok and surrounding areas saw a total of 137,483 units offered for sale, valued at 910,268 million baht. The number of units increased by 10.1%, while the value increased by 33.5% compared to the same period last year. The new sales of single-family homes in Q1 of 2567 totaled 9,679 units, valued at 62,863 million baht, representing a decrease of 16.1% and 9.3%, respectively, compared to the same period in 2566. <\/span>

Top 5 Locations with Highest New Sales of Single-Family Home Projects <\/span>

1. Bangplee-Bangbo-Bangsaothong Zone: 2,161 units, valued at 14,411 million baht. <\/span>

2. Samut Prakan City-Phra Pradaeng-Phra Samut Chedi Zone: 1,295 units, valued at 5,703 million baht. <\/span>

3. Bangyai-Bangbuathong-Bangkrui-Sainoi Zone: 1,210 units, valued at 6,558 million baht. <\/span>

4. Lam Luk Ka-Thanyaburi Zone: 703 units, valued at 3,179 million baht. <\/span>

5. Samut Sakhon City: 696 units, valued at 3,644 million baht. <\/span>

<\/p>

The field survey also indicated <\/span>locations for single-family homes that should be approached with caution due to a high number of unsold units. <\/strong><\/span>Although some areas have good sales and absorption rates, they include: <\/span>

1. Bangyai-Bangbuathong-Bangkrui-Sainoi Zone: 20,214 units, valued at 110,177 million baht. <\/span>

2. Lam Luk Ka-Thanyaburi Zone: 16,109 units, valued at 93,280 million baht. <\/span>

3. Khlong Luang Zone: 14,478 units, valued at 56,803 million baht. <\/span>

4. Bangplee-Bangbo-Bangsaothong Zone: 13,183 units, valued at 83,193 million baht. <\/span>

5. Pathum Thani City-Lad Lum Kaew-Sam Khok Zone: 11,244 units, valued at 52,080 million baht. <\/span>

<\/p>

Situation of the Condominium Market <\/strong><\/span>

In Q1 of 2567, the condominium market in the Bangkok and surrounding areas saw a total of 91,565 units offered for sale, valued at 397,717 million baht, representing an increase of 14.9% and 25.9%, respectively, compared to the same period last year. The new sales of condominiums in Q1 of 2567 totaled 5,940 units, valued at 27,207 million baht, reflecting a decrease of 39.0% and 24.5%, respectively. <\/span>

Top 5 Locations with Highest New Sales of Condominium Projects <\/strong>

1. Khlong Luang Zone: 1,057 units, valued at 1,794 million baht. <\/span>

2. Phra Khanong-Bang Na-Suan Luang-Pravej Zone: 487 units, valued at 1,472 million baht. <\/span>

3. Thonburi-Khlong San-Bangkok Noi-Bangkok Yai-Bang Phlat Zone: 441 units, valued at 1,861 million baht. <\/span>

4. Huai Khwang-Jatujak-Din Daeng Zone: 439 units, valued at 1,692 million baht. <\/span>

5. Nonthaburi City-Pakkret: 421 units, valued at 987 million baht. <\/span>

<\/p>

Furthermore, <\/span>locations with a high number of unsold condominiums that should be approached with caution, despite some areas having good sales and absorption rates, include: <\/span> <\/span>

1. Huai Khwang-Jatujak-Din Daeng Zone: 10,588 units, valued at 43,059 million baht. <\/span>

2. Thonburi-Khlong San-Bangkok Noi-Bangkok Yai-Bang Phlat Zone: 9,469 units, valued at 31,397 million baht. <\/span>

3. Phra Khanong-Bang Na-Suan Luang-Pravej Zone: 8,251 units, valued at 27,299 million baht. <\/span>

4. Nonthaburi City-Pakkret: 6,293 units, valued at 16,121 million baht. <\/span>

5. Lat Phrao-Wang Thonglang-Bang Kapi: 5,382 units, valued at 17,607 million baht. <\/span>

“The survey results indicate that in Q1 of 2567, the housing market in Bangkok and surrounding areas is still driven more by single-family home projects than condominiums. However, attention should be paid to the remaining stock and the declining absorption rates in many areas, which necessitates a risk assessment for future investments, especially in locations with decreasing absorption rates.” <\/strong>

<\/p>

After completing Q1 of 2567, the overall economic figures of the country and indicators in the real estate sector are trending downward. The Real Estate Information Center predicts that for the entire year of 2567, there will be 103,930 new residential units entering the market, valued at 637,906 million baht, representing an increase of 8.0% and 7.0%, respectively. This includes 51,369 single-family home projects valued at 420,635 million baht and 52,561 condominium projects valued at 217,271 million baht. <\/span>

Regarding new sales, it is expected to reach 67,696 units, valued at 342,299 million baht, reflecting a decrease of 8.4% and 11.2%, respectively. This includes 37,883 single-family home units valued at 238,919 million baht and 29,813 condominium units valued at 103,380 million baht. The overall absorption rate of the market is expected to drop to 1.8%, affecting both single-family home and condominium projects, resulting in an increase in unsold residential units to 246,280 units, valued at 1,393,395 million baht, representing increases of 17.3% and 18.6%, respectively. This includes 139,984 single-family home units valued at 914,136 million baht and 106,296 condominium units valued at 479,259 million baht. <\/span>

The decline in new sales is attributed to the economic situation, which continues to trend downward, along with various negative factors that directly impact the new residential mortgage lending across the country in 2567, which is expected to be around 678,151 million baht, or a decrease of 0.03%. This will affect the number of units and the value of property transfers nationwide, which is expected to be approximately 372,877 units, valued at 1,074,080 million baht, reflecting increases of 1.6% and 2.6%, respectively. <\/span>