The Real Estate Information Center of the Government Housing Bank (REIC) <\/span>has released its survey results for the second quarter of 2024 in the Bangkok and surrounding areas, revealing that the housing market situation in Q2/2024 has seen a decline in new sales overall by -8.4%. This is attributed to a decrease in new sales of condominiums by -3.4% and single-family homes by -11.5%, with the total unsold housing units in the market increasing by 12.6%.

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Dr. Vichai Viratthakhan, Inspector of the Government Housing Bank and Acting Director of the Real Estate Information Center, <\/strong><\/span>stated that the overall housing market for houses and condominiums in Q2 2024 has a total supply of 229,528 units, representing an 11.0% increase with a total value of 1,350,586 million baht, a growth of 30.3%. This comes from 17,197 new housing projects entering the market, which is a decrease of 23.9% with a value of 128,440 million baht, down by 0.4%. The new condominiums launched were 7,967 units, down by 29.7%, primarily in the price range below 3 million baht, while new single-family homes numbered 9,230 units, down by 18% in the price range of 3.01 - 7.50 million baht.

The newly expanded housing units totaled 14,938 units, down by 8.4% with a value of 84,327 million baht, a decrease of 2.2%. <\/span>This includes 6,029 condominium units, down by 3.4% with a value of 24,075 million baht, down by 7.5% in the price range below 3 million baht, while single-family homes accounted for 8,909 units, down by 11.5%, but with a value of 60,251 million baht, an increase of 0.1%, falling within the price range of 3.01 - 7.50 million baht, resulting in a monthly absorption rate dropping to 2.2%, lower than in Q1 2024.

Meanwhile, <\/span>the unsold housing inventory has been increasing at a high rate for five consecutive quarters, totaling 214,590 units, up by 12.6% with a value of 1,266,259 million baht, an increase of 33.3%. This includes 84,556 condominium units, up by 14.5% with a value of 379,544 million baht, an increase of 27.6%, and 130,034 single-family homes, up by 11.4% with a value of 886,715 million baht, an increase of 35.9%.

In the single-family home market in Bangkok and surrounding areas during Q2 2024, the most offered units were townhouses, totaling 68,106 units, but down by 1.5%. Following that, single-family homes numbered 44,399 units, up by 34.1%, and duplex homes totaled 24,437 units, up by 10.4%.

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Top 5 Locations for New Single-Family Home Sales <\/strong><\/span>

1st Place: Bangplee-Bangbo-Bangsaothong Zone, 2,037 units, valued at 15,293 million baht.

2nd Place: Samut Prakan City-Phra Pradaeng-Phra Samut Chedi Zone, 1,267 units, valued at 5,361 million baht.

3rd Place: Bangyai-Bangbuathong-Bangkrui-Sainoi Zone, 1,070 units, valued at 5,979 million baht.

4th Place: Lam Luk Ka-Thanyaburi Zone, 711 units, valued at 3,103 million baht.

5th Place: Pathum Thani City-Lad Lum Kaew-Sam Khok Zone, 675 units, valued at 2,903 million baht.

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And the 5 Locations with Unsold Units <\/strong><\/span>

1st Place: Bangyai-Bangbuathong-Bangkrui-Sainoi Zone, 20,686 units, valued at 114,376 million baht.

2nd Place: Lam Luk Ka-Thanyaburi Zone, 15,551 units, valued at 91,184 million baht.

3rd Place: Khlong Luang Zone, 14,457 units, valued at 57,650 million baht.

4th Place: Bangplee-Bangbo-Bangsaothong Zone, 12,181 units, valued at 81,531 million baht.

5th Place: Pathum Thani City-Lad Lum Kaew-Sam Khok Zone, 11,367 units, valued at 53,705 million baht.

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For the condominium sector in Bangkok and surrounding areas in Q2 2024, there were 90,585 units, an increase of 13.1% with a value of 403,619 million baht, up by 24.8% compared to the same period last year. The new sales of condominiums in Q2 2024 totaled 6,029 units, down by 3.4% with a value of 24,075 million baht, down by 7.5%.

The top 5 locations for new condominium sales are: <\/strong><\/span>

1st Place: Huai Khwang-Jatujak-Dindaeng Zone, 1,441 units, valued at 6,211 million baht.

2nd Place: Nonthaburi City-Pak Kret Zone, 572 units, valued at 1,551 million baht.

3rd Place: Khlong Luang Zone, 523 units, valued at 1,159 million baht.

4th Place: Phra Khanong-Bang Na-Suan Luang-Pravet Zone, 477 units, valued at 1,270 million baht.

5th Place: Thonburi-Klongsan-Bangkok Noi-Bangkok Yai-Bang Phlat Zone, 420 units, valued at 1,708 million baht.

And the 5 Locations with Unsold Units <\/strong><\/span>

1st Place: Huai Khwang-Jatujak-Dindaeng Zone, 9,846 units, valued at 39,988 million baht.

2nd Place: Thonburi-Klongsan-Bangkok Noi-Bangkok Yai-Bang Phlat Zone, 9,314 units, valued at 29,809 million baht.

3rd Place: Phra Khanong-Bang Na-Suan Luang-Pravet Zone, 8,280 units, valued at 27,391 million baht.

4th Place: Nonthaburi City-Pak Kret Zone, 6,580 units, valued at 17,887 million baht.

5th Place: Lat Phrao-Wang Thonglang-Bang Kapi Zone, 5,197 units, valued at 16,965 million baht.

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Overall, in Q2 2024, the housing market in Bangkok and surrounding areas has continued to see a slowdown in sales compared to the previous quarter. Single-family homes and duplex homes priced over 10 million baht have shown growth, although the number of new sales units is not high, but they contribute to a higher sales value. However, the overall housing market for properties priced over 10 million baht has been experiencing a continuous accumulation of excess supply.

For the overall forecast for 2024, the Real Estate Information Center expects that there will be 85,195 new housing units entering the market, with an estimated value of 528,396 million baht, a decrease of 11.4% in both number and value compared to 2023. Overall, there will be a total of 217,343 unsold housing units valued at 1,237,835 million baht, with an expected absorption rate remaining low at 2.2%, the lowest since 2018 to date.

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