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TUESDAY, November 28, 2023

Property market slumps in South but picks up in Isaan, survey shows

Property market slumps in South but picks up in Isaan, survey shows
SATURDAY, March 26, 2022

A recent survey by the Government Housing Bank’s Real-Estate Information Centre (REIC) shows that though fewer new property units are being released in the South, the property market in the Northeast is recovering fast.

“This year, the Isaan market has 3,928 new properties, up by 60.3 per cent from 2,450 units during the same period last year,” Wichai Viratakaphan, REIC’s acting director-general, said on Friday.

REIC estimates that Nakhon Ratchasima and Khon Kaen have seen the highest number of new properties added to the market this year at 1,917 and 1,195 units, marking a 106 per cent and 66.4 per cent increase year on year, respectively.

“We expect 4,206 units in the Northeast to be sold this year, up 5.9 per cent from 3,973 units sold in 2021. The sale value will also rise by 4.8 per cent to 13.5 billion baht from 12.9 billion baht,” he said.

In comparison, provinces in the South have 17,399 properties up for sale, marking a 2.1 per cent drop year on year. The total value of properties has also dropped by 0.9 per cent year on year to 76.29 billion baht.

“Nakhon Si Thammarat recorded the biggest dip in new properties, marking a 60.8 per cent drop year on year, followed by Songkhla, which recorded a 47.8 per cent decrease,” he said.

“The trend in Phuket, however, is improving with 439 new condos and 177 new horizontal units being launched this year, up 74.2 per cent and 3.5 per cent year on year, respectively.”

In terms of properties sold, REIC reckons the South will see 5,495 units bought up this year, up 56.4 per cent year on year. The total value of sold units is also expected to rise 67.7 per cent year on year to 22.9 billion baht.

REIC expects 2,768 houses valued at 10.14 billion baht and 2,727 condos valued at 12.77 billion baht to be sold this year.

The number of unsold properties in the South this year is estimated to hit 15,319 units, down 0.5 per cent year on year. Of these, 9,907 units are houses worth 37.9 billion baht and 5,412 units condos and flats worth 27.7 billion baht.

This year, Phuket is expected to have the highest number of unsold units, followed by Songkhla, Surat Thani and Nakhon Si Thammarat.