Surplus supply still hurts property market in EEC provinces

An REIC survey found that 54,116 housing units were offered for sale at a total price of 184.9 billion baht in the third quarter of this year in the Eastern Economic Corridor provinces of Chonburi, Rayong and Chachoengsao. That was a decline of 9.9% in total supply from the second quarter.

The number of condominiums on sale saw a decline of 10.2% and the number of houses was down by 8.6% in the third quarter.

However, 4,117 new housing units were added to the market in the same period — an increase of 16.9% — at a total price of 12.5 billion baht.

Of the three EEC provinces, Chachoengsao saw more new real estate projects than Chonburi and Rayong, according to the REIC survey.
 

REIC acting director-general Vichai Viratkapan said that more condominiums were on sale in Chonburi while Rayong and Chachoengsao saw more new houses offered for sale.

Vichai noted that the EEC’s property market experienced a clear decline in demand in 2021 and the number of new housing units was at its record low post-Covid in the third quarter of this year.

He also said that new housing projects in the EEC provinces have been concentrated in their industrial zones.

Among the condo projects in the EEC, most unsold units — 5,742 units worth 29.1 billion baht — in the Jomtien Beach area of Chonburi’s Pattaya City, according to the REIC survey.

Pattaya’s Khao Phra Tamnak area came second, with 4,287 condo units worth 24.5 billion baht. Laem Chabang in Chonburi came third with 1,564 units worth 2.8 billion baht.

Among houses, the most unsold units are in the Amata City Eastern Industrial Estate in Rayong, with 5,247 units worth 10.5 billion baht. The Panthong Panat Nikhom Industrial Estate in Chonburi was second with 2,339 unsold units worth 5.4 billion baht, and Hemaraj Industrial Estate, also in Chonburi, was third with 2,274 units worth 5.6 billion baht.