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Thailand Records a Decline in the Sale of Used Homes

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Thailand Records a Decline in the Sale of Used Homes

(CTN News) – The third quarter of last year saw a decline in the sales of used properties throughout the country, according to a poll by Thailand’s Real Estate Information Center (REIC).

The reduction in transfer and mortgage costs, the relaxing of loan-to-value (LTV) limitations, and a rise in second-hand house transfers, according to interim REIC director general Vichai Viratkapan, is what caused the decline.

“Compared to the first and second quarters of 2022, more second-hand residences were exchanged in the third quarter. Additionally, it has increased by 15% from the third quarter of 2021.

Owners and purchasers accelerated deals to take advantage of the measures, which concluded on December 31, 2022, which is why there was a year-over-year rise.

For properties valued at 3 million baht or less, including used residences, the transfer and mortgage costs were reduced from 2% and 1% to 0.01% each, starting on January 18, 2022.

“Another was the December 31, 2022, deadline for lowering the LTV limitations.

The transfer cost was reduced from 2% to 1%, no longer 0.01%, but the property measures were prolonged by another year.

However, the effect on the real estate market will be the cessation of the relaxation of LTV limitations.

To complete its research, REIC combed through the country’s most popular real estate websites as well as those run by financial institutions, asset management companies, and legal offices, according to the Bangkok Post.

According to the study, the number of previously owned residences available for sale declined by 3.3% to 162,923 units at the end of the third quarter of last year and by 3.4% to 962.2 billion baht when compared to the second quarter.

Single detached homes made up the most, then condominiums, then townhouses.

Thailand Homes priced between 2-3 million baht and 3-5 million baht were second in popularity to those priced at 1 million baht or less.

Sales decreased quarter over quarter in almost all categories, including single detached homes (-4%), townhouses (-3.3%), and condominiums (-3.1%).

The only exceptions were duplex homes, which witnessed a rise of 3.5%, and shophouses, which experienced an increase of 0.8%.

Bangkok has 59,181 units worth 606 billion baht in second-hand houses for sale, making it the province with the biggest number of such properties.

Accordingly, this accounted for 36% and 63% of the total quantity and price of houses for sale.

The top 10 provinces accounted for 71% of all the properties and 88% of all the value.

Bangkok, Nonthaburi, Samut Prakan, Pathum Thani, Chon Buri, Chiang Mai, Phuket, Rayong, Nakhon Ratchasima, and Khon Kaen were the provinces in order of value.

Less than 10% of the residences offered for sale, both in quantity and price, were located in the second through tenth provinces.

Phuket, Chiang Mai, and Chon Buri were the top three provinces with the highest quarterly decline in unit value, with 14.1%, 9.7%, and 7.2%, respectively.

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