EEC real estate shows positive signs with highest project emergence in 4 years! Money from both the public and private sectors has come in to invest in mega projects and develop new cities, pushing demand to revive. Real Estate Information Center reveals that in the 3rd quarter of 2023 there will be units offered for sale. 51 billion units worth 170 billion baht

Key Points:

The heat of the Eastern Special Development Zone (EEC) area is back again! When there is money from both the public and private sectors to invest in infrastructure development. Transportation routes, mega projects come in continuously.

There has been a notification of the birth of a large project in the educational center. health care center Tourist attractions, hospitals, housing projects, etc., covering the entire provinces of Chonburi, Rayong, and Chachoengsao.

corresponding numbers of Real Estate Information Center It was found that there were 8,078 units launched in the EEC area of 3 provinces, an increase of 96.2% with a value of 29,445 million baht!! This is a hope for real estate in the eastern region.

  Wichai Wiratkaphan, Government Housing Bank Inspector And the Acting Director of the Real Estate Information Center or REIC said that in 2024 it is expected that the overall real estate situation in the EEC economic zone in all 3 provinces will remain "stable" with a number of new homes for sale entering the market. Total 16,073 units valued at 47,806 million baht, divided into 8,112 housing units valued at 29,359 million baht and 7,961 condominium units valued at 18,447 million baht.

It is expected that there will be 26,133 new residential units worth 83,961 million baht, divided into 16,476 housing units worth 51,089 million baht and 9,657 condominium units worth 32,872 million baht. The overall sales rate increased 12.5%, resulting in 3 areas. EEC Province There are a total of 28,124 housing units outstanding, valued at 94,316 million baht, consisting of 13,822 units of housing projects, valued at 42,272 million baht, 14,302 units of condominium projects, valued at 52,044 million baht.

“If it is according to the Real Estate Information Center It is expected that the overall market situation is adjusting to a better condition. This is because the inventory in the market decreased by 26.3%, considered to be the largest decrease in 3 years.”

In this regard, if looking back at the overall picture of the housing market in the EEC zone from the 2nd-3rd quarter of 2023, it has become more active continuously. Half of the newly launched units are condominiums in Chonburi Province. As a result, sales in the EEC area increased significantly. And condominiums that sell well tend to be projects that were launched no more than 2 quarters ago.

Importantly, the 3rd quarter of 2023 is the quarter with the highest number of new units launched in the past 4 years, both condominiums and housing developments, with the majority, 53.5%, being newly opened condominiums in Chonburi province. Meanwhile, newly opened housing developments are distributed in Chonburi, 46%, and in Rayong and Chachoengsao provinces, 27% each of the newly opened units in the EEC.

While there were 6,767 new units sold, an increase of 0.4% with a value of 22,505 million baht, it was found that 2,431 condominium units were sold, an increase of 50.3% with a value of 8,678 million baht. Almost all of the newly sold condominiums were in Chonburi. This is a newly launched project in the first 3 quarters and was the sale of 4,336 housing units, a decrease of 15.4% with a value of 13,826 million baht.

As a result of new condominium units being opened much more than newly sold, the end of the third quarter of 2023 resulted in real estate in the EEC zone in all 3 provinces consisting of Chonburi, Rayong and Chachoengsao. There were 18,184 condominium units remaining for sale, an increase of 11%, with a total value of 66,905 million baht, while housing developments, although sales "decreased" compared to the previous year, But there are still significantly more units sold than newly launched units. As a result, there were 26,599 units remaining for sale, a decrease of 13.7% compared to the previous year, with a value of 84,219 million baht.

Wichai stated that in the past, entrepreneurs from both the central government, the area, and other regions have shown interest in developing a large number of housing projects in Chonburi Province.

“Chonburi is a province that has an economic base from both tourism and industry. In addition, in the period 2020-2022, there are few new project launches. and the market has absorbed a fair amount of supply, causing the 2nd-3rd quarter of 2023 to open a large number of condominium projects. and has significantly increased condominium sales in Chonburi. But sales of condominiums are still less than new launches, resulting in There is a continuous increase in accumulated units for sale of condominiums.”

As for housing developments, fewer new projects have been opened in line with the decreasing demand for housing in the housing category. It can be seen that during the first 3 quarters in 2023, sales in each quarter continued to decrease. But with fewer new units being launched, the overall housing unit remaining for sale continues to decrease.

“Residential project development in Chonburi They are often located in main tourist zones and main industrial estate zones. Note that even though these zones are potential locations, There are many residential projects for sale and there is high competition. causing a lot of unsold units And if there are slow sales at the beginning of the project There is a high chance that there will be unsold units and this is a burden on the operators' costs. They must be careful.”

Source:https://www.bangkokbiznews.com/property/1107400

at 9/1/2024